Tag Archives: IRS

A Special Dispensation For Farmers and Fishers

Both the Internal Revenue Service and Minnesota’s Department of Revenue agree.  Taxpayers who farm or fish for a living deserve a break this time around! Most Individual farmers and commercial fishermen make a single estimated tax payment on Jan. 15 each year. If they don’t pay by March 1, they normally can be hit with penalties. But, the IRS changed some rules for 2018 returns and apparently sowed some confusion into the mix for many of those taxpayers.  Specifically, the IRS says it “anticipate(s) that farmers and fishermen may have difficulty accurately determining and paying their tax liability for the … Continue reading

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Ramps, railings, doorways and the IRS: Medical write-offs

A home should fit its owner, and many homeowners spend considerable amounts modifying their dwellings to assist with health problems or disabilities. Wheelchair ramps, wider doorways, lifts to second-story living spaces, grab bars in showers, shortened shelves and lowered cabinets. . . many home improvements can be deductible for federal tax purposes if they are made to accommodate medical conditions or disabilities. The write-offs are a bit more complicated than some other deductions in tax codes, but they also can be very beneficial. Here’s the key qualifier for placing them on your 2016 tax return: all medical and dental expenses … Continue reading

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Warning! Warning!

  The Internal Revenue Service says it is especially worried about the spread of an email phishing scheme to schools, hospitals and nonprofit organizations. The federal tax agency today issued an “urgent alert” warning employers about the potential for identity theft from W-2 forms. “This is one of the most dangerous email phishing scams we’ve seen in a long time” said IRS Commissioner John Koskinen. “It can result in the large-scale theft of sensitive data that criminals can use to commit various crimes, including filing fraudulent tax returns.” Employees of those institutions – particularly those working in payroll or human … Continue reading

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The Internal Revenue Service is warning that scammers are getting more sophisticated. They’re still using past ploys, such as posing as IRS agents and sending emails or letters with official-looking letterhead. Now the thieves also are spoofing the caller IDs on taxpayers’ phones, making it appear that the call is coming from the IRS. Some even are giving panicked victims directions to local banks for money or debit cards to pay taxes. And, in another new twist, some are embellishing their scams by providing a real IRS address for victims to send receipts after a supposed payment. The tax agency … Continue reading

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Thinking of introducing the next generation to the family business early, maybe through a summer job? Enterprising parents can find some encouragement waiting in federal tax codes, of all places. While their children do pay income taxes on earnings, they often need not pay Social Security (FICA), Medicare or federal unemployment taxes (FUTA) through most of their teens – under the right circumstances. Yes, there are a couple of conditions necessary to qualify your children for those exemptions: o Type of business – The family enterprise must be a sole proprietorship operated by a parent or a partnership of parents … Continue reading

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The Internal Revenue Service and the Minnesota Department of Revenue are warning taxpayers about identity theft scams circulating through emails and text messages. Both tax collection agencies say they know of phishing schemes, which use unsolicited notifications to steal personal or financial information. The bogus notices typically try to lure taxpayers to fake Web sites or email addresses, where thieves actually steal the information. “The IRS won’t send you an email about a bill or refund out of the blue,” IRS Commissioner John Koskinen warned in an announcement. Minnesota Revenue said one new phishing fraud now is coming through text … Continue reading

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