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
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
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
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
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
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
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
There is nothing more complex than the world of taxes. We know this and yet we chose careers where we face these issues everyday. We get questions day in and day out about new tax laws, forms and news items and how they affect everyday people and businesses. Well, here at Henry & Horne, LLP we have set out to do what we do best; help everyday people understand what is going on in the world of state, local, federal, estate and international taxation. We will provide these weekly posts and we encourage you to give us feedback on those posts as well as letting us know what else you would like to know more about. Welcome to "Tax Insights." We hope you find this blog informative and worthy of your time.
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