Report of Foreign Bank and Financial Accounts
Taxpayers with foreign financial accounts have specific reporting requirements mandated by the Internal Revenue Service (IRS) and the Financial Crimes Enforcement Network (FinCEN). Whether you’re a U.S. citizen, green card holder, or resident alien, the IRS requires detailed reporting on certain foreign accounts, investments, and transactions. Failing to report foreign assets properly can lead to […]
How to Maximize Your Small Business Tax Deductions.
Running a small business is demanding. Between managing employees, juggling client deadlines, staying on top of invoices, and trying to squeeze in a little marketing—it is reasonable to expect tax planning may not make it to the top of your to-do list. But here’s the thing: missing even a few key deductions can cost you […]
The EV Tax Credit Debate: A Look at Both Sides
The EV tax credit debate explores its benefits for sustainability and economic growth versus concerns over cost and market impact. Learn both sides of the argument and how policies have changed under different administrations.
Maximizing Tax Savings with Section179 for Business Vehicles
For many business owners, purchasing a company vehicle is a necessary investment—but it can also be a great tax-saving opportunity. The Section179 deduction allows businesses to write off the full cost of qualifying vehicles in the year they’re placed in service. However, there are specific rules you must follow to take advantage of this tax […]
Understanding the IRS Identity Protection PIN (IP-PIN)
Identity theft is all around us and tax-related identity theft can be particularly stressful. If someone fraudulently files a tax return using your Social Security number, it can delay your refund and be a major hassle. That’s where the IRS Identity Protection PIN (IP-PIN) comes in. An Identity Protection Personal Identification Number (IP-PIN) is a […]
Rapidly Approaching Due Date for 1099s and W-2s
When January hits we are focused on our goals for the year. Small business owners often find themselves planning the direction and initiatives for the coming year. One crucial task that can sometimes be overlooked is issuing 1099 forms. This is especially true when payments for services completed in December are made in January, which […]
IRS Penalties – When are they assessed and how to avoid them
Tax season is stressful for many, especially if you’re worried about penalties. Either as an individual or a small business owner, IRS penalties can be significant, turning a simple oversight into a costly mistake. When are penalties assessed and how are they calculated? The IRS imposes a variety of penalties including not withholding enough income […]
Why CPAs’ Fees Have Increased
In recent years, major tax legislation—like the TCJA, CARES Act, and SECURE Act 2.0—has introduced new rules and credits, adding layers of complexity to tax planning. Alongside these changes, rising talent costs and the need for specialized expertise have led to an increase in CPA fees. This post dives into the reasons behind the cost increase, including the ongoing education required to keep up with shifting regulations, enhanced compliance measures, and the added value skilled tax professionals bring to clients navigating this evolving landscape.
Tax Relief for Hurricane Victims: Key Deadlines You Need to Know
If you’ve been impacted by a hurricane, like Hurricane Debby or the more recent Hurricane Helene, I want to make sure you’re aware of the tax relief that’s available to help ease some of the burden during this difficult time.
The Silver Tsunami: A Golden Opportunity for Younger Generations to #Acquire Businesses
s Baby Boomers approach retirement, many small business owners are beginning to plan their exits, creating what’s being called the “silver tsunami.” For Millennials and Gen Z, this presents a “golden opportunity” to acquire established businesses.
