TAX PRO PLUS LA

Using Custom Fields and Classes in QuickBooks Online

QBO’s tools are generic enough that myriad businesses can use it. But custom fields and classes help you shape it to meet your specific needs.

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Along with Tax Season Come the Scams; Don't Be a Victim

One thing we can count on when tax season begins is the scammers coming out from under their rocks with schemes to try and trick you so they can steal your ID and file returns under your Social Security number (SSN). Or, they may even email or call you pretending to be IRS or state tax agents and attempt to intimidate you into sending them money to pay fabricated tax liabilities. These crooks take advantage of individuals' natural fear of the IRS and use it to coerce their marks into making payments without first verifying the validity of the liability.

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Missed a 60-Day Rollover? There May Be Relief

Taxpayers can take a distribution from an IRA or other qualified retirement plan and if they roll it over (put it back) within 60 days they can avoid taxation on the distributed amount. (This provision does not apply to required minimum distributions for taxpayers who are 70.5 years of age and over.) In addition, taxpayers are limited to one IRA-to-IRA rollover per year.

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Were you a victim of IRS Tax Return Fraud?

If you reported to the IRS that you were a victim of identity theft or if the IRS identified you as a victim of identity theft, you will be unable to use only your Social Security Number to file a tax return.

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What Does the Future Hold for Taxes?

One topic that is frequently being discussed is what the future holds for individual taxation under President Trump. Numerous blog entries have been posted on the issue; many proclaim that the wealthy will be the beneficiaries of Trump's tax policies, and some declare that lower-income taxpayers will see tax increases.

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