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Our friends at Accounting Today offers up some great tax tips you may find to be of value. If you have any questions, contact Neikirk, Mahoney & Smith at 502-896-2999.

1. Fear Not the Extension
"Everyone is afraid of an extension," says Kyle Brownlee, CEO of Enid, Okla.-based Wymer Brownlee, part of the HD Vest network of tax-focused planning firms. "Everyone is just afraid of the IRS. They think: I am sending in my return late."

But an extension doesn't raise a red flag with the IRS, nor does it really mean clients are "late," he says -- although estimated...

Your friends at the Internal Revenue Service today want to threaten remind taxpayers that quick and easy solutions are available if you can’t file your returns or pay your taxes on time, and you can even ask for an extension, make a payment or request payment options online at IRS.gov.

Most taxpayers have already filed their 2014 returns. Figures released today show that as of April 3, the IRS had already received just over 99 million returns and issued more than 77 million refunds averaging over $2,800.

For those who have yet to file, the IRS says don’t panic. Tax-filing extensions are available to taxpayers who need more time to finish their returns....

Tax season is supposed to be over on April 15. But among certain groups—especially the wealthy—filing for an extension until Oct. 15 is now routine, according to Bloomberg Business and Neikirk, Mahoney & Smith CPAs.

In 2011, 11 million taxpayers filed for an extension; two years later, 13 million did, an increase of almost 20 percent. At the end of September 2014, more than 25 percent of those who had filed for an extension were still working on their filings. We're not just procrastinators. It has gotten harder to file on time. Here’s why:

1. You don't have the forms...

According to Accounting Today, the Minnesota Society of CPAs has compiled a list of red flags that could trigger an audit from the IRS if they apply to your clients' tax returns.

1. Misreporting Your Income
Always make sure your income on your Form W-2 and Form 1099 matches the reported income on your return.

2. Unusually High Charitable Deductions
You may raise some eyebrows if your charitable donations are well above average for your income range.

3. Unusually Low Salaries
The IRS takes a close look at S corporation compensation practices,...

Many Retirees Face April 1 Deadline to Take Required Retirement Plan Distributions
IR-2015-55, March 19, 2015 — The IRS today reminded taxpayers who turned 70½ during 2014 that in most cases they must start receiving required minimum distributions from Individual Retirement Accounts and workplace retirement plans by Wednesday, April 1, 2015.

This just in from Neikirk, Mahoney & Smith, one of Louisville's leading accounting firms, the Internal Revenue Service wrapped up the 2015 "Dirty Dozen" list of tax scams today with a warning to taxpayers about aggressive telephone scams continuing coast-to-coast during the early weeks of this year's filing season.

The aggressive, threatening phone calls from scam artists continue to be seen on a daily basis in states across the nation. The IRS urged taxpayers not give out money or personal financial information as a result of these phone calls or from emails claiming to be from the...

Unusually large amount of tax news coming out of Washington today and much of it deals with President Obama's proposed tax policy changes.

In short, your taxes are going to rise - dramatically - if Congress allows the president's recommendations to become law. This new Congress represents a Republican majority, making such substantive changes unlikely, but here is more information about the issue.

The President has proposed increasing what some people refer to as "death taxes," representing a fundamental change in tax policy that would limit what many Americans can leave to their heirs. The change would affect nearly everyone who has aging living parents, and are likely...

Under the Hiring Incentives to Restore Employment (HIRE) Act, enacted March 18, 2010, two new tax benefits are available to employers who hire certain previously unemployed workers (“qualified employees”).

The first, referred to as the payroll tax exemption, provides employers with an exemption from the employer’s 6.2 percent share of social security tax on wages paid to qualifying employees, effective for wages paid from March 19, 2010 through December 31, 2010.

In...

Corporate venture capital has always been dubiously titled ‘dumb money’, supposedly less interested in financial performance and only willing to make bets on strategically aligned startups.

CVC investing, however, has grown significantly over the past few years and many leading tech companies are diversifying their investments by operating autonomous VC funds that look more and more like traditional private VCs. 

In 2013, both the number and size of CVC investments has continued to rise. In October 2013, 48 venture funding rounds valued at over $719M included CVC investor participation. This represented a 14% participation rate, the highest month in the CrunchBase dataset...

Neikirk, Mahoney & Smith, an accounting firm based in Louisville, reports that in their most recent audit, the General Accounting Office (GAO) has slammed the Internal Revenue Service, citing ongoing weaknesses in internal controls and management that could result in taxpayer security vulnerabilities.

Citing "serious control deficiencies", the GAO says the corrective actions the IRS has taken have fallen short because of the failure of the IRS to fully address the system enhancements that will be required to fix the problems. System weaknesses cited in the audit include weaknesses in information security, including missing security updates, insufficient monitoring of financial...

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