Author Archives: Steve Trojan, CPA

About Steve Trojan, CPA

Steve Trojan, CPA is owner of SMT & Associates, Inc. (www.smt-associates.com), a Crystal Lake IL based tax and accounting firm. He can be reached at 815-788-5114.

Interested in small business topics, tips and assistance?  We have a new website for small business owners, www.thesmallbizhq.com. This site will contain helpful articles, tips, ideas and help with your startup or growing your already established business. We would love for … Continue reading

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IRS IP PIN notice contains wrong tax year for filing

Last week, the IRS announced there was an error in the Identity Protection PIN letters that stated the IP PINs were for 2014 and not 2015. Below is the content of the IRS statement, which can be accessed here. Identity … Continue reading

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Posted in Personal Taxes | 1 Comment

IRS Eases New Reporting Requirements for Small Businesses

I am a happy guy right now. And all of you small business owners should be as well. For much of the last three days, I have been pouring over new regulations the IRS finalized in 2014 and late 2015 … Continue reading

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Posted in Business taxes, Personal Taxes | 3 Comments

Scam Alert! “IP PIN” Emails

SCAM alert! Just got this one from a client. This is an email with a Word document attached, supposedly providing them a new Identity Protection PIN. While the IRS does provide some taxpayers an Identity Protection PIN (IP PIN) if … Continue reading

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Posted in Personal Taxes, Scams | 1 Comment

TurboTax in the News Again for Potential Fraud Concerns

Once again, TurboTax has found itself in potential trouble with the Minnesota Department of Revenue for potential fraudulent activity. On February 6, 2015, it posted this notice on their website: Some Minnesota taxpayers have recently found that when they log … Continue reading

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Independent Contractors – How to Classify Workers

NOTE:  This issue has been receiving increased IRS scrutiny in recent years and we expect the trend to accelerate. One of the steps we recommend to clients who use independent contractors and who therefore face a heightened risk of a … Continue reading

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Reporting Payments Made to Vendors

Interested in small business topics, tips and assistance?  We have a new website for small business owners, www.thesmallbizhq.com. Would love for you to check it out and post questions as to what you’d like to see! Now, on to the … Continue reading

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Health Insurance Premium Reimbursements to Employees

There have been some significant changes to what can be done by employers in reimbursing insurance premiums for their employees. In prior years, employers were allowed to either pay for, or reimburse, the cost of employees’ individual healthcare premiums on a tax-free … Continue reading

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Posted in Business taxes | 4 Comments

Personal Use of Auto

When providing an employee (including shareholder/employees in corporations) the use of a company-provided vehicle, a value representing the personal portion of usage of the vehicle must be included in the employee’s W-2 income. The value computed must be included in the employee’s … Continue reading

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Closing the Books for Year-End

The year-end closing is a critical part of your annual accounting process. If you are handling your own bookkeeping, here are some things that you can do to help ensure your books are accurate. Perform a bank reconciliation of all your … Continue reading

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Year-End Bonuses

Any additional compensation to your employees over and above their standard salary or hourly rates is considered to be taxable compensation. The bonus is considered wages and must be reported as payroll on the employee’s W-2 and is subject to all … Continue reading

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Standard mileage rates for 2015 announced

The IRS announced that standard mileage rates for use of a vehicle will increase slightly. With gas prices dropping considerably in the last few months, this is great news for business owners. For business use of a car, van, pickup … Continue reading

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Posted in Business taxes, Personal Taxes | 1 Comment

IRS Offers Tips for Year-end Charitable Contributions

In a news release, IRS has reminded individuals and businesses making year-end charitable contributions of several important tax law provisions and general substantiation requirements that they should keep in mind. Rules for clothing and household items. To be deductible, clothing … Continue reading

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IRS Telephone Scam Prevalent in Illinois Now

Over the years, the IRS has been warning taxpayers and tax professionals about scams where someone calls, allegedly from the IRS, that they had a balance due and needed to pay their balance by a certain date or they would … Continue reading

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Reimbursement of Individual Health Insurance Premiums No Longer Qualify for Non-Taxable Reimbursement

On November 6th, 2014, the Department of Labor issued new guidance that clarifies how the Affordable Care Act is changing the tax treatment for the reimbursement of individual health insurance premiums. Previous to this new legislation and clarifications, employers were … Continue reading

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