Magda Abdo-Gomez, Attorney at Law

December 01

Posted By: Magda Abdo-Gomez
Posted In: Employees , Independent Contractors
Date: December 1, 2022
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- 554

Independent Contractor or Employee?

Many small businesses mistakenly believe that the classification of a worker as an independent contractor or employee depends on the age of the worker, or whether the worker is employed part time, full time or for a temporary assignment. Other employers believe that the classification of a worker is...

November 01

Posted By: Magda Abdo-Gomez
Posted In: IRS Scam Alerts
Date: November 1, 2022
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- 655

IRS Warns Employers of Third Parties Promoting Employee Retention Credit Claims

In late October the IRS issued a warning to employers to be on the lookout for unscrupulous parties who advise them to claim the employee retention credit (ERC). The IRS has found that these parties are taking improper positions regarding the employers’ eligibility for the ERC and in the computa...

October 02

Posted By: Magda Abdo-Gomez
Posted In: IRS Scam Alerts
Date: October 2, 2022
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- 666

Beware of Texting Scams

On September 28, the IRS issued a warning to taxpayers that the agency had noted a recent increase in IRS-themed texting scams. These scams seek to steal personal and financial information. Although the IRS has identified multiple texting scams throughout 2022, the IRS has issued the warning because...

September 19

Posted By: Magda Abdo-Gomez
Posted In: Tax Penalties
Date: September 19, 2022
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- 578

Act by September 30 to Qualify for Waiver of Certain Penalties

The Internal Revenue Code imposes a penalty for the failure to file returns on a timely basis. In order to avoid the late filing penalty, the taxpayer must prove that the failure to timely file a return was due to reasonable cause. Although it may sound simple, it is actually quite difficult to get ...

September 02

Posted By: Magda Abdo-Gomez
Posted In: Tax Deductions
Date: September 2, 2022
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- 701

What You Need to Know About Business Travel Deductions

It seems that everyone is traveling these days. You may have decided that the time has come to resume business travel. While it will come as no surprise that the costs of travel have increased drastically, you may be surprised to know that some of your business travel expenses may be deductible. H...

August 15

Posted By: Magda Abdo-Gomez
Posted In: Tax Returns
Date: August 15, 2022
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- 792

Taxation of Virtual Currency

Cryptocurrency, virtual currency, Bitcoin. Are all of these the same thing? Are there tax implications for dealing in these currencies? While there are some differences between these currencies, the simple answer is that virtual currency transactions are taxable in the same manner as other property ...

July 02

Posted By: Magda Abdo-Gomez
Posted In: IRS Scam Alerts
Date: July 2, 2022
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- 719

IRS’ Dirty Dozen For 2022

Each year the IRS announces its list of common scams that taxpayers may encounter. Although many of the scams target average taxpayers, some are complex arrangements that specifically target higher income taxpayers. This year’s list includes eight potentially abusive schemes that are wrongfully pr...

June 02

Posted By: Magda Abdo-Gomez
Posted In: Tax Planning - Natural Disasters
Date: June 2, 2022
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- 718

Reconstructing Records After a Disaster

It is hard to believe that we are almost half way through 2022. Once again hurricane season is upon us and with the yearly prediction of an active and more intense season, it is never too early to be prepared. By now all your important documents should be in an electronic format and backed up [&hell...

May 03

Posted By: Magda Abdo-Gomez
Posted In: Retirement , Tax Deductions
Date: May 3, 2022
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- 773

A Health Savings Account as a Retirement Tool

Due to the high cost of health insurance, many taxpayers find themselves choosing a high deductible plan in an effort to lower their health insurance premium. For those who qualify, a health savings account (HSA) offers a way to pay for medical expenses with tax free dollars. The following informati...

April 01

Posted By: Magda Abdo-Gomez
Posted In: Retirement
Date: April 1, 2022
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- 752

Understanding Roth IRAs

Last month I wrote about traditional IRAs. There is a second type of IRA known as a Roth IRA. Many do not understand the difference between the two. Like the traditional IRA, a Roth IRA is also an investment you set up to provide funds to you when you retire. Unlike a traditional IRA, however, [&hel...