For 20 years, the Association of Certified Fraud Examiners (ACFE) has been publishing studies every two years to raise awareness of occupational fraud, and the role strong internal controls can play in limiting these schemes. The 2016 Report to the Nations on Occupational Fraud and Abuse covers more than 2,400 cases of white collar crime, occurring in more than 100 countries. About 1,000 of these cases involved U.S. organizations. (more…)
IRS Warns of Taxpayer Scams After the Tax Deadline
The Internal Revenue Service recently issued a warning that scammers may continue to prey on hard-working taxpayers by impersonating the IRS and others with fake phone calls and emails beyond the April 18 deadline. (Source: IR-2016-62)
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KWC Tax Manager Named One of DC’s Best Financial Advisers
KWC is proud to announce that Howard Kramer, a tax manager with the firm, has been named as one of the top financial advisers (in the Tax Accountants category) in Washington, DC according to Washingtonian magazine. (more…)
The Importance of Maintaining Records for Travel and Entertainment Expenses
If you’re reporting travel and entertainment expenses on your tax return and you’re audited, there’s a good chance an agent will take a hard look at those items. (more…)
Lesser-Known Tax Breaks for Business Charitable Donations
Making donations to charities is more than good business citizenship. It can also lower your tax liability. Some lesser-known federal income tax breaks for charitable donations by businesses were retroactively reinstated and made permanent by the Protecting Americans from Tax Hikes (PATH) Act of 2015. Here are the details. (more…)
Update: Tax Benefits for Higher Education
Attending college or graduate school is one of the biggest investments you’ll ever make — and spring is the time schools normally announce who’s in and who’s out. If you or your child (or grandchild) plans to attend an institution of higher learning in the fall, May 1 is often the deadline for selecting a school. (more…)
Increased Penalties for Incorrect Information Returns
Effective for information returns required to be filed after December 31, 2015 the penalties for failing to either timely or correctly file have increased. The increased penalties apply to 2015 Forms 1099-Misc, 1099-R and W-2s which are due to recipients by January 31, 2016. The penalties also apply to the Affordable Care Act (ACA) 2015 information Forms 1094 and 1095 but these have been extended until March 31, 2016.
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KWC Named One of the Best Places to Work in Virginia
KWC was recently named as one of the Best Places to Work in Virginia for 2016. The annual list is created by Virginia Business and Best Companies Group and is designed to identify, recognize and honor the best places of employment in Virginia, benefiting the state’s economy, workforce and businesses. The 2016 Best Places to Work in Virginia list is made up of 100 companies. (more…)
Congress Passes the Tax Extenders Package
This holiday season, taxpayers are receiving a “gift” from Washington, D.C. It’s the Protecting Americans from Tax Hikes Act of 2015 or, simply, the PATH Act. It does more than just extend expired tax provisions for another year. The bipartisan deal makes about one-third of these tax provisions permanent. Many others have been extended for periods ranging from two to five years. (more…)
Tips for 2015 Year End Tax Savings
Another tax year is drawing to a close. But there’s still time for individual taxpayers to trim their tax liabilities for 2015 and beyond, before the New Year begins. Here are 10 eleventh-hour moves that you can still make before the clock strikes midnight on January 1.
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