by admin | Apr 18, 2025 | The Audit
Before you close this year’s tax file there is still some work to do. If the IRS or state revenue department selects your return for review, you will need to be prepared. Here is what you need to do now: Keep a copy of your Form 1040 indefinitely. Do not toss or...
by admin | Apr 11, 2025 | Miscellaneous
Now is the time to pay your taxes AND make your estimated tax payment. Both your individual tax return AND first quarter estimated tax payment are due. Here is what you need to know. First quarter due date: Tuesday, April 15, 2025 The estimated tax payment rule You...
by admin | Apr 4, 2025 | Miscellaneous
Understand the options and costs As the payment alternatives continue to evolve in the economy, so too are the payment options available to you to pay your tax bill. Here is what’s available to you this tax filing season along with each option’s related...
by admin | Mar 28, 2025 | Miscellaneous
Here are some of the common causes Wondering why your tax return is not finished? The delay can often come from one or two items that were overlooked and are needed to complete your tax return. Here are some of the most common: Missing statements. This includes all...
by admin | Mar 14, 2025 | What's New
The requirement to report beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN) is now not to be actively enforced or fined per recent announcements from the US Treasury and FinCEN. Background The Corporate Transparency Act requires...
by admin | Mar 7, 2025 | The Audit
Voluntary tax compliance is measured While more and more legislation is introduced that penalizes all of us for doing things wrong on our tax returns, please remember that at its origin, tax collection in the U.S. is a voluntary. In other words, the tax code is...
by admin | Feb 28, 2025 | What's New
During the recent chaos of Federal employment moves over the past couple of weeks, two actions will impact how filing your tax return this year could go and how to prepare accordingly. Voluntary termination After being offered voluntary termination, approximately...
by admin | Feb 21, 2025 | What's New
PLUS: Small Business FinCEN Update! In its most recent annual report to Congress, the Taxpayer Advocacy Service outlines troublesome trends it sees in the processing and administration of tax returns and taxpayer support. By law, the National Taxpayer Advocate’s...
by admin | Feb 14, 2025 | The Audit
The tax code allows deductions for qualified miles driven for business, medical, moving and charitable purposes. But to claim this deduction you must keep adequate records of actual miles driven. During an audit, this is an often disallowed deduction, despite the fact...
by admin | Feb 7, 2025 | Your Income
What to do to fix this thorny problem It’s sometime in February and you realize the Form 1099 you received is in error. In fact, it overstates your income by several thousand dollars. What should you do? Gather your facts. Put yourself in the shoes of the...
