The mountain of paper and electronic records needed to support a tax return may include receipts, bank and investment account statements, K-1s, W-2s, and 1099s. How long must the records be saved? This article provides an overview.
Payroll fraud schemes aren't uncommon and can be costly. According to a recent Association of Certified Fraud Examiners study, the median loss generated by payroll fraud incidents is $50,000. It's essential to know the payroll schemes making the rounds and how to prevent them - or at least catch them before they go on very long. Here are highlights of common schemes and tips for reducing payroll fraud risks.
Whether an individual is a casual or professional gambler, their winnings are taxable. However, the Treasury Inspector General for Tax Administration reports that gambling income is vastly underreported. Failing to report winnings accurately can lead to back taxes, interest, and penalties. Here's what taxpayers need to know to stay compliant and potentially minimize their tax bills.
The term "sandwich generation" was coined to describe baby boomers caught between caring for their aging parents and their children. The term now applies to whichever generation is grappling with the problem, today most commonly Generation Xers and older Millennials. For those in the middle of the sandwich, it may be time for honest discussions about pressing issues with the other parties.
This calendar notes important tax deadlines for the second quarter of 2025.