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February 25, 2019 • 2 min read
Refund Timing for Earned Income Tax credit and ACTC credit filers

The IRS will begin to release EITC/ACTC (Additional Child Tax Credit) refunds starting Mid February 2019. However, the IRS cautions taxpayers that these refunds likely won’t start going in bank accounts or debit cards February 27, 2019 -- if there are no processing issues with the tax return and ...

February 15, 2019 • 2 min read
IRS to Require Identity Validation for Phone Calls

In an effort to prevent tax fraud, taxpayers and tax professionals will be required to verify their identities if they call the IRS. The days before and after Presidents Day mark the peak period for taxpayer phone calls to the IRS. To avoid the rush, callers should use IRS.gov to access resources ...

February 06, 2019 • 4 min read
States Are Hunting for Sales Tax Avoiders

Close to 30 states have passed laws requiring out-of-state sellers to tax their sales into the state. How do state tax authorities know whether such businesses are collecting and remitting tax as they should? The onus is always on taxpayers to understand their tax obligations and pay the taxes they ...

January 25, 2019 • 10 min read
The Importance of Cyber and Data Security For Any Business

According to Forbes magazine, the global cost of cybercrime will reach $2 trillion by 2019. Warren Buffett considers cyber attacks “a bigger threat to humanity than nuclear weapons,” and Ginni Rometty, IBM President & CEO, describes cybercrime as “the greatest threat to every profession, every ...

January 15, 2019 • 2 min read
Client Access Portal and My1040Data Electronic Organizers

Tax season is just around the corner and we know that life can get hectic. The last thing you want to have to remember is to stop in and drop off your tax documentation. This year you can relax, we’re here to help. Haukkala & Co., P.C. now offers a Client portal and a web-based tax organizer ...

December 17, 2018 • 0 min read
Your Rights and Responsibilities as a Taxpayer

The Department of Revenue is dedicated to upholding your rights as a taxpayer. It is part of their responsibility to treat all taxpayers fairly, equitably, and consistently. As a taxpayer, you also have basic responsibilities when working with the department. The Taxpayer Rights Handbook was ...

November 30, 2018 • 1 min read
IRS Warns of New Transcript Scam

There's a new tax scam going around, this time relating to tax transcripts. The IRS is warning of a surge of fraudulent emails impersonating the IRS and using tax transcripts as bait to entice users to open documents containing malware. The scam is especially problematic for businesses whose ...

November 20, 2018 • 2 min read
IRS Releases New Publication 5307 on Tax Reform

Are your wanting to know more information about the Tax Cuts and Jobs Act (TCJA), the massive tax reform legislation enacted just before the start of this year? Now you can find out all you need to know in new Publication, 5307, Tax Reform Basics for Individuals and Families. This is part of the ...

November 07, 2018 • 1 min read
Are Your Unrelated Business Activities about to Become taxable?

As part of the Tax Cuts and Jobs Act of 2017, there are new rules on how to report Unrelated Business Taxable Income (UBTI). In the past, all UBTI was aggregated into one, so if you had both profitable and unprofitable activities, they would zero out. For example, say your organization has a retail ...

October 31, 2018 • 1 min read
Deferring Tax on Sales of Investment Property – Without a 1031 Ex

1031 Exchanges are a great way to defer gains on the sale of real estate. But what if you don’t meet the requirements or don’t want to reinvest the proceeds in a like asset? You may be able to use a “monetized installment sale” instead. Here’s the Cliffs Notes version of how a monetized installment ...