Procrastination and how to avoid it

Procrastination: everyone is guilty of it from time to time, both in the workplace and at home. Whether it’s putting off working on a messy tax return or coming up with excuses to avoid starting that landscaping project, there are always projects to be done that just aren’t much fun. I don’t know about you, …

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Properly maintaining your foreign bank account

One of the most important questions we always ask our clients every year is if they have any foreign bank accounts. Why? Because the IRS does not mess around when it comes to US citizens maintaining foreign bank accounts and not properly reporting the information. So, what does this mean for you? Basically, additional forms, …

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Statement of Functional Expense

The statement of functional expense also referred to by some as a “SOFE”, provides the reader of the financial statement more detail of an entity’s expenses. The SOFE shows the expenses broken down by an expense’s purpose. This statement classifies expenses by its natural expense classification and also its functional expense classification. The natural expense …

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Changes to hardship distribution rules

On November 14, 2018, the Internal Revenue Service (IRS) released proposed regulations that will essentially relax certain hardship distribution restrictions. Though the effective date of these provisions was January 1, 2019, changes were not required during 2018 or 2019. Once the final regulations are issued, certain changes are required, effective January 1, 2020. Below, we …

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Continuous auditing technologies in small businesses

The trend of smaller businesses is on a rise for using more continuous auditing technologies. Continuous auditing technology is a way for small businesses to improve their continuous auditing efforts with the purchase of packaged software audit systems. The boom in technology in the past few decades has enabled users to customize anything they’d like. …

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Cryptocurrency update: New IRS guidance and requirements

In their continuing quest to get their arms around the many intricacies of cryptocurrency, the IRS has recently issued new guidance regarding the taxation of certain crypto transactions. They also added a new question regarding ownership of virtual assets to the 2019 Form 1040, Schedule 1 (still in draft form as of this writing.) Don’t …

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Rental real estate and 199A: Officially official

Every so often, a rule will come about that is particularly pointless. Surely we remember our days as kids thinking that every rule was a burden, but little did we know that would extend well into our adulthood. And so it is with tax. Of course, most of the codes and regulations that we abide …

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Beyond bike helmets and stranger danger: Online teen safety  

Did you know that October is National Work and Family Month?  Well, that was news to me too! Like many of you, I have a family that I care about, and in my profession, I’m always getting the latest news from the IRS. Let me mention a few things that the IRS urges families with …

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Outgrowing your accounts payable? Here is how to know

With many companies having manual accounts payable, there is bound to be inefficiencies and mistakes. It can be time-consuming and may hold companies back from reaching goals or growing in their industry. With the growth of a business, you might be outgrowing your accounts payable. Here is how to know: Don’t miss: Accounting for estimates …

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IRS agents and the problem with ride-sharing

Imagine your car won’t start early one morning before work. You have an important meeting to get to. What do you do? This has probably happened to the majority of us at one time or another. Most people would call a friend or take a cab, Uber, or Lyft. Well, IRS Agents better think twice …

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