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, …
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, …
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 …
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 …
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 …
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 …
During the final push through the recent extension deadlines, I had more than a few small business clients send me their books, all in good shape and ready to prepare their tax return – or so they promised. I think most tax preparers will agree, as deadlines loom closer, the level of detail at which …
In the current economic landscape, more and more states are feeling the budget crunch. To raise revenues, states are sending nexus questionnaires to out-of-state businesses. Be careful in how you respond to these or else your company may be subject to additional tax liabilities. What is a nexus questionnaire? Nexus questionnaires are forms produced by states that …
Turning 65 in September was a momentous life event for me. Birthday celebrations, my thoughts becoming more focused on retirement and my eligibility for Medicare. I was no longer eligible for my employer’s health savings account and I needed to sign up for Medicare to provide my medical insurance coverage. It is unbelievable the amount …
Oregon is one of the five states that does not have a state sales tax, but it is now adding a Corporate Activity Tax to make up for that lost state income. With the goal of raising approximately $1 billion in new annual revenue, the new tax will paint a broad stroke on more than …
The new revenue recognition standard takes effect for most private companies in 2019, but you can’t wait until then to learn about this. Download our new e-Book now.
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