Gear Up for New Partnership Rules
No one likes to hear “audit” and “IRS” in the same sentence. But when the rules change, you need to be prepared — and change is definitely what has happened […]
Estate Tax Deferral Offers Relief to Some Business Owners
If a substantial portion of your wealth is tied up in a family or closely held business, you may be concerned that your estate will lack sufficient liquid assets to […]
Don’t Ignore that IRS Notice
According to a 2016 report from the Treasury Inspector General for Tax Administration, the IRS mailed more than 188 million notices and letters to taxpayers during 2014. There’s no reason […]
How Summer Day Camp Can Save You Taxes
Although the kids might still be in school for a few more weeks, summer day camp is rapidly approaching for many families. If yours is among them, did you know […]
It’s Time to Start Thinking About What You Owe for 2016
As you finalize, file, and pay your 2015 federal income tax, you’ll want to be thinking about how much you’ll owe for 2016. Why? Because the mid-April filing due date […]
What 2015 Tax Records Can You Toss Once You’ve Filed Your Return?
The short answer is: none. You need to hold on to all of your 2015 tax records for now. But this is a great time to take a look at […]
Filing for an Extension Isn’t Without Perils
Yes, the federal income tax filing deadline is slightly later than usual this year — April 18 — but it’s now nearly upon us. So, if you haven’t filed your return […]
Yes, a Benefits Plan Audit Could Happen to You
Many business owners worry about an income tax audit. But, if you sponsor an employee benefits plan, the IRS could audit it as well. Here are some common questions that […]
Will the IRS be Calling You?
Expect to hear from the IRS again about phone calls regarding tax debts. What will differentiate this announcement from those made in the past? This time the IRS may say […]
Keep Good Records for a Cash-Intensive Business
Do your business transactions involve a lot of cash? Because cash transactions are, or can be, anonymous, the IRS takes a special interest in “cash intensive” businesses. One indication of […]