When I say the Wild Wild West, what thoughts come to mind – Billy the Kid and Doc Holliday? A time in American culture where the quickest guns make the rules? Where you can order a whiskey at your local saloon and then jump on your horse and ride off in to the sunset with… Read More »
As we enter the holiday season, I always want to take a minute and thank all my clients, staff and readers for their time and allowing me the honor of being able to service them throughout the year. My family and I are very grateful. This year we have really tried to take Turkey and… Read More »
Upon hearing the word “audit,” most people automatically think of an examination of 1040 tax returns. While these IRS investigations inspire a certain amount of fear, they are somewhat familiar and relatively straightforward. Payroll tax audits, however, are less well-known and may be a complete mystery to business owners when they first discover they’ll be… Read More »
Tax year 2018 is set to be one the likes of which we’ve never seen before, due to the tax reform act passed last December (Tax Cuts and Jobs Act, or TCJA). No doubt you’ve heard all the talk of certain itemized and standard deductions going away, lower income tax rates, lower corporate rates, additional… Read More »
As a CPA, I’m asked for financial advice on a fairly regular basis. The blessing and the curse of this is that our clients trust us and think we know all things financial. This is flattering, but rarely the case. When our clients ask about tax and accounting, that is expected, but we’re also asked… Read More »
Unlike most other years, instead of April 15th, this year’s individual tax deadline falls on April 18th. “Well, if the 15th falls on a weekend, it makes sense to move it.” But the 15th is a Saturday this year, so wouldn’t that make April 17th, the following Monday, the new tax day? Nope, not Monday… Read More »
April’s looming income tax return deadline is on everyone’s mind these days, no doubt, but there’s another important tax date arriving even sooner. April 1 is the last day to take initial required minimum distributions (RMD) for the 2016 tax year. That’s only a few days away and since it falls on a Saturday, it’s… Read More »
As the 2016 tax filing season gets underway, taxpayers in Georgia should be aware of the Georgia Tax Center and everything it offers. The state’s Department of Revenue established the site as a secure, convenient portal to allow tax payments and inquiries of many kinds as well as providing a wealth of information for individual… Read More »
Have you heard of the IRS’ First-Time Penalty Abatement (FTA) administrative waiver? Most people have not, and that even includes some tax professionals. This is unfortunate, because the program offers a high potential for saving taxpayers substantial cost in some situations. The FTA was established in 2001 as a way to reward filers with good… Read More »
If anyone knows how complicated filing tax returns can be, it’s the IRS. After all, they make the rules! With that difficulty in mind, the agency recently emailed information about choosing wisely when selecting a tax preparer, and as a tax preparer myself, I strongly encourage this education. This is important, because no matter who… Read More »