August 15, 2011- Emilee Snader, Staff Accountant of Gregory & Associates received a Master of Science degree in Forensic Studies with a concentration in Accounting from Stevenson University in Stevenson, Maryland on July 22, 2011.

To obtain the degree, Emilee was required to take several legal background courses as well as accounting related courses focusing on fraud detection and investigation techniques. She was also required to attend a week-long mock trial where she testified as an expert accounting witness.

For more information on forensic accounting or any of the other services we offer, Emilee can be reached at 410-524-2720.

The Internal Revenue Service is encouraging taxpayers to guard against being misled by unscrupulous individuals trying to persuade them to file false claims for tax credits or rebates.

The IRS has noted an increase in tax return-related scams, frequently involving unsuspecting taxpayers who normally do not have a filing requirement in the first place. These taxpayers are led to believe they should file a return with the IRS for tax credits, refunds or rebates to which they are not really entitled. (more…)

One of the earliest lessons in life is that actions have consequences, and approaching retirement age without a substantial nest egg is one of those consequences. But if you are in this situation, you are not alone, as millions of other Americans are faced with the same need to save enough to retire comfortably.

Our priorities shift throughout our lives. Early in the life cycle, home ownership is a priority; that is usually followed by raising and educating children. However, as retirement approaches, the focus needs to shift toward retirement funding. By the time most people are 45 or 50, their children are on their own, the mortgage is close to being paid off, and there is more discretionary income to set aside for retirement. (more…)

Taxpayers accustomed to receiving a tax refund every year should be aware of the fact that there are two tax changes for 2011 that could impact their tax liability, possibly making the refunds anticipated next spring lower or even resulting in tax due for taxpayers who normally have small refunds. (more…)

If you volunteer your time for a charity, you may qualify for some tax breaks. Although no tax deduction is allowed for the value of services performed for a charity, there are deductions permitted for out-of-pocket costs incurred while performing the services. The normal deduction limits and substantiation rules also apply. The following are some examples: (more…)

For years, the IRS has had the ability to identify the gross sales of taxpayers from broker transactions, including security (reported on a 1099-B) and property sales (reported on 1099-S forms). However, these identified only the sales price, quantity sold (for securities), and dates of the transactions. To determine the profit or loss, you must also know the tax basis of the property that was sold. Without confirmation of the basis, which up to now has been obtainable only from the taxpayer via an audit, the IRS has no way to verify the reported profit or loss from the sale, leaving this area open to abuse. (more…)

If you have a farming business, several tax issues can impact your tax situation. The following list includes some of those issues.

1. Crop Insurance Proceeds — You must include in income any crop insurance proceeds you received as the result of crop damage. You generally include them in the year they were received.
2. Sales Caused by Weather — If you are a cash-method farmer and sell more livestock, including poultry, than you normally would in a year because of drought, flood, or other weather-related conditions, you may be able to postpone reporting the gain from selling the additional animals until the next year. To qualify, your area must be designated as eligible for federal assistance. (more…)