Category Archives: Internal Revenue Service

The 401(k) Plan Roth Option – Right for You?

Posted on September 20, 2017 by akroncpa

Does your employer’s 401(k) plan allow Roth deferrals?  If so, you may be wondering if that’s a good choice for you.  In fact, you may have been wondering about this for a few years now!  Even though the Roth 401(k) … Continue reading →

Posted in 401 (k) plan, 403 (b) plan, Accounting, Akron Accounting Firm, Akron Certified Public Accountants, Akron Ohio Community, Business Owners, Internal Revenue Service, Retirement, Taxation, Taxes | Tagged , , , , , , , , , , , , , , , , | Leave a comment

Tips to Know for Deducting Losses from a Disaster

Posted on September 6, 2017 by akroncpa

The IRS wants taxpayers to know it stands ready to help in the event of a disaster. If a taxpayer suffers damage to their home or personal property, they may be able to deduct the loss they incur on their federal income … Continue reading →

Posted in Accounting, Akron Accounting Firm, Akron Certified Public Accountants, Akron Ohio Community, Business, Business Owners, Deductions, Disaster, Federal Disaster Designation, Internal Revenue Service, Uncategorized | Tagged , , , , , , , , , , , , , , , , , , , , , | Leave a comment

Businesses Subject to the Partnership Tax Rules Need to Review Their Operating Agreements in Light of Changes Right Around the Corner

Posted on July 13, 2017 by akroncpa

The Bipartisan Budget Act of 2015 is making major changes to the examination and collection processes the IRS uses in its administration of the tax regime that governs businesses that are taxed as partnerships, such as limited liability companies that … Continue reading →

Posted in Accounting, Akron Accounting Firm, Akron Certified Public Accountants, Business, Business Owners, Business Tax Planning, Corporate Taxation, Internal Revenue Service, Operating Agreements, Partnership Tax Rules, Partnership Taxation, Small Business Accounting, Tax Planning, Taxes, Uncategorized | Tagged , , , , , , , , , , , , , , , , , , , , , | 1 Comment

Keep in Mind These Basic Tax Tips for the Sharing Economy

Posted on April 6, 2017 by akroncpa

If taxpayers use one of the many online platforms to rent a spare bedroom, provide car rides or a number of other goods or services, they may be involved in the sharing economy. The IRS now offers a Sharing Economy … Continue reading →

Posted in Akron Accounting Firm, Akron Certified Public Accountants, Akron Ohio Community, Business, Deductions, Estimated Payments, Internal Revenue Service, Payment Options, Rentals, Sharing Economy Tax Center, Taxes, Uncategorized | Tagged , , , , , , , , , , , , , , , , , , , , | Leave a comment

IRS Debunks Myths Surrounding Tax Refunds

Posted on February 9, 2017 by akroncpa

As millions of people begin filing their tax returns, the Internal Revenue Service reminds taxpayers about some basic tips to keep in mind about refunds. During the early parts of the tax season, taxpayers are anxious to get details about … Continue reading →

Posted in Additional Child Tax Credit (ACTC), Akron Accounting Firm, Akron Certified Public Accountants, Akron Ohio Community, Earned Income Tax Credit (EITC), Internal Revenue Service, Refunds, Tax Refunds, Taxation, Uncategorized | Tagged , , , , , , , , , , , , , , , , , , | Leave a comment

IRS Tax Tip Number 11 – IRS, States, Industry Urge Taxpayers to Learn Signs of Identity Theft

Posted on January 3, 2017 by akroncpa

No matter how careful you are, identity thieves may be able to steal your personal information. If this happens, thieves try to turn that data quickly into cash by filing fraudulent tax returns. The IRS, state tax agencies and the … Continue reading →

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Levin Swedler Kennedy Year-End Tax Planning for 2016

Posted on November 16, 2016 by akroncpa

With the Presidential and Congressional elections of 2016 behind us and the end of the year approaching, now is a prudent time to consider tax planning strategies to reduce your tax bill for 2016 and possibly future years. The results … Continue reading →

Posted in Akron Certified Public Accountants, Business, Business Owners, Business Tax Planning, Corporate Taxation, Internal Revenue Service, Ohio Business Taxation, Ohio Department of Taxation, Payroll, State and Local Tax, Tax Compliance, Tax Planning, Taxation, Uncategorized | Tagged , , , , , , , , , , , , , , , , , , , , , , , , , , , , , | Leave a comment

Before Borrowing from a 401(k) Plan Account, Consider the Pros, Cons, and Alternatives

Posted on November 2, 2016 by akroncpa

So many people seem to be borrowing from their 401(k) plan accounts these days, but is it really a good idea?  Proponents often point to the following: If your plan offers loans, it’s easy to get one. Your credit score … Continue reading →

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Why an Estimated Tax Checkup may be in Order

Posted on May 17, 2016 by akroncpa

It’s not a major disaster if you owed some money when you filed your 2015 return-after all, you’d rather have the use of the funds for as long as possible. A scenario you want to avoid is having to pay a … Continue reading →

Posted in Business Owners, Internal Revenue Service, Tax Planning, Taxation | Tagged , , , , , , , , | Leave a comment