Nearly every taxpayer can imagine a worst-case scenario where they run afoul of the IRS and are selected for an audit. Here are a few areas that tend to get unwanted audit attention and ideas to help you stay prepared. Your audit risk is (probably) low. The first thing to remember is that the risk of… Read More

Most people file a tax return because they have to. But even if you don’t have to file, there are times when you should – because you may be eligible for a tax refund without being aware of it. The six tax tips below should help you determine whether you fit into that category. General… Read More

Big changes may be on the way for the 2017 tax year. Thankfully, you can ensure your finances stay in line with your expectations by planning ahead. With the right approach, you can keep your taxable income low to reduce your obligations and keep more of your earnings. Here are five smart planning tips you… Read More

For those of you filing early and claiming either the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC), the IRS will process your returns, but will not issue refunds before Feb. 15. The reason for this is the PATH Act of 2015, which requires the IRS to hold the refund for… Read More

In an effort to prevent taxpayers from improperly claiming the Child Tax Credit (CTC) and American Opportunity Tax Credit (AOTC), the IRS is implementing additional preparer due diligence requirements and requesting preparers to verify more information from clients who may be eligible to claim these credits. Because of these new requirements, I’ll be asking more… Read More

Approximately 1 in 18 Americans have their identities stolen each year. Among the many identity theft scams is an emerging hoax in which cybercriminals obtain remote control of computer systems to hack into sensitive employee information to steal identities. Thieves will then use a stolen social security number to file a tax return and claim… Read More

Santa Fe – Currently remains at $10.91 per hour but may increase March 1, 2017 (TBD) • • • Albuquerque – The minimum wage increases to $8.80 per hour ($5.50 for tipped employees) Note: The minimum wage is $7.80 if the employer provides healthcare and/or childcare benefits to the employee equal to or in excess… Read More

It’s vital for all employers to properly distinguish between what constitutes an employee and an independent contractor in order to ensure that everyone receives the proper tax treatment. Independent contractors are generally defined as those who are in an independent trade, business or profession in which they offer services to the general public. These individuals… Read More

If you purchased 2016 health care coverage through the Health Insurance Marketplace, you may have chosen to have advance payments of the premium tax credit paid to your insurance company to lower the monthly premiums. If this is the case, it’s important to let the Marketplace know about significant life events, also known as changes… Read More

In an effort to combat fraud, The Protecting Americans from Tax Hikes (PATH) Act of 2015, was passed by Congress and signed by President Obama in December. The act revises the filing deadline for Form W-2 and certain types of Form 1099. Until now, employers had two dates to keep in mind when remitting W2’s… Read More