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Equifax Data Breach

Are you one of the 143 million Americans affected by the Equifax data breach? While it is always important to monitor your credit reports, bank statements, and credit card activity, if you count yourself among the nearly 50% of the U.S. population that was affected by this most recent data breach, you may want visit the FTC's website for helpful tips on additional actions to consider taking to help protect your identity and credit. They have a specific section on the page dedicated to this cyber hack. One of the steps that the FTC recommends victims take is to file your taxes early. The government recommends doing this, as scammers can file taxes using your information in an attempt to claim a tax refund in your name. According to the FTC, "Tax Identity Theft happens when someone uses your Social Security number to get a tax refund or a job." Also, the FTC says not to "...believe anyone who calls and says you'll be arrested unless you pay for taxes or debt - e
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Gary Cohn on Tax Reform

Gary Cohn, the former President and COO of Goldman Sachs, is the President's chief economic advisor and Director of the National Economic Council. Mr. Cohn was recently interviewed by the Financial Times this past Thursday. The interview was primarily focused on tax reform. According to Mr. Cohn, the ways and means committee, the chief tax-writing committee of the House of Representatives, will be writing the new tax bill within the next month. "On the personal side," Mr. Cohn said, "we have protected the three big deductions — charitable, mortgage and retirement saving. We want to raise the standard deduction caps and get rid of many of the other personal deductions. We want to get rid of death taxes and estate taxes." Later in the interview, Mr. Cohn explained how the White House plans to make up for lost government revenue, while keeping the "three big deductions" on the personal side, by eliminating state and local tax deductions, as well as othe
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Tax Reform in Washington

A recent Wall Street Journal article cited a study from the nonpartisan Tax Policy Center that came out following last Thursday's release of general guidelines for tax policy from top lawmakers and the current administration, which found Americans making between $150,000 to $300,000 would be the hardest hit by new proposals. Approximately one third of this group of taxpayers can expect to see their tax bills increase by $3,000 to $4,000 on average. Another WSJ article from back in April of this year said the White House was considering eliminating deductions for state and local taxes. If this is part of this administration's tax reform, it would present a further burden for taxpayers in high-tax states such as California, Connecticut, Massachusetts, New Jersey, and New York. Links to the two WSJ articles are below. Bad News If You Make $150,000 to $300,000: Higher Taxes for Many Next Tax Battle: Trump’s Bid to Ax a Favorite Blue State Deduction
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Welcome!

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Welcome to our new blog! Sandvik Accounting Services, LLC ("SAS") offers tax preparation services to clients in the Fairfield County area and beyond! Chris Sandvik is a licensed CPA in Connecticut with accounting experience at both a Big Four accounting firm and a Fortune Global 500 company. SAS strives to save clients money on their taxes and provide the highest quality and accuracy, while earning our clients trust through our integrity and diligent work ethic. We hope to use this blog as an outlet to keep our clients and other interested parties informed of developments at SAS and our thoughts on the current state of the accounting industry, taxation, etc. Please visit our main website at  https://sandvikcpa.com/  for more information on SAS and the services we offer.
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