Anthony Sykes & Company

           Now is the time of year when online shopping kicks into full swing. Add to that the upcoming tax filing season and it is a prime target for criminals to take advantage of what they see as opportunities. Here are some good practices that individuals and business can put into effect to help protect themselves.            Scams against employers.  Businesses can and have had their identities stolen. They need to protect their Employer Identification Number ( EIN ), just like a person must protect their Social Security Number ( SSN ). For this coming year, the IRS will be asking for extra information to verify that a Tax Return for a business is true. A trusted Qualified Tax Professional can guide a business through this more detailed process.            Avoiding phishing emails.  These types of messages take on a v...

       This is the time when we take time to reflect, on what has happened in the year. However, it is also the right time to prepare for the next Tax Season. The more that is done now, the less stressful it will be when the time arrives. This is especially true for people who have gone through certain events this year.            A new job.  Congratulations on finding new employment! One thing that you should do very quickly is make sure that the right amount of tax is being withheld from your paycheck. Otherwise a very unpleasant surprise will be presented when filing an Income Tax Return. This can take time, but it is worth the effort.              Taxpayers who make estimated tax payments.  Those who make payments throughout the year are involved in a payment plan or are self-employed, in a business partnership, or an S-Corporation. No...

        One word that can be used to describe the current efforts in Tax Reform is: speed. There are major changes to the current Federal Tax plan that are being proposed, and if passed, they will go into effect in less than 5 years. But what will happen when they do? Since the different plans are still being debated, nobody can say for sure. However, there are many possibilities that are of concern because they can lead to very big loopholes.           For example, there is a provision to change the Corporate Tax System in the US. Currently, all Corporate profits for US companies are taxed, no matter where in the world they are earned. This has led some companies to keep their overseas profits from coming back to the US, by any number of complicated schemes. The change would be a switch that only taxes profits earned in this country. On the surface, this might give more incentive for a business to transfer...