Shaw, Hull and Navarrette, CPA's

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Preparing to end the payroll year

Preparing to end the payroll year Whether you prepare payroll in-house or outsource the task, there are a few end of year items that should be completed. Update employee contact information:  Make sure that you have correct and complete social security numbers and...

Year-end tax planning for individuals

Year-End Tax Planning for Individuals ...Higher-income earners must be wary of the 3.8% surtax on certain unearned income. The surtax is 3.8% of the lesser of: (1) net investment income (NII), or (2) the excess of modified adjusted gross income (MAGI) over a threshold...

Tax Related Identity Theft

Tax-related identity theft. Each filing season we have a few taxpayers who have the unfortunate situation of having their e-filed return rejected because a return has already been filed using their social security number. Unfortunately, we expect the trend to...

Financial Fraud Scams

It seems like nearly every week the news warns us of a new identity theft or financial fraud scam.  There are several schemes currently ciruculating with fraudsters impersonating IRS representatives.  Straight from the IRS website, here are a few scams you need to...

Tax updates – Fall 2017

Tax updates - Fall 2017 The following is a summary of a few important tax developments that have occurred in the past three months. President Trump and key lawmakers reveal tax reform plan. The document provides some detail but leaves many specifics to be worked out...

Summer IRS Update

As we move into the fall season, we want to take time to discuss a few summer updates from the IRS.  Today we talk about the ability to amend returns for expensing election, the recently released 2018 inflation adjustments for Health Savings Accounts and information...

Revised I-9 required for new hires

The U.S. Citizenship and Immigration Service (USCIS) published a revised I-9 form in July 2017. On September 18, 2017 employers must use the revised form with a revision date of 07/17/17 N. The new form was modified with the intention to make it easier to navigate and...

Deductions for business meals

Deductions for business meals and entertainment expenses require you to jump through a couple extra hoops to qualify as deductible and they may be subject to limitations. Nevertheless, if you pay careful attention to rules outlined below, the expenses should qualify...

How long to retain income tax records?

How long should you retain your personal income tax records? You may have to produce those tax records if the IRS or a state taxing authority audits your return. In addition, lenders or other parties may require that you produce copies of your tax returns as a...

Countdown to Tax Day!








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