Tax court and the 90 day letter

Have you ever received a notice from the IRS before? These notices are generated typically due to a difference in interpretation between taxpayers and the IRS. A notice from the IRS can send you straight into “fight-or-flight” mode, and you better choose “fight”! A common notice is the CP3219N, a Notice of Deficiency. It is …

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Are you at risk for wages in kind fraud?

During the normal course of business, it is important for management to keep in mind when and why fraud may occur within their organization. By gaining an understanding of what motivates employees to commit fraud, management can assess risks and apply procedures to their daily operations to reduce the opportunities available to commit fraud. The …

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Odd things that happen during a busy season

If you are reaching out to your tax professional today, please note that we are taking the day off. It has been a long and grueling tax season, but will look better in our rear mirror view than while we are in the middle of it. Frequently we are asked how we do it. How …

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Opening a business? You’ll need form SS-4.

Are you taking the leap to do what you love? Or investing in a foreign company that you believe in? If either of these answers is ‘yes,’ you most likely will have to fill out a Form SS-4, Application for Employer Identification Number, or EIN. Form SS-4 allows you to obtain an EIN which is …

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Validating e-filed 1040s

The Internal Revenue Service continues to take measures to prevent fraud by validating e-filed 1040s by having taxpayers sign and validate their electronically filed 2021 tax returns. When e-filing a tax return, all taxpayers must submit one of the following information: Your prior year Adjusted Gross Income (AGI) Your prior year Self-Select PIN If you …

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Why do I need my ID to file taxes

When you filed your taxes this year were you asked to provide ID? How could your tax return and your driver’s license possibly be connected? Well, several states have added a request or a requirement for a driver’s license number (or other state identification number) to be entered into the tax software system for the …

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Save for the future with a Roth IRA

Live in the moment, be carefree, right? When every day becomes a “treat yourself” day, saving for the future seems like tomorrow’s worry. Well, saving for the future is a very necessary task and the only time you can save for the future is the present. There are ways to save for the future that …

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Don’t forget to depreciate business vehicles

Changes in tax law implemented in 2018 means businesses have been able to take advantage of depreciation laws regarding their ability to depreciate business vehicles. Here are a few things to keep in mind when figuring out the depreciation. Section 179 is an immediate expense deduction that business owners can take instead of depreciating the …

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