Military veterans, active-duty personnel and their families are being actively targeted for fraud. In 2020, military consumers lost a median $600, compared with $311 for nonmilitary consumers. “Imposter” scams are the major culprit. Perpetrators claim to represent government agencies such as the Veterans Administration or pose as financial advisors to con military members to provide
Victor Dozzi
Jul 15, 2021
How fraud perpetrators target military personnel and veterans
- By Victor Dozzi
- Fraud
- 0 Comments
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Jul 13, 2021
Tax-favored ways to build up a college fund
- By Victor Dozzi
- Fraud
- 0 Comments
If you’re a parent with a college-bound child, you may want to save with tax-favored vehicles. For example, if used to finance college, eligible families don’t have to report the interest on Series EE U.S. savings bonds for federal tax purposes until the bonds are cashed in. And interest on “qualified” Series EE (and Series
Jul 6, 2021
Don’t let fraud ruin your restaurant’s reopening
- By Victor Dozzi
- Fraud
- 0 Comments
Most restaurants are finally reopening to in-person dining. And while you may now be thinking about luring customers back, hiring enough workers and managing supply-chain shortages, one issue has remained the same: fraud. Restaurants often face fraud threats from employees, customers and vendors. So now isn’t the time to drop your guard. Potential risks Your
Jun 30, 2021
Traveling for business again? What can you deduct?
- By Victor Dozzi
- Business, Deductions
- 0 Comments
As we continue to come out of the COVID-19 pandemic, you may be traveling again for business. Under tax law, there are a number of rules for deducting the cost of your out-of-town business travel within the United States. These rules apply if the business conducted out of town reasonably requires an overnight stay. Note
Jun 24, 2021
Cash talks — and fraud experts are listening
- By Victor Dozzi
- Fraud
- 0 Comments
Cash, including checks that are easily cashed, is the most popular target of fraud perpetrators. Once stolen, cash is virtually untraceable. But fraud experts have the expertise and tools to trace fraudulent disbursements. For example, to confirm overbilling, they might investigate accounts with no tangible deliverables and examine returned checks. To trace “ghost” employee scams,
Jun 22, 2021
Beware of the “reciprocal trust” doctrine
- By Victor Dozzi
- Estate
- 0 Comments
If you and your spouse have similar irrevocable trusts for each other’s benefit, you might be subject to the “reciprocal trust” doctrine. It prohibits tax avoidance through trusts that are interrelated and place both grantors in the same economic position as if they’d each created trusts naming themselves as life beneficiaries. There are many ways
Jun 16, 2021
An S corporation could cut your self-employment tax
- By Victor Dozzi
- Business
- 0 Comments
If your business is organized as a sole proprietorship or a wholly owned limited liability company, you’re subject to both income tax and self-employment (SE) tax. There may be a way to cut your tax bill by operating as an S corporation. SE tax is imposed on 92.35% of SE income at a 12.4% rate
Jun 10, 2021
Making the decision to hire new nonprofit staffers
- By Victor Dozzi
- Non-Profit
- 0 Comments
Many Americans remain unemployed due to the COVID-19 pandemic — at least 9.8 million at the end of April, according to the U.S. Bureau of Labor Statistics. But that’s expected to change quickly as employers ramp up hiring activities. If your not-for-profit will soon need new staffers, you might want to start putting out feelers now.
Jun 8, 2021
Many parents will receive advance tax credit payments beginning July 15
- By Victor Dozzi
- Taxes
- 0 Comments
Eligible parents will soon begin receiving payments from the federal government. The IRS announced that the 2021 advance child tax credit (CTC) payments, which were created in the American Rescue Plan Act (ARPA), will begin being made on July 15, 2021. How have child tax credits changed? The ARPA temporarily expanded and made CTCs refundable
May 26, 2021
Help ensure the IRS doesn’t reclassify independent contractors as employees
- By Victor Dozzi
- Business
- 0 Comments
Many businesses use independent contractors to help keep their costs down. If you’re among them, make sure that these workers are properly classified for federal tax purposes. If the IRS reclassifies them as employees, it can be a costly error. It can be complex to determine whether a worker is an independent contractor or an