For taxpayers who owe taxes with their tax returns, the IRS has provided ten tips about how to pay:

  1. Taxpayers should never send cash.
  2. If taxpayers e-file, they can file and pay in a single step with an electronic funds withdrawal. If they e-file on their own, they can use their tax preparation software to make the withdrawal. If they use a tax preparer to e-file, they can ask the preparer to make their tax payment electronically.

The Internal Revenue Service has released the 2015 inflation-adjusted deduction limitations for annual contributions to a health savings account.

Digital currency, or e-currency, is an electronic medium of exchange of which bitcoin has become the most widely circulated. Bitcoins use cryptography (mathematically created proofs to provide security, similar to online banking) to mitigate double-spending, a common problem for digital currencies. Individuals install a bitcoin virtual wallet on their computer or mobile device, thereby creating a unique bitcoin address. Bitcoins exist only as a numerical and alphabetical sequence. Wallets have both a public and a private address; the public address can be given to receive bitcoins in a wallet, while the private address, also known as the private key, is necessary to spend or transfer them from the wallet.

Here are some important reminders to help protect you and your business from accounting fraud. These seem easy (and easy to ignore) but implementing these practices can go a long way towards not making you a victim!

Owners of an S Corporation needs to carefully monitor distributions to shareholders to be certain that there are no disproportionate distributions. Failure to make distributions in proportion to ownership interests can void the S Corporation election.

Distributions to shareholders must be made in proportion to the ownership interests of the shareholders or a disproportionate distribution has occurred. For example, if an S Corporation has three shareholders owning 50%, 35% and 15% of the corporate stock, all distributions to shareholders should be in this ratio. These are distributions of profits, if the shareholders are also employees, amounts paid to them in salary are not distributions for this purpose.