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CJBS

Tax Audit Red Flags

by Michael W. Blitstein, CPA The IRS audits only slightly more than 1% of all individual tax returns annually. So why do they pick some returns to investigate and ignore others?  Although there’s no sure way to avoid an IRS audit, you should be aware of the following red flags that could increase your chances of […]
April 1, 2013
4 MIN READ
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Health Care Rebates

Donald J. Schaffer by Michael Blitstein, CPA, and Donald J. Schaffer, CPA/ABV, CVA, CFF Insurance companies have begun to issue rebates to policyholders on premiums resulting from final rules on the calculation and payment of medical loss ratio. As a quick summary, workers are entitled to the same share of the rebate as they pay for […]
August 13, 2012
2 MIN READ
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CJBS

IRS Expands Its Fresh Start Initiative; Provides Penalty and Installment Payment Relief

by Michael W. Blitstein, CPA  The IRS announced enhancements to its “Fresh Start” initiative by providing higher dollar thresholds for using the streamlined application process for installment agreements and new penalty relief for qualified individuals affected by the economy in 2011. The IRS doubled the dollar threshold amount and increased the maximum term for streamlined […]
April 16, 2012
3 MIN READ
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IRS Issues Guidance on Expanded Work Opportunity Tax Credit

by Michael W. Blitstein, CPA  The IRS has released guidance and posted online Frequently Asked Questions (FAQs) for employers planning to claim the enhanced Work Opportunity Tax Credit (“WOTC”) for hiring qualified military veterans.  The guidance contains transition relief, describes electronic submission of the form used to claim the credit and describes the procedures for […]
March 30, 2012
3 MIN READ
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Winning The Lottery Is Just The Beginning…

by Michael W. Blitstein, CPA  Many individuals play the lottery every week with the fantasy of having that winning ticket. Oh, all the things the prize would provide if we just had the lucky numbers.  However, most do not think of the necessary tax planning that surrounds acquiring the wealth. A recent Tax Court case […]
March 20, 2012
2 MIN READ
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CJBS

Are You Missing Form W-2?

by Michael W. Blitstein, CPA  There are times where I am asked, “I have not received my W-2 from my employer. What should I do?” Often this happens when an employer is no longer in business.  Companies sell, merge, consolidate or even close their doors – all circumstances that can lead to employees not receiving […]
February 14, 2012
2 MIN READ
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