FF&F News & Events


IRS Telephone Scam

Please be Aware of IRS Telephone Scams

In addition to recent reports in the news, we have received a few calls from our own clients regarding suspicious telephone calls from an individual claiming to be an IRS agent.  THESE CALLS ARE SCAMS.

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Charitable Donations

How Do I? Gather the right paperwork for a charitable deduction

Taxpayers must generally provide documentation to support (or to “substantiate”) a claim for any contributions made to charity that they are planning to deduct from their income. Assuming that the contribution was made to a qualified organization, that the taxpayer has received either no benefit from the contribution or a benefit that was less than the value of the contribution, and that the taxpayer otherwise met the requirements for a qualified contribution, then taxpayers should worry next whether they have the proper records to prove their claim.

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IRS audit

IRS 2013 audit rates vary significantly among taxpayers

Recently-released statistics from the IRS show a drop in audits among all income groups for fiscal year (FY) 2013 with the overall individual audit coverage rate at its lowest level since FY 2006. At the same time, the number of IRS employees working audits has decreased. However, enforcement revenue increased.

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Tax Recordkeeping

Keeping good records for tax season and beyond – some guidelines

Good recordkeeping is essential for individuals and businesses before, during, and after the tax filing season.  Here you will find a sample list of various types of records it would be wise to retain for tax and other purposes (not an exhaustive list; see this office for further customization to your particular situation):

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Advisory_Consulting

New 2013 Individual Income Tax Rates

With the 2013 individual income tax return filing season rapidly approaching, we feel it is a good time to remind you of the impact of prior year legislation, which is now effective in 2013, will have on your 2013 federal income tax liability (Patient Protection and Affordable Care Act of 2010 and the American Taxpayer Relief Act of 2012).

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Projected 2014 Tax Brackets

Projected 2014 inflation-adjusted tax amounts show modest increases

In 2014, individual taxpayers will receive some relief by way of the mandatory upward inflation-adjustments called for under the Tax Code, according to CCH, a part of Wolters Kluwer. CCH has released projected income ranges for each of the 2014 tax brackets as well as a growing number of other inflation-sensitive tax figures, such as the personal exemption and the standard deduction.

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