In today’s on the go, information at your fingertips world, being able to do business anywhere is essential. That’s why I’ve become a Xero Certified Advisor. Xero is a cloud-based accounting software that connects people with the right numbers anytime,…
Business owner clients often ask me about putting their children on the payroll. It’s a common strategy that can really save money depending on the number of children you can employ and how much you can reasonably pay them. Self-employed…
Did you receive an IRS notice assessing penalties? If so, time out. You may qualify for the IRS’ first-time penalty abatement (FTA) waiver. The FTA is an administrative waiver that the IRS grants to taxpayers providing relief from failure to file,…
Casualty Losses Personal Property Those affected by the recent floods may qualify for casualty loss deductions. These losses are reported on Form 4684, Casualties and Thefts. The loss is limited to the lesser of cost or decrease in FMV of…
Louisiana storm victims will have until January 17, 2017 to file certain Federal individual and business tax returns and make certain Federal tax payments, the Internal Revenue Service announced Monday. All workers assisting the relief activities who are affiliated with…
With the new year approaching here’s a quick list to refresh your memory on the documents you’ll need to give to your tax preparer. W-2s, 1099s, 1098s, K-1s, 5498s, etc. While you may not be sure of the relevance, if…
This question is a rather common one and the answer is, “It depends”. The IRS and most states require taxpayers to “pay as you go”. For many of us, that consists of having taxes withheld from our paychecks. In that…
Your tax return has been submitted electronically to Federal and state taxing agencies. Your refunds have been direct deposited. Whew!! Now you can leave the mess of taxes alone until next April, right?? Wrong! The tax “off season” is a…
Many of our clients have always filed their tax returns using the old-fashioned, tried and true method of paper returns, mailed in to IRS, LDR or another taxing authority. Some feel that there is added security filing this way. Every…
Recently a few PRM clients have been the target of some very brash and sinister scam artists posing as IRS affiliates. In over 40 years as a CPA it is easy for me to recognize an IRS scam, but the…