Identity Theft and the IRS Identity theft happens when someone uses your personal information without your permission. While this can include credit cards, banking information, and passwords, it’s your Social Security number that’s the biggest IRS-related identity theft problem. An estimated 4 to 5 million taxpayers are currently affected by identity theft with the IRS….
The frequency of natural disasters seems to be increasing year to year, leaving more and more people with devastating personal and business losses. While some may say that tax season in and of itself should be classified as a “federally declared disaster,” the phrase holds more weight this upcoming year as thousands of families have…
With the partial government shutdown last month and the possibility of another shutdown looming, there has been a lot of talk about the IRS and filing taxes for 2018. Regardless if lawmakers pass a budget in the coming weeks and keep the government open or not, tax laws remain in effect and deadlines stay the…
How to Save More in 2019 Many people in their retirement years have regrets about not saving more during their earning years, but you don’t have to be one of them. All you need to do is be realistic and proactive about saving. It’s all about paying your future self. When you are decades away…
Emil Abedian discusses his thoughts on the potential rise of IRS audits of S corporations in his guest post on Forbes. As a CPA with over 10 years of experience in the accounting industry, I’ve found that while no two businesses are the same, one major draw for shareholders incorporating a business with an S…
2019 is right around the corner, which makes today the perfect time to think about your business goals and where you want to be one year from now. As year-end wraps up, you’ll soon know your financial numbers for 2018. You’ll then be able to evaluate how you did and map out a new plan…
With the holidays approaching, this is the perfect time of year to take a moment and reflect on all of the things we are grateful for. Being grateful may sound a bit trite, but it’s also the number one, hands down, fastest way to a more positive life. Gratitude can reduce stress, increase the amount…
QBI, 199A, SSTB—these are just a few of the new acronyms being tossed around as part of the recent business tax reform changes (like we don’t already have enough of them to remember!). Out of all the terminology, “SSTB” (Specified Service Trade or Business) seems to be the vaguest and most misunderstood. If you have…
The New 20% Small Business Deduction There is a new 20% small business deduction that everyone is talking about. In the tax and legal professions, it’s know at Section 199A. Here are some facts about this deduction: The Basics All pass-thru entities, such as Sole Proprietors, S-corporations and Partnerships that qualify may be able to…
Internal control is a very special phrase in the accounting profession. Tactically, it’s the set of processes that help a company produce accurate data throughout the organization, follow reporting requirements and laws, and maintain consistency and accuracy in its operations. Strategically, it’s an entirely new way of thinking and doing business. Internal control helps to…
