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What are the rules regarding Foreign Bank Accounts?
Dec 04, 2016 - 5:36 PM - by TaxGuru
Here are the new the "New Rules regarding Foreign Bank Accounts."

1. Does the taxpayer have a foreign bank account? Was the balance in the account(s) greater than $10,000 total? If the answer is yes to both, then the taxpayer would need to file what's commonly referred to as an "FBAR," a foreign bank account reporting form.

The new name is FinCEN Report 114, FinCEN being an acronym for Financial Crimes Enforcement Network.

... [Read More]
How to handle removing Excess Contribution from IRA
Nov 24, 2016 - 9:20 PM - by ajaykumar
I am little confused and don't see any clear guidelines how to handle the situation. i am filing taxes online for many years.
So here is the situation -

In 2013, i moved my previous employer 401k ( i worked till 2008 for that employer) to Regular IRA and received form 1099-R with Distribution Code 'G' for $5000.00.

But this months (nov 2016) received a letter from my previous employer stating there was error in calculating before tax amount and i should ask for... [Read More]
Identity Theft an Ongoing Concern on the IRS Annual "Dirty Dozen" List of Tax Scams to Avoid
Feb 02, 2016 - 12:32 PM - by TaxGuru
The IRS today issued a filing season alert warning taxpayers to watch out for identity theft at tax time and highlighted the crime as the first scam in the agency?s ?Dirty Dozen? series.

Over the course of the past year, as part of the Security Summit initiative, the IRS partnered with states and the tax industry to enhance coordination and create a more secure system for taxpayers.

Security Summit participants, including the IRS, will regularly share details of... [Read More]
Here are 5 reasons why small business owners should put their spouse on payroll?
Sep 23, 2015 - 12:38 PM - by TaxGuru
Clearly, your spouse would be both a trustworthy and reliable employee would be perfect to work as an official employee of your business. By adding your spouse on the payroll you can gain potentially five tax benefits.

1.Build up tax favored funds for retirement
Your company can deduct contributions made to a qualified retirement plan on your spouse’s behalf. If your company has a defined contribution plan, you can deduct contributions up to 25% of... [Read More]
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