Business ID Theft: Is Your Data at Risk?

August 22, 2017

The IRS and state tax authorities have made significant strides in curbing individual identity theft over the last two years.

Business ID Theft

The IRS is focusing on preventing Business ID Theft

But cyber attacks against businesses are on the upswing. Here are some simple ways business taxpayers can help protect their data from hackers.

Trends in ID Theft

The IRS recently announced that the number of individuals reporting identity theft in the first half of 2017 has declined dramatically compared to 2015 and 2016. For the first five months of 2017, about 107,000 individual taxpayers reported stolen IDs. In comparison, 297,000 victims filed reports during the same time period in 2015 and 204,000 in 2016.

Put simply, individual ID theft dropped 47% over the last year. The IRS attributes the decrease to safeguards put in place during the 2016 Security Summit.

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Tax Rules When Selling Your Home

August 17, 2017
Selling your home

When selling your home be aware of tax deductions and exemptions.

How the gains from the sale of a primary residence are taxed has changed in recent years. If you have recently sold your home, or are considering doing so, you may want to be aware of these new rules.

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Ryan & Wetmore Nominated as the Best of Falls Church!

August 15, 2017

We are excited to announce that Ryan & Wetmore has been nominated as the ‘Best of Falls Church 2017’! You can help us win the title of Best Accounting Firm by voting online! The ballot is open until Monday, August 21st at 5:00 PM.

Best of Falls Church

Ryan and Wetmore has been nominated for the best CPA firm in Falls Church!

Follow the steps bellow to vote. We appreciate your support!

  • Click here.
  • Enter your email address for verification.
  • The ballot will come up.
  • The Accounting Firm ballot is on page two. If you don’t want to vote for the categories on page one, just scroll down and click ‘Continue’.
  • You can leave a few words in the ‘Why are they the best’ comment line.
  • After voting, scroll to the bottom of the page and click ‘Continue’.
  • On the next page click ‘Finish Voting’
  • A verification will be sent to your email address. You must click ‘Confirm Survey Response’ for the vote to be counted!


Thank you!

Ensure You Qualify for Charitable Donation Deductions

August 10, 2017
Charitable Donation Deduction

Know what qualifies for a charitable donation deduction.

Giving to charity can provide you with a warm feeling as well as a nice tax break. But you’ve got to itemize deductions on your tax return. And, like most tax breaks, charitable deductions come with a number of rules you must follow to actually claim the write-off. Here are the details.  Read more

Savor Business Entertainment Tax Breaks

August 8, 2017

You can have a good time and still deduct part of the cost when you entertain business clients or customers.

Entertainment Tax

Know the guidelines of what qualifies for a business entertainment tax deduction.

The tax law generally permits you to deduct 50 percent of the cost of meals and entertainment that are either “directly related to” your business or “associated with” your business. For example, if you conduct business in your conference room while you serve lunch, the meal qualifies as entertainment that is directly related to your business. A more common situation is deducting entertainment that is associated with your business. To meet this tax test, you must hold a substantial and bona fide business discussion preceding or following the entertainment.

So, if you wrap up a business deal at 5 p.m. and then take the clients out to dinner, the cost is deductible within the allowable limits.

Keep in mind that you do not have to show that income or other business benefits actually resulted from an entertainment expense.

Here are few other guidelines:

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Understand Your Social Security Retirement Benefits

August 3, 2017
Social Security Retirement

Understand your Social Security Retirement Benefits

For years, people have questioned the viability of the Social Security system going forward. In July, the Social Security Board of Trustees released its annual report on the long-term financial status of the Social Security Trust Funds.

The report projects that the combined asset reserves of the Old-Age, Survivors and Disability Insurance (OASDI) Trust Funds will become depleted in 2034, unless Congress takes action to reverse the situation.

In general, people approaching retirement age often have other questions about benefits they may be eligible to receive from the Social Security Administration (SSA). Here are common concerns regarding the Social Security system.

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Is 2017 The Year Things Change For The Property Industry?

August 1, 2017

By Ian Shapiro

Technology Innovations Property Industry

Technology innovations are set to help the property industry move forward in 2017.

Technology has been a disruptive force in most industries and sectors over recent years. But in the real estate and construction (REC) sector, widespread adoption of new technologies has lagged somewhat. Indeed, the adoption of technology in property – or ‘PropTech’ – has fallen a little short of its anticipated take-up. For example, in the U.S., the construction industry is several years behind many other industries with regards to technology with many companies still using manual systems for project planning and management. That’s why construction remains far behind in reaping the benefits of advanced data and analytics, drones, automation and robotics.

However, 2017 is set to be the year the floodgates open for PropTech in the global REC sector, and we’ve looked at some key technologies you should be keeping an eye on in the industry this year.

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Beware of a 100% Personal Liability Penalty

July 27, 2017

A “100% penalty” can be assessed against a responsible person when federal income tax and/or federal employment taxes are withheld from employee paychecks but aren’t handed over to the government.Personal Liability Penality

This Trust Fund Recovery Penalty got its informal “100% penalty” moniker from the fact that the entire unpaid amount can be assessed against a responsible person (or several responsible persons). The purpose of the penalty is to collect withheld but unpaid federal taxes from individuals who had control over an employer’s finances.

Often, operating a business as a corporation protects the individual owner from personal liability for some corporate debts. In cases of unpaid payroll taxes, however, the corporate shield or corporate veil is “pierced” and the IRS looks past the corporation to the responsible person to pay the debt.

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Relief from Student Loan Debt: What Are the Tax Implications?

July 25, 2017
Student Loan

Be aware of the tax implication of student loan relief.

Today’s college students often leave school with an overwhelming amount of debt. In some cases, student loans are discharged (also known as being cancelled or forgiven). In other cases, these loans are paid off by an employer. Both actions have tax consequences for the student loan borrowers. We’ll explain the tax implications, but first, let’s cover some necessary background information.

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