Our Blog

IRS Alert - Fake Tax Bills

September 26, 2016

On September 22, 2016, the IRS issued an alert warning taxpayers to be on guard for fake emails purporting to contain an IRS tax bill related to the Affordable Care Act (ACA).  The email attachment is usually an IRS Notice CP2000.  The fraudulent email and IRS Notice CP2000 usually have the following...

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2017 Tax Refund Delays Expected

September 22, 2016

The IRS is sounding the alarm that certain taxpayers may experience delays in receiving refunds associated with the filing of their 2016 tax returns.  

Those individuals who are claiming the Earned Income Tax Credit and/or the Additional Child Tax Credit will likely experience a delay in the receipt of their refunds especially if they file early in the season.  New laws...

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Back To School Federal Student Tax Scam

August 25, 2016

Beware of Back to School Phone Scams

The IRS has issued a warning to parents and students that scammers are engaging in a new telephone tax scam. The scammers call the parents and/or the student and make a demand for the immediate payment of non-exisent taxes such as a "Federal Student Tax".  The scammers threaten to report the...

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New Minimum Wage and Overtime Rules Effective December 1, 2016

May 26, 2016

Almost a year ago the Department of Labor (DOL) began to talk about making major revisions to the way employers determine whether employees are exempt from the overtime and minimum wage requirements as set out in the Fair Labor Standards Act (FLSA).

As most employers are acutely aware, the FLSA requires the majority of...

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Employers Without Workers' Compensation Insurance - Filing Notice Due Date Approaching

April 19, 2016

The Texas Department of Insurance, Division of Workers' Compensation (DWC), issued a reminder this week that DWC Form-005, Notice of Non-Coverage, is due by April 30, 2016. 

All nonsubscribers, which include Texas employers which have elected to opt-out of the Texas Workers' Compensation System and...

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Businesses Beware! Form W-2 Phising Schemes

March 8, 2016

The IRS is warning payroll and human resource professionals of a new and serious email phising scheme.  Criminals are sending emails to payroll employees which request copies of Forms W-2 or for other personal information belonging to the company's employees.  The email is cleverly disguised to look like it was sent to the...

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IRS Scam Calls and Emails - What you need to know about IRS contact.

February 19, 2016

According to IRS Tax Tip 2016-19, identity thieves continue to use scam calls and emails as a way to lure unsuspecting taxpayers into giving out their personal information and/or money. 

These thieves are quite clever and use the IRS name, logo and sometimes a fake website to try to steal  money or personal...

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IRS Announces Attack on E-File PIN Program

February 11, 2016

The IRS announced this week, that it recently identified and stopped an automated attack upon its Electronic Filing PIN (E-File) application program. E-File PINs are commonly used to allow taxpayers to electronically file tax returns or other IRS documents.

The IRS stated that identity thieves used malware, along with taxpayer...

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Filing Status

February 1, 2016

As a firm we are often asked by clients what filing status they may use on their income tax returns.  Choosing the correct status may be confusing, especially if the client has experienced a major event in their life such as marriage or the death of a spouse.   Below is a helpful list of the five filing statuses allowed by the IRS along...

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IRS Opens for Business

January 22, 2016

Accornding to the IRS, individuals can now begin filing their 2015 income tax returns.  Additionally, individuals will have extra time this year to file their income tax returns due to Emancipation Day falling on April 15th.  The due date for 2015 individual income tax returns is now set for Monday, April 18,

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Due Dates for Forms 1095-B and 1095-C Extended

January 4, 2016

Taxpayers who traditionally file their income tax returns early may have to wait longer than usual to file their returns for 2015 if they plan on using official documents related to the premium tax credit and minimum essential coverage.  This is because the IRS has extended the due dates for furnishing health coverage forms 1095-B and 1095-C to individuals...

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Tax Extenders Made Permanent

December 31, 2015

The recently passed Protecting Americans from Tax Hikes Act of 2015 makes permanent a number of tax laws that have been in limbo from year-to-year over the past few tax seasons.  Some of the tax provisions that have been made permanent are as follows:

Individual Provisions

  • The Enhanced American Opportunity Tax Credit.
  • The Enhanced...

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2016 Standard Mileage Rates

December 17, 2015

The Internal Revenue Service recently published the 2016 standard mileage rates that may be used to calculate the deductible costs of operating a vehicle for business, charitable, medical or moving purposes. 

The standard mileage rate for use of a vehicle for business purposes has been set at $0.54 per...

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Year End Tax Saving Tips

December 10, 2015

Last Minute Tax Saving Moves for Individuals

If you are like most taxpayers, you are looking for last minute ways to lower your tax liability for 2015. The following are a number of ways to reduce your taxes that you may consider before the end of the year:

Health Savings Account (HSA) –...

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IRS Collaboration With Third Parties to Fight Tax-Related Identity Theft

November 30, 2015

Throughout most of 2015 the IRS has been working with leading tax preparation firms, software developers, payroll and tax financial product processors, and state tax administrators to develop new strategies to combat tax-related identity theft. These groups working together have and will continue to develop new measures to protect taxpayers and the integrity of...

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RMD's, What Can I Do With The Funds?

November 16, 2015

We often are asked by our clients what they should do with required minimum distributions (RMDs) that they do not need for their living expenses but are required by law to take from their retirement accounts.  The answer to this question is not a simple one and there are a variety of options available to taxpayers.  

If your RMD is not something you need to make ends...

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Required Minimum Distribution Deadlines

November 5, 2015

As we move into the fourth quarter of 2015 we want to remind taxpayers who turned 70 1/2  during 2015 that they may need to take a required minimum distribution (RMD) from their individual retirement arrangements (IRAs) and workplace retirement plans by December 31, 2015. 

In general, the Internal...

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Replacement Forms SSA-1099 and SSA-1042S Available Online

March 2, 2015

A recent enhancement to the Social Security Administration's (SSA's) website allows individuals to obtain replacement Form SSA-1099 or Form SSA-1042S this tax season through an account created at www.ssa.gov/myaccount/ . In addition, an online mySocial Security account may be used to track earnings, estimate future benefits,...

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Updates on Tax Organizers, Invoice Payments & How To Videos

January 10, 2014

2013 Tax Organizers

On Thursday, January 9th, we began the process of posting the 2013 Tax Organizers to BSA online accounts. If you have an online account you should receive an email from

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IRS Announces a Delay in the Start of the 2014 Tax Season

December 20, 2013

The much anticipated start date for the 2014 tax season has finally been released. Yesterday, the IRS announced that they will not begin processing 2013 income tax returns until January 31, 2014. This start date is one day later than the 2013 start date which contributed to one of the shortest tax seasons in recent history. Although the IRS will not begin processing returns until January 31,...

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Beware of a New IRS Telephone Scam

December 20, 2013

The IRS warns consumers about a sophisticated phone scam targeting taxpayers, including recent immigrants, throughout the country. Victims are told they owe money to the IRS and it must be paid promptly through a pre-loaded debit card or wire transfer. If the victim refuses to cooperate, they...

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Tax Relief when Disaster Strikes

May 16, 2013

Are you familiar with that moment when a disaster is looming and your mind starts going through all the possible situations and what you would do if something bad happens? My brain did that exact thing last night as tornado sirens were going off in my apartment complex. After...

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We do More Than Just Taxes (Surprise!)

April 12, 2013

In case you weren’t aware, Bailey, Smith & Associates can do more than just your annual taxes! With the 2012 tax season coming to a quick close, consider some of the other services BSA offers you and your business, like: bookkeeping, accounting, and business consultation.

Let us take care of your time-consuming back office bookkeeping, while you focus on the...

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Bailey, Smith & Associates is now on Facebook and Twitter!

March 20, 2013

You can now access BSA through Facebook and Twitter!

Our hope for these networks is to better connect with you as the client, but also by recognizing today’s fast pace, information driven society, we’d like to help our clients stay current and informed with valuable information! We update both of these websites regularly with tax and accounting news, notices, warnings, and...

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Alert: "Corporate Records Service" Solicitation

March 7, 2013

See the following letter from the Texas Secretary of State, warning about a common solicitation called “Annual Minutes Records Form” being received by many Texas businesses.

If you have received a letter from the “Corporate Records Service,” note – this entity is not affiliated with a government agency and you are not required by Texas law to do business with...

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Beware of Phony IRS E-Mails

February 27, 2013

Hello everyone!

We at Bailey, Smith & Associates would like to make you aware of a very common scheme going around which could potentially lead to identity theft!

The Internal Revenue Service has issued a warning to taxpayers who receive emails claiming to be from the agency.

The IRS, which has long warned about phony sites, stresses: it does not initiate...

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It's a New Brand Day

January 8, 2013

It's a New Brand Day at Bailey, Smith & Associates, LLP! We are excited to announce the recent launch of our firm's new brand. We've been working very hard to enhance our website, develop helpful new client communications, create premium marketing materials, and give our firm a major facelift. We've also continued to research and identify the latest and greatest technologies to improve...

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