Seasonal

IRS Reveals List of Top Tax Scams for 2016

The IRS kicked off tax filing season by publishing a series of press releases that highlight the “dirty dozen” tax scams for this year. Although there are no major surprises, it’s important to note that these scams have become increasingly technology-driven in recent years. Taxpayers can use this list to avoid becoming the victim or… Read more »

What You Need to Know About 529 Plan Withdrawals

The big advantage of Section 529 college savings plans is that withdrawals used to cover qualified higher education expenses are free from federal income tax (and usually state income taxes too). That part is very easy to understand, but the full story on withdrawals is not so simple. What are qualified expenses? What happens if… Read more »

HOW WILL YOUR SMALL BUSINESS HEALTH CARE TAX CREDIT BE AFFECTED?

Historically, companies that wanted their employees to be protected with health coverage, but didn’t want the hassle of having a company health plan, could simply give employees an amount of money sufficient to reimburse them for the cost of buying that coverage or some portion of it. As long as the individuals provided evidence that they… Read more »

YOUR TAX RETURN AND THE HEALTH CARE LAW

What will the Affordable Care Act mean to you at tax time? Individual taxpayers will notice they’re asked for some additional information on their tax returns this year because the law requires you to confirm that you have health insurance. You may also receive a new kind of tax document—Form 1095-A—if anyone in your family… Read more »

STOP IDENTITY THEFT IN ITS TRACKS

Imagine after sending in your annual tax return, you receive a notice from the Internal Revenue Service saying that another return has already been filed using your name and Social Security number—and claiming a refund. Sound impossible? It can happen if you become one of a growing number of victims of tax return identity theft…. Read more »

Why You Need an Accountant for Your Small Business

This article is courtesy of  YFS MAGAZINE by  JEFREDA BROWN Reading the news headlines these days should be reason enough to make sure your business is operating in accordance with local, state, and federal regulations. Laws are constantly changing. Businesses are failing because of bad accounting, which means there was no third party to hold the business owner(s)… Read more »

2014 McMullan Casino Holiday Party: The New Tradition

Last Saturday we hosted our first Casino Holiday Party and needless to say it was a huge hit! The event was hosted at the beautiful 1818 Club right here in Duluth and brought to us by Monte Carlo Productions. Upon arrival we were handed $25,000 in play money and offered  an open bar.  We were all… Read more »