Latest Tax News & Tips

2nd location opening in Connersville in early August 2017

Due to a growing client base in Connersville, Indiana, we’re opening an office there.  The Connersville office will be open Mondays, Wednesdays and Fridays for now with expanded hours during tax season.  The 2nd location is located at 801 W 35th Street, next to the fire station. Our main office will remain in Richmond.  Appointments, […]

IRS Combats Identity Theft and Refund Fraud on Many Fronts

FS-2015-1, January 2015 Stopping identity theft and refund fraud is a top priority for the Internal Revenue Service. For the 2015 filing season, the IRS continues to expand these efforts to better protect taxpayers and help victims. IRS employees are working to prevent refund fraud, investigate identity theft-related crimes and help taxpayers who have been […]

New Administrative Assistant

Announcing our new Administrative Assistant, Julie Favorite! We welcome her to the Williams & Keckler team. Julie’s background includes many years employment at a local attorneys’ office and more than a decade in the loan department of a local bank. Drop by and say “hello”, or email her at Julie@keckler.com.

Key Tax Tips on the Tax Effects of Divorce or Separation

Issue Number:    IRS Summertime Tax Tip 2015-23 Internal Revenue Service (IRS) sent this bulletin at 08/24/2015 09:00 AM EDT Key Tax Tips on the Tax Effects of Divorce or Separation Income tax may be the last thing on your mind after a divorce or separation. However, these events can have a big impact on your taxes. […]

What Employers Need to Know about the Affordable Care Act

Issue Number:    HCTT-2015-46 Aug. 4, 2015 What Employers Need to Know about the Affordable Care Act The health care law contains tax provisions that affect employers. The size and structure of a workforce – small or large – helps determine which parts of the law apply to which employers. Calculating the number of employees is especially […]

IRS Makeover: 5 Ways to Make it Happen

Each year, the Taxpayer Advocate Service and its leader Nina E. Olson release an open letter to the IRS containing recommendations for improvement. FOXBusiness.com highlights five common sense changes the IRS can make to work better for you. Create one point of contact for identity theft Under the current structure, victims of identity theft are […]

Small Businesses Can Get IRS Penalty Relief for Unfiled Retirement Plan Returns

WASHINGTON —The Internal Revenue Service today encouraged eligible small businesses that did not file certain retirement plan returns to take advantage of a low-cost penalty relief program enabling them to quickly come back into compliance. The program is designed to help small businesses that may have been unaware of the reporting requirements that apply to […]

If You Get an IRS Notice, Here’s What to Do

IRS Summertime Tax Tip Each year the IRS mails millions of notices and letters to taxpayers. If you receive a notice from the IRS, here is what you should do: • Don’t Ignore It. You can respond to most IRS notices quickly and easily. It is important that you reply right away.   • Focus […]

New Tax Penalty Starts Today on Small Business Health Insurance

Small business groups are sounding a warning about an obscure Internal Revenue Service rule that takes effect Wednesday imposing heavy fines on small businesses for helping defray the cost of their workers’ insurance or medical expenses. The National Federation of Independent Business said small businesses that get caught helping their workers buy insurance or pay […]

The IRS Is Beefing Up Security. Will Your Taxes Be Affected?

In the past several years, millions of U.S. taxpayers have experienced the frustration of attempting to file their taxes, only to find that someone beat them to it: Tax-related identity theft is a common crime, in which people use stolen information (mostly Social Security numbers) to fraudulently obtain tax refunds. Then, when the rightful owner […]

5 Tax Credits That Can Save You a Boatload of Cash

Income taxes can feel like a money-suck on your hard earned cash. Almost no one likes to pay them and many people hire professionals (at a premium cost) for the task of taking care of their taxes for them. There are, however, several tax credits in place that can help you retain more of your […]

Businesses Urged to Match Addresses Exactly on Returns

The e-News for Tax Professionals 2015-25, dated 6/26/15, urges employers to use extra care when completing employment tax returns. As of 1/1/15, the IRS is legally required to issue Notices CP148A and CP148B, confirming any address change, to employers at their previous and new addresses. The IRS is apparently sending a high volume of these […]

COMING SOON: INTAX UPGRADE

If you file Indiana business taxes, chances are you’ve spent a lot of time using INtax. INtax is Indiana’s online business tax reporting and payment application. It’s a powerful tool. More than 303,000 businesses remit their taxes through INtax, and the application collected more than $7 billion in Indiana taxes in 2014. In August, the […]

Holiday Hours

Our office will be closed Friday, July 3, 2015 in observation of Independence Day. We will reopen on Monday, July 6, 2015 @ 8:00am. We hope you have a safe and happy holiday weekend.

IDENTITY PROTECTION PROGRAM ENHANCES SOPHISTICATION

Protecting your clients’ identities continued to be a major initiative in the 2015 individual tax season. In fact, the Indiana Department of Revenue stopped $11.6 million in attempted identity theft to date (June 29, 2015) represented by more than 4,300 fraudulent tax returns. Though our identity protection program’s sophistication increased, fewer identity theft returns have […]

51% of Americans are putting off major life events for financial reasons

More than half of Americans have delayed at least one major life decision for financial reasons in the past year, a recent AICPA survey found. Fifty-one percent of the 1,010 U.S. adults surveyed this March said they had put off important life goals such as buying a home, retiring, or pursuing higher education. In contrast, […]

5 critical mistakes people make with Social Security

Polls consistently show that Social Security is among the country’s most popular federal programs. But that doesn’t mean most Americans actually understand how it works. Most people who answered basic questions about Social Security received a failing grade, according to a new survey from the Massachusetts Mutual Life Insurance Company. To be fair, such an […]

Potential Outcomes of Supreme Court Decision on ACA Tax Credits

The Supreme Court of the United States is expected to rule by the end of June on the latest challenge to the Affordable Care Act in the case of King v. Burwell. To help accountants and business owners understand the potential outcomes, Paychex has provided the following overview of the issue at the heart of […]

Retirement News

Mary Williams…We wish you HAPPY RETIREMENT and thank you for the 29 years you were a part of the Williams & Keckler team…May all your coming days be filled with many more rewards of joy and fulfillment…Happy Retirement Mary!!    

IRS Using 13-Yr. Old Microsoft Software

IRS computers are still running the 13-year old Microsoft (MSFT) Windows XP operating software which Microsoft stopped supporting a year ago with security updates. Even the agency’s fraud-catching software is two decades old. The outdated software may have played a role in the breach the IRS announced last week in which thieves hacked into the […]

IRS Issues Statement On Unauthorized Access Of Taxpayer Transcripts

The Internal Revenue Service has issued a statement regarding the unauthorized access of taxpayer information using the “Get Transcript” application. Follows is the statement in full: The IRS announced today that criminals used taxpayer-specific data acquired from non-IRS sources to gain unauthorized access to information on approximately 100,000 tax accounts through IRS’ “Get Transcript” application. […]

IRS, Industry, States Take New Steps Together to Fight Identity Theft, Protect Taxpayers

The Internal Revenue Service joined today with representatives of tax preparation and software firms, payroll and tax financial product processors and state tax administrators to announce a sweeping new collaborative effort to combat identity theft refund fraud and protect the nation’s taxpayers. The agreement — reached after the project was originally announced March 19 — […]

IRS Statement on the “Get Transcript” Application

The IRS announced today that criminals used taxpayer-specific data acquired from non-IRS sources to gain unauthorized access to information on approximately 100,000 tax accounts through IRS’ “Get Transcript” application. This data included Social Security information, date of birth and street address. These third parties gained sufficient information from an outside source before trying to access […]

IRS Reminds Taxpayers to Safeguard their Tax Records

IRS Reminds Taxpayers to Safeguard their Tax Records WASHINGTON – Internal Revenue Service advises individuals and businesses to safeguard their records against natural disasters by taking a few simple steps. Create an Electronic Additional Set of Records Taxpayers should keep a duplicate set of records including bank statements, tax returns, identifications and insurance policies in […]

Tax-Exempt Must File by May 15

Many Tax-Exempt Organizations Must File with IRS by May 15; Do Not Include Social Security Numbers or Personal Data WASHINGTON — The Internal Revenue Service today reminds tax-exempt organizations that many have a filing deadline for Form 990-series information returns in mid-May. With the May 15 filing deadline facing many tax-exempt organizations, the IRS today […]

Military Appreciation Month

IRS Marks National Military Appreciation Month; Free Tax Guide Focuses on Tax Benefits for Members of the Military WASHINGTON — May is National Military Appreciation Month, and the Internal Revenue Service wants members of the military and their families to know about the many tax benefits available to them. Each year, the IRS publishes Publication […]

5 Things Taxpayers Are Irrationally Afraid Of – And Shouldn’t Be

Tax issues cause some folks to act in an irrational manner. True, the taxman shouldn’t be ignored. But feared? Nah. Here’s my list of the top five things that taxpayers are irrationally afraid of and shouldn’t be: 1. Being aggressive when it comes to deductions. You’re entitled to take deductions. C’mon, say it with me […]

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