Feb 2017 Newsletter - Tax Scam Season & Overtime Rules

Management, Newsletter, Tax

Feb 2017 Newsletter – Tax Scam Season & Overtime Rules

02/16/2017

Monthly Client Newsletter

February 2017

In this issue:

Reminder: It is Tax Scam Season Too

Overtime Rules Go Into Overtime

Use Your Tax Refund Wisely

Collectibles and the Tax Collector

Contact:

info@byronrileycpa.com

Phone: (832) 303-3995

www.byronrileycpa.com

This Month:
	Receive all 1099s and W-2s
	Set up Tax Appointment
	Rebalance Investment Portfolios
	February 14^th: Valentines Day
	February 20^th: Presidents Day

s your mailbox fills up with information required to organize your 2016 tax records, now is the time to think about productive ways to use your potential refund. Outlined here are some ideas to consider. Unfortunately, tax-filing season is also tax-scam season. This month’s newsletter shows you how to identify possible fraudsters that may target you. Information regarding the pending overtime law change and the taxability of collectibles round out this month’s newsletter.

Should you know of someone who may benefit from this information please feel free to forward this to them.

Reminder: It is Tax Scam Season Too
	Thousands of Americans faced this situation in 2016, though the people on the other end of their phone lines weren’t actually from the IRS. They were scam artists calling across the world from Mumbai, India. Their aggressive shakedown of U.S. taxpayers brought in $150,000 a day until police cracked down on their call center. Read full article

Overtime Rules Go Into Overtime
The fate of a Labor Department rule extending mandatory overtime pay to workers by doubling the eligible salary cap is uncertain under the new presidential administration. Read full article

Use Your Tax Refund Wisely
	Three of every four Americans got a refund check last year and the average amount was $2,777, according to IRS statistics. Because the amount of a refund is often uncertain, we may be tempted to spend it without too much planning. One way to counteract this natural tendency is to come up with a plan beforehand to spend your refund purposefully. Here are some ideas. Read full article

Collectibles and the Tax Collector
It typically takes a great deal of personal interest and expertise in a given field – whether it’s rare art, coins or baseball cards – to judge a treasure from a trinket. For those of you who have been bitten by the collector’s bug, here are some tax considerations. Read full article

As always, should you have any questions or concerns regarding your situation please feel free to call.

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Byron L. Riley
Certified Public Accountant
5100 Westheimer, Suite 291
Houston, TX 77056-7705
info@byronrileycpa.com
Phone: (832) 303-3995
www.byronrileycpa.com