Gambling income. Income from gambling includes winnings from the lottery, horse racing and casinos. It also includes cash and non-cash prizes. You must report the fair market value of non-cash prizes like cars and trips. Payer tax form. If you win, the payer may give you a Form W-2G, Certain Gambling Winnings. The payer also sends a copy of the W-2G to the …

Create a Backup Set of Records Electronically Taxpayers should keep a set of backup records in a safe place. The backup should be stored away from the original set. Keeping a backup set of records –– including, for example, bank statements, tax returns, insurance policies, etc. –– is easier now that many financial institutions provide statements and documents electronically, and much …

The IRS has a new web page to help people and businesses understand these tax implications. An emerging area of activity in the past few years, the sharing economy has changed how people commute, travel, rent vacation places and perform many other activities. Also referred to as the on-demand, gig or access economy, sharing economies allow individuals and groups to utilize technology …

Did you move due to a change in your job or business location? If so, you may be able to deduct your moving expenses, except for meals. Here are the top tax tips for moving expenses. In order to deduct moving expenses, your move must meet three requirements: 1.The move must closely relate to the start of work. Generally, you …

When you start a business, you have many choices to make. One key decision is choosing the form of business entity in which you will operate. For starters, you can set up your business as a Sole Proprietorship, C-Corporation, S-Corporation, LLP (Limited Liability Partnership), or an LLC (Limited Liability Company). How can you narrow that list down? Small businesses typically …

Since the advance payments are paid directly to your insurance company and lower the out-of-pocket cost for your health insurance premiums, changes in your income or family size may affect your credit. You should report changes that have occurred since the time that you signed up for your health insurance plan. Changes in circumstances that you should report to your …

When determining if your organization is an applicable large employer, you must measure your workforce by counting all your employees. However, there is an exception for seasonal workers. If an employer’s workforce exceeds 50 full-time employees for 120 days or fewer during a calendar year, and the employees in excess of 50 who were employed during that period of no more …

IRS Future State Plan For the last two years, the IRS has been developing a “Future State” plan that envisions how the agency will operate in five years and beyond. A central component of the plan is the development of online taxpayer accounts. In the National Taxpayer Advocate’s 2015 Annual Report to Congress, Olson praised aspects of the plan but expressed …

If you receive correspondence from the IRS your accountant is available but here are some tips from the IRS: Don’t Ignore It. You can respond to most IRS notices quickly and easily. Follow Instructions. Read the notice carefully. It will tell you if you need to take any action. Be sure to follow the instructions. The letter will also have contact information …

The IRS recently enhanced its e-authentication procedures required to register and use certain self-help tools on IRS.gov. This is a more rigorous e-authentication process than IRS has used in the past. It is in line with federal information security standards and the latest industry practices used by major financial institutions as well as many other large businesses. We continue to …