The Most Commonly Used IRS Scams for 2017

Each year, the Internal Revenue Service (IRS) issues a list of common tax schemes and scams they call the “Dirty Dozen.” Taxpayers can fall victim to these scams at any time, but they tend to peak during tax filing season. The keys to avoiding becoming a victim? Educate yourself about what’s out there and take steps to protect yourself and…

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Be Prepared to Validate Identity When Calling the IRS

IRS has issued some tips regarding taxpayer phone calls to IRS, including what information callers need to be able to provide to IRS call center assistors to validate their identity. Noting that mid-February marks the agency’s busiest time of the year for telephone calls, IRS has passed along the following tips regarding phone calls: Validating your identity. Callers should have…

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IRS Warns of Form W-2 Scam

For the second year in a row, IRS has issued a warning about an e-mail scam that uses a corporate officer’s name to request W-2 forms from company payroll or human resources departments. IRS has received new notifications that this e-mail scam is making its way across the nation for a second time. IRS urges company payroll officials to double…

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5 Questions that Remain on Trump’s Estate Tax Plan

Estate Tax Here To Stay? President-elect Donald Trump has promised to introduce a tax plan that includes estate tax repeal as a priority in his first 100 days, however several questions must be addressed before repeal becomes reality. 1. Will repeal occur? The most important question is whether estate tax repeal will actually occur, and if so, will it be…

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Social Security Wage Base Increases 7% for 2017

The Social Security Administration (SSA) recently announced a 2017 cost-of-living adjustment for the Social Security taxable wage limit. The maximum amount of earnings subject to Social Security tax for 2017 will increase by 7% to $127,200 from $118,500 in 2016. The Federal Insurance Contributions Act (FICA) imposes two taxes on employers, employees, and self-employed workers. The first one is for…

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2016 Tax Developments

Interest Expenses, Taxes & Losses • IRS agrees that the qualified residence interest $1 million acquisition indebtedness limitation and the $100,000 home equity debt limitation are applied on a per-taxpayer basis rather than a per-residence basis. • The treatment of mortgage insurance premiums as qualified residence interest was extended through 2016. • Real property taxes may be deducted under a…

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2016 Engagement Letters and Organizer for Existing Clients

Your 2016 Tax Organizer has been uploaded! Your Client Organizer is the important first step in analyzing your tax position for the year. It is designed to help you quickly and conveniently provide us with critical information in order to maximize your deductions and minimize the hassles. How to Access your Client Organizer Follow the steps below to access and…

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Standard Mileage Rates Down for 2017

The IRS issued Notice 2016-79, updating optional standard mileage rates for business, charitable, medical or moving purposes. As of Jan. 1, 2017 the standard mileage rates for the use of a car, van, pickup or panel truck are as follows: 53.5 cents per mile for business miles driven (down from 54 cents for 2016) 17 cents per mile driven for…

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Many Retirement Plan Dollar Limits are Changed for 2017

The IRS has announced the 2017 cost-of-living adjustments (COLAs) for retirement plans. Many of the limits pertaining to pension and other retirement plans, which are adjusted by reference to Code Sec. 415(d), are changed for 2017 since the increase in the cost-of-living index met the statutory thresholds that trigger their adjustment. However, others remain unchanged. Certain dollar limit changes keyed…

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Rackers and Fernandez Managing Partner, Sergio Fernandez, Honored with Beyond the Best in Business Award

November, 2016: St. Louis, Missouri – Each year, Streetscape Magazine honors a group of area professionals who are impacting positive change in the community, and serving as leaders in business. This year, Rackers and Fernandez Managing Partner Sergio Fernandez has been named to this elite group, and recently received a 2016 Beyond the Best in Business Award. Recipients were recognized…

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