Tax Warrior Chronicles

Procrastinators Guide to Gathering Tax Information

Posted on Mon, Mar 09, 2020

By: Sherri Sorbello, CPA

 

Many dread the process of filing their tax returns and wait until the last minute to gather the data and documents.  Procrastination hurts both you and your tax accountant.  Getting your information to your accountant earlier may result in lower tax preparation fees and less stress for all involved. 

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Avoiding Identity Theft This Tax Season

Posted on Thu, Mar 26, 2015

As we head full steam into tax filing season, identity theft perpetrators lurk in the shadows.  They prey on taxpayers’ lack of knowledge about how the IRS usually conducts business and on their fear of its wrath. Various scams and schemes abound and educating yourself about them is the first step in preventing fraud.

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Organizing Your Tax Documents – An Essential Step in Timely Filings

Posted on Mon, Feb 09, 2015

The Tax Warriors® want to help you get ahead of the game this filing season.  Organizing the necessary documents for your financial team to review and use for your tax return is a crucial first step you can make.  It is the best way to ensure that your personal tax return is being prepared efficiently. Your contribution to this effort is to keep all of your tax information in one location. Better yet, we suggest setting up an expandable folder, a binder, or a large envelope with sub folders, dividers, or smaller envelopes for each tax category with the tax year labeled on the front. This will ensure that everything can be quickly and easily located when it comes time to prepare your

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Consolidated Tax Return Deemed Filed Despite Omission of Required Forms

Posted on Tue, Sep 17, 2013

Growing up, we all heard it from our parents. Some of us have heard it from a cordial police officer on the side of road.  “Ignorance is no excuse for not knowing the rules or the law.” Forgetting or overlooking a critical piece of information due to the IRS will usually dredge up that same statement.  But, in the case we examine here the law actually saved a company from the perils of ignorance.

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Itemized Deduction Elimination Viewed as Bureaucratic Coup for Feds

Posted on Mon, Aug 26, 2013

The fiscal cliff, the Affordable Care Act, and a litany of other legislation, have taken us on a roller coaster ride of tax changes over the last eight months. Changes seem to come out as often as the daily newspaper when you take into account the federal, state and local taxing authorities.  Now, once again, an area cherished by most taxpayers is under the microscope. The Congressional Research Service (CRS) has issued a report proposing the restriction or elimination of our dearly beloved itemized deduction and the establishment of a revenue neutral rate reduction. Not possible? Too hot an issue to actually act upon? Maybe, but Congress is listening. Here’s the gist of what they are

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