On May 23rd, the House of Representative passed the SECURE (Setting Every Community Up for Retirement Enhancement) Act. While this bill may or may not pass, it is important to realize the key implications it can have on your future. Some major features of the Act include: Greater opportunity for part-time workers to participate in …
If you are thinking about starting a business, one of the first decisions that you will face is determining what kind of entity to use for the business. Many simple businesses can be operated as a sole proprietorship, with the income and expenses reported directly on the Form 1040. However, if there is more than one …
As we head into a new decade, it is beneficial to reflect on the past years to see the things that we have done and where we are going. Looking back, we are able to take a look at the accounting profession and see how it has changed in the recent years and where those …
The Taxpayer First Act of 2019 was signed by President Trump on July 1, 2019. The purpose of the Act is to ultimately make taxpayers’ experience with the IRS easier and safer by improving customer service and adding safeguards during contact with the IRS. Included below is a list of some of the most interesting …
The impostors, impersonators and general all-around bad guys are at it again. According to the IRS, notifications to phishing@IRS.gov are up substantially on unsolicited emails, claiming to be from the IRS. It begs the question, would there ever be a solicited email from the IRS? Don’t miss: Call from the SSA? Don’t fall for it. …
In September 2017, Equifax announced a data breach that exposed personal information of 147 million people. Yes, you read that right. 147 MILLION. So, what do you do if you were affected? The credit reporting company allegedly failed to take reasonable steps to secure its network. Now millions of vulnerable names, dates of birth, social …
The IRS recently released Notice 2019-45 which expands the list of preventive care allowed with health savings accounts (HSAs). This notice focuses on treatment and testing for individuals diagnosed with certain chronic conditions, making care and prevention more affordable to taxpayers with high deductible health care plans. Created in 2003, HSAs have become an increasingly …
The most exciting time of year is back! That’s right, football season has kicked off with NFL training camps in full swing. Did you think I would mention Christmas? That is still about 130 days away, which leaves plenty of time to shop. I do a lot of my shopping at the NFL Team Store …
Easy peasy now takes on a whole new meaning. And stranger yet, it’s happening in the tax world. The IRS just launched a new IRS Tax Withholding Estimator. With efforts to improve services for taxpayers, the new Estimator replaces the old Withholding Calculator. I think we can all agree it was time for a facelift. …
The kids are finally going back to school, and you uncover an unruly pile of paper accumulated during the year that you will need for your tax return. “Oh, how I wish I had a better way to organize these records!” you mutter under your breath. Well, it’s never to late to start, and certainly …
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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