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Don't Be Fooled by a Tax Scam

Tax Scams

There has been an increase in scam telephone calls from individuals claiming to be representatives from the Internal Revenue Service. These callers tell the victim that he or she owes money to the IRS and the money owed needs to be paid to avoid further action by the IRS.

Preventing Fraud in your Small Business

Target. Home Depot. Enron. World Com. Everyone knows about the cases of fraud affecting these companies. Many people think fraud is something happening only at large corporations like the ones mentioned. However, small businesses are not immune from the effects of fraud. A 2014 survey of Certified Fraud Examiners (CFEs) found that 38 percent of organizations where fraud had occurred were private companies. Twenty nine percent of fraud victims were businesses with fewer than 100 employees. The median loss of those frauds was more than $150,000.


Sales Tax Q&A

Transportation Industry

Can I prorate sales tax on parts and repairs to my motor coach operating both in and outside of the state? Would you clarify the sales tax on the transfer of vehicles between related parties? These are a couple questions we hear regularly from our transportation clients.

Our transportation industry expert, Kim Mahanna, will address a few questions that have come from our clients in the webinar below. 

Click here to listen to the 4 minute webinar recording.

Winter 2016 Tax Deadlines

January 15, 2016

  • Fourth installment of 2015 individual estimated tax due date.

February 1

  • Employers must furnish W-2 statements to employees. Payers must furnish 1099 information statements. 
  • Employers must file 2015 federal unemployment tax returns and pay any tax due.

February 29

  • Payers must file information returns with the IRS.
  • Employers must send W-2 copies to the Social Security Administration.

March 1

  • Farmers and fishermen who did not make 2015 estimated tax payments must file 2015 tax returns and pay taxes in full to avoid a penalty.


Winter Tax Newsletter

IRS Form 1099 Reporting

For the 2015 tax year, forms 1099 are generally required to be furnished to the recipient by January 31, 2016. A $250 penalty applies for failure to furnish a required Form 1099 to a payee AND a $250 penalty applies for failure to furnish a required Form 1099 to the IRS.

Passive Activity Losses From Rental Property

In these times of still-high stock prices and low bond yields, investors might be thinking about rental property. Such investments can pay off, in the right situation. Before you make any decisions, though, you should be aware of the tax implications, especially the passive activity loss rules.

Happy New Year!

As 2016 begins, we want to take a moment to thank all of our clients and wish everyone all the best as we turn the calendar to another new year!

Smith Schafer strives to show our appreciation and dedication year-round.“When it comes to client relationships, Smith Schafer's belief has always been, shop with clients who do business with us,” Managing Principal, Steve Erchul, stated. To encourage our employees to honor this motto, we created the Client Loyalty Program. It is a program where we reward staff when they shop at clients' establishments.
We are excited to report that in 2015, our staff have spent over $200,000 with our clients!
We wish you all a safe, happy and prosperous New Year!

Tax Savings Opportunity - 2015 Extenders

Tax Extenders & Year End Reminders

Congress has addressed various expiring tax provisions in The Protecting Americans from Tax Hikes (PATH) Act of 2015. This bipartisan agreement was incorporated into the Consolidated Appropriations Act of 2016 (H.R. 2029) which was signed on December 18, 2015 by President Obama extending many popular individual and business tax incentives.

Affordable Care Act (ACA) Questions and Answers


The Affordable Care Act (ACA) has been phasing in over the past few years. As the end of 2015 nears, we have heard lots of questions about the ACA from our clients.

4 Last Minute Tax Planning to Produce 2015 Savings

Consider these timely ways to save on your 2015 taxes:

  • Catch up on your retirement plan contributions to defer income taxes.
  • Evaluate business equipment needs.
  • Use your capital gains and losses effectively.
  • Pair appreciated stock and unfulfilled charitable obligations.

Contact a Smith Schafer professional to learn more.

Tax Update

Affordable Care Act Tax Year 2015/2016 Compliance

Beginning in tax year 2015, the Affordable Care Act (ACA) requires employers with 50 OR MORE FULL TIME EMPLOYEES to offer minimal health care coverage to their employees and report this information to the IRS. The purpose of the reporting is to identify employer’s full time employees, whether they were offered coverage, and the cost of that coverage. This reporting is used by the IRS to determine any applicable penalties and verify an employee's subsidy eligibility. 
What Does this Mean for My Company?