Hekmat Barahmeh, CPA, PC - Tax, Accounting & Advisory in RTP, North Carolina

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Taxpayer Bill of Rights: #6, The Right to Finality

Each and every taxpayer has a set of fundamental rights they should be aware of when dealing with the Internal Revenue Service. The “Taxpayer Bill of Rights” takes the multiple existing rights embedded in the tax code and groups them into 10 broad categories, making them easier to find and understand. A list of your [...]

Identity Theft Information for Taxpayers and Victims

Identity theft presents a challenge to businesses, organizations and governments, including the Internal Revenue Service. The IRS meets the challenge of tax-related identity theft and is making progress against it with an aggressive strategy of prevention, detection and victim assistance. Tax-related identity theft remains a top priority for the IRS in 2015. This year, the [...]

Five Good Reasons Why You Should Choose Direct Deposit

The best way to get your tax refund is by direct deposit. Here are five good reasons to join the 84 million taxpayers who chose direct deposit last year. IRS Direct Deposit: Is Fast.  The fastest way to get your refund is to electronically file your federal tax return and use direct deposit. Use IRS [...]

Taxpayer Bill of Rights: #1, The Right to Be Informed

Each and every taxpayer has a set of fundamental rights they should be aware of when dealing with the Internal Revenue Service. The Taxpayer Bill of Rights takes the multiple existing rights embedded in the tax code and groups them into 10 broad categories, making them easier to find and understand. A list of your [...]

Ten Facts That You Should Know about Capital Gains and Losses

When you sell a capital asset the sale results in a capital gain or loss. A capital asset includes most property you own for personal use or own as an investment. Here are 10 facts that you should know about capital gains and losses: Capital Assets.  Capital assets include property such as your home or [...]

Taxable or Not – What You Need to Know about Income

All income is taxable unless the law excludes it. Here are some basic rules you should know to help you file an accurate tax return: Taxed income.  Taxable income includes money you earn, like wages and tips. It also includes bartering, an exchange of property or services. The fair market value of property or services [...]

Taxpayer Bill of Rights: #4, The Right to Challenge the IRS’s Position and Be Heard

Each and every taxpayer has a set of fundamental rights they should be aware of when dealing with the Internal Revenue Service. The “Taxpayer Bill of Rights” takes the multiple existing rights embedded in the tax code and groups them into 10 broad categories, making them easier to find and understand. A list of your [...]

How to Recognize Bogus IRS Phone Calls and Emails

Tax scams take many different forms. Recently, the most common scams are phone calls and emails from thieves who pretend to be from the IRS. They use the IRS name, logo or a fake website to try to steal your money. They may try to steal your identity too. Here are several tips from the [...]

Tips Versus Service Charges: How to Report

The Internal Revenue Service reminds employers that automatic gratuities are service charges, not tips. Employers should make sure they know the difference and how they report each to the IRS. What are tips? Tips are discretionary (optional or extra) payments determined by a customer that employees receive from customers. Tips include: Cash tips received directly [...]

Five Key Facts about Unemployment Benefits

If you lose your job, you may qualify for unemployment benefits. The payments may serve as much needed relief. But did you know unemployment benefits are taxable? Here are five key facts about unemployment compensation: Unemployment is taxable.  You must include all unemployment compensation as income for the year. You should receive a Form 1099-G, [...]