CPA
What to Consider When Drafting Promissory Notes
I had a client who brought me in a blank promissory note that they had printed off the internet and wanted me to help them fill it out. I wanted to make sure I informed them of all the items … read more
8 Pointers for Choosing a Tax Return Preparer
If you pay someone to prepare your tax return, the IRS urges you to choose that preparer wisely. Taxpayers are legally responsible for what’s on their tax return even if it is prepared by someone else. So, it is important … read more
Annual Letters to Certain Preparers
In preparation for the upcoming filing season, the IRS Return Preparer Office sent 21,000 letters to certain preparers last week asking them to pay special attention to their accuracy on clients’ Schedules A, C, or E. This is the third … read more
Social Security Wage Base Increase to $110,100 for 2012
The Social Security Administration has announced that the wage base for computing the Social Security tax (OASDI) in 2012 increases to $110,100 from $106,800, which was the wage base for 2009 through 2011. The $3,300 increase, which is about 3%, … read more
The Dreaded IRS Letter
Every year the Internal Revenue Service sends millions of letters and notices to taxpayers, but that does not mean you need to worry. Below please find eight things every taxpayer should know about IRS notices – just in case you … read more
IRS "Freefile" Program
I’m a CPA and work for a firm where preparing tax returns make up a material part of our revenues. Why would I want to give you information on filing your tax return for free? It’s simple. Many reputable CPAs … read more
Managing Expectations
When a trusted advisor tells you that the project you are waiting for will be done by the end of the week, you expect the project to be done by the end of the week. When Friday rolls around and … read more
IRS Notice? – Don't Panic!
In a recent IRS tax tip, they have listed some helpful reminders about what to do when you receive a tax notice from them. Even though there are many different types of tax notices you could receive, you should remember … read more
Section 1031 Like-Kind Exchanges – Why it Pays to Follow the Rules
A taxpayer will generally recognize gain or loss upon the sale or exchange of property. However, gain or loss is not recognized under IRC §1031 on an exchange of property if: • the taxpayer exchanges property held for productive use in … read more
IRS Agents in Movies
I just got done watching the Dinner for Schmucks movie, and started thinking, does Steve Carell only play IRS agents… and virgins? Even though the IRS is a small part of the whole movie, Carell and Zach Galifianakis, who plays … read more