Category Archives: Internal Revenue Service

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 Accounting, Akron, Audit, Audit Adjustments, Bipartisan Act of 2015, business, CPA, Entity-Level Tax, government, IRS, Ohio, Operating Agreements, Partnership Representative, Partnership Tax Rules, Partnership Taxation, Section 6221 Election, Section 6226 Election, Small Business, Tax, Tax Matters Partner, Tax-Exempt Partner, Taxes | Leave a 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 Deducting Business Expenses, Deductions, Direct Pay, Estimated Payments, Form 1040-ES, Form W-4, Interactive Tax Assistant Tool, IRS, Payment Options, Rental of Vacation Homes, Rentals, Residential Income, Residential Rental Property, Sharing Economy, Sharing Economy Tax Center, Sideline Business, Standard Mileage Rate, Taxable Activity, Taxes, Withholding, Withholding Calculator | 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 Accounting, ACTC, Additional Child Tax Credit, Akron Ohio CPA, Delayed Refunds, Earned Income Tax Credit, EITC, Identity Theft, IRS, IRS2Go Mobile App, Levin Swedler Kennedy, Ohio CPA Firm, Refund Fraud, Social Media, Tax, Tax Refund, Tax Transcript, Taxes, Where's My Refund | 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 →

Posted in Akron Accounting Firm, Akron Certified Public Accountants, Akron Ohio Community, Business, Business Owners, Business Professional, Internal Revenue Service, Taxation | Tagged CPA, Identity Theft, Internal Revenue Service, IRS, Levin Swedler Kennedy, Tax, Taxpayer Guide to Identity Theft | Leave a comment

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 2016 Planning, Akron CPA Firm, akroncpa, Alternative Minimum Tax, AMT, Annual Gift Tax Exclusion, Business Tax, Certified Public Accountants, Corporate Tax, Corporate Taxation, Deminimus Safe Harbor Election, Domestic Production Activities Deduction, DPAD, Estate Tax Exemption, Federal Tax Policy, HB5, Higher Income Individuals, IRS, Levin Swedler Kennedy, LSK, Ohio, Roth IRA Conversion, Schedule C, Section 179, Tax, Tax Breaks, Tax Planning, Tax Provisions, Taxes, Traditional IRA | 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 →

Posted in Akron Accounting Firm, Akron Certified Public Accountants, Employee Benefit Plans, Internal Revenue Service | Tagged 401(k) Plan Loan, Akron Ohio Certified Public Accountants, Employee Benefit Plans, Levin Swedler Kennedy, Retirement Plans | Leave a comment

FIRST OF THE BABY BOOMERS START REACHING THEIR SEVENTIES, REQUIRED MINIMUM DISTRIBUTIONS FROM RETIREMENT ACCOUNTS WILL RISE

Posted on July 19, 2016 by akroncpa

It is estimated that each year about 4 million Americans born during the 1946-1965 “baby boom” period in the United States will turn age 70 ½ for the next twenty years. For people who hold assets either in traditional IRA … Continue reading →

Posted in 401 (k) plan, 403 (b) plan, Accounting, Akron Accounting Firm, Akron Certified Public Accountants, Internal Revenue Service, Uncategorized | Tagged 401 (b) plan, 401 (k) plan, 70 1/2, Akron, Akron Accountants, Akron Accounting Firm, Akron Certified Public Accountants, Akron CPA, Akron CPA Firm, Akron CPAs, Akron Ohio Certified Public Accountants, Akron Ohio CPA, Akron Ohio CPAs, Annual Minimum Distributions, Baby Boomers, Certified Public Accountant, Certified Public Accountants, CPA, Distribution Year, Fair Market Value, Financial Institutions, Financial Planning, Income Bunching, Internal Revenue Service, IRS, Levin Swedler Kennedy, Nest Egg, Non-IRA Account, Ohio, Ohio CPA, Ohio CPA Firm, Qualified Defined Contribution Retirement Accounts, Qualifying Annuity Products, Required Minimum Distributions, Retire, Retirement Accounts, RMD, Rollover, Sole Beneficiary, Tax-Favored Retirement Accounts, Traditional IRA Accounts | Leave a comment

Category Archives: Internal Revenue Service

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

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

Levin Swedler Kennedy Year-End Tax Planning for 2016

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

FIRST OF THE BABY BOOMERS START REACHING THEIR SEVENTIES, REQUIRED MINIMUM DISTRIBUTIONS FROM RETIREMENT ACCOUNTS WILL RISE

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