2012 Tax Tips; Vol. 11 – 5 New Tax Developments/RGB & SKYPE Team Up
Now that the tax season has come to an end, a common question for many of our clients is “How long do I need to keep my tax return copies and tax related documentation”? We suggest that all tax returns copies should be kept indefinitely. You never know when you might need them. If you… Continue reading
According to a recent report, the IRS risks issuing $26 Billion in fraudulent tax returns over the next 5 years. In 2011 alone, the IRS received 2.2 Million fraudulent returns, costing taxpayers $6.5 Billion. True to form, a “quick fix” idea has gained the most traction with the IRS & members of congress, and naturally… Continue reading
Banks Get a 1 Year Delay For Basis Reporting The Internal Revenue Service is delaying a requirement that brokers report their customers’ cost basis in options and debt instruments. The decision was made in response to requests from brokers and custodial banks including the Bank of New York Mellon Corp. (BK), State Street Corp. (STT) and Northern Trust Corp. (NTRS) The rules… Continue reading
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