Newsletters

Tax Filing Reminders

July 31st   2018 calendar-year annual return/report of employee benefit plan (Form 5500) is due September 16th 2019 calendar-year corporations third installment of estimated income tax 2019 individual and trust third installment of estimated income tax 2018 calendar-year S corporation income tax return (Form 1120S) on extension 2018 calendar-year partnership income tax return (Form 1065) on extension September 30th 2018 estate and trust income tax return (Form 1041) on extension October 15th 2018 calendar-year C corporation income tax return (Form 1120) on extension 2018 individual income tax return (Form 1040) on extension…

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Fraud Detection and Prevention

Fraud may be committed by senior executives, managers, and employees, and each of these three groups is about equally likely to do so. The higher up on the scale, the longer it takes to detect the fraud. Why embezzlement occurs: Opportunity–a person who has been with the company a long time may not be supervised closely; and therefore, may have more opportunities to commit fraud. Rationalization–someone feels he or she is not being compensated appropriately, or has been passed over unfairly for a promotion. Pressure–financial pressure or the pressure to…

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Truncated Taxpayer Identification Numbers Allowed on 2020 Forms W-2

As part of its efforts to reduce the risk of identity theft, the IRS has now issued final regulations allowing employers to truncate employees’ identification numbers on the W-2 statements provided to them on paper or in electronic format after December 31, 2020. Truncated social security numbers have been allowed on certain payee statements for several years, including: Substitute and composite substitute statements Form 1095-C Form 1098 series (except Form 1098-C) Form 1099 series Form 5498 series Employers may replace the first five digits of the nine-digit number with an…

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Bipartisan IRS Reform Enacted

On July 1st, President Trump signed the Taxpayer First Act, a lengthy piece of bipartisan legislation containing a variety of pro-taxpayer reforms to the IRS. Read on for a quick overview of the various items included in the bill. Anti-Identity Theft Measures â€“ The Taxpayer First Act requires the IRS to notify taxpayers if it detects or suspects fraudulent behavior associated with their identity. It mandates the creation of a single point of contact at the IRS for victims of identity theft. This agent is charged with tracking each case to…

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