Phone scams remain on IRS’s Dirty Dozen List

I recently received a call from a lady identifying herself as an agent of the Internal Revenue Service. She said I owed a large sum of money to the IRS in back taxes and that if I did not pay up, I would find myself being prosecuted to the fullest extent of the law and …

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How to prepare a SEFA for a single audit

Single audits are designed to be a cost-effective way of determining whether federal grant money is being properly expended. It is up to the entity to establish and maintain a system of controls that will give reasonable assurance that the grant is being spent within the laws, regulations and specific conditions of the grant. If …

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SSTB: What is considered a specific trade or business?

You may have already heard that with the new tax laws that went into effect for the 2018 tax year, there is this awesome 20% deduction for pass-through income (a.k.a. K-1 reporters). If you have not, please see our previous blogs on this deduction (here, here and here) for more information. Did you read them? …

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Audit, review or compilation: what’s the difference?

As companies grow, have a change in financing needs or experience other evolutions to the business, a certain level of financial statement services from a CPA often becomes necessary. While it’s obvious that auditors can perform an audit of your financial statements, a review or compilation may be more appropriate, depending on your organization’s wants …

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Section 199A deduction aggregation rules

The proposed regulation Section 1.199A-4 contains the information on aggregation rules between trades or businesses that can be grouped when applying the Section 199A rules. Take note: the aggregation rules are not related to the grouping rules under Section 469 regarding passive loss provision. The overall goal with the regulation is to execute a duty …

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QBI implications and the impact on your deduction

As you may be aware, the Tax Cuts & Jobs Act was signed into law in December of 2017 and one of the key features of this new legislation is a 20% deduction for certain pass-through income. While this will benefit many taxpayers, there are several considerations to be aware of … some good, some …

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Free credit freeze, free yourself of fraud

After the massive Experian data breach, and others, consumers continue to look for ways to protect their personal information from fraudsters. Getting a security/credit freeze put on your credit file is one line of defense. Having a credit freeze on your credit file stops a criminal from opening a credit card or credit line in …

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New rules for claiming AZ state tax credits

Arizona recently released some new rules for claiming credits for contributions that will take effect for the 2018 tax year. The affected forms are: Arizona Form 322, Credit for Contributions Made or Fees Paid to Public Schools Form 321, Credit for Contributions to Qualifying Charitable Organizations (QCO) Form 352, Credit for Contributions to Qualifying Foster …

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Scams targeting your info ahead of tax deadline

If you filed for an extension on your taxes, you’re probably finalizing all your information for the October 15 deadline. But those last-minute details aren’t the only thing you need to be concerned with. The IRS is warning taxpayers that criminals are still after your personal information and money. Scams are on the upswing right …

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The Fraud Triangle, still as relevant as ever

Several years ago, I wrote about the Fraud Triangle. A recent case I read about shows once again how relevant it is. In 1973, Donald Cressey published the results of his research on embezzlement in Other People’s Money: A Study in the Social Psychology of Embezzlement. Mr. Cressey’s hypothesis has become known to many as …

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