Have you ever heard of the term “basis” as it relates to S Corporation stock ownership? If you’re not familiar with the term, you should be, especially as it relates to potentially deducting your share of losses allocated to you…
Form 1099 Filing Requirements If you made a payment during the calendar year **as part of your trade or business**, you are likely required to file a 1099 or Information Return with the IRS. Form 1099-MISC would be issued for…
Are you ready for the new due dates for 2016 tax returns due in 2017? Recently enacted legislation has changed some due dates in order to facilitate a more logical flow of information, allowing taxpayers and preparers more ability…
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…
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…
As income tax filing season begins, here are a few things to keep in mind: On December 29, the IRS announced that the 2015 filing season of 2014 returns will begin on January 20, 2015, a week and a half…