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Where to Start When Starting a Business

With a new year upon us, you may be thinking of things like New Year's resolutions and dreams you've had year after year. One big dream that a lot of people have is starting a business. Deciding to start your own...

Got a Notice from the IRS - Now What?

If you receive an audit notice from the IRS, do not panic. Just breathe! Read the letter in its entirety to see what they are auditing. In many cases, it's a great idea to hire a tax representation professional to...

Tax Strategies for the Retired Taxpayer

After years of saving for retirement, it's time to start using those savings-even if you don't really need to. Once you reach 70 ½ years old, you must begin taking annual distributions from your qualified...

TCJA & Understanding Changes to Mortgage Interest Deduction

The Tax Cuts and Jobs Act of 2018 changed both the type of mortgage interest that can be deducted as well as the amount of interest that can be deducted. Acquisition Debt vs. Equity Debt Acquisition Debt is...

Protecting Yourself from Tax Scams

There are many tax scams out there with the purpose of stealing your identity, stealing your money, or filing fraudulent tax returns using your private information. Tax scammers work year-round, not just during tax...

Due Diligence Requirements

As your tax professional, we may be asking you additional questions next year that are required by the Tax Cuts and Jobs Act. Tax preparers must collect new information from clients who qualify for any of the...

Complying with FBAR: Foreign Bank and Financial Accounts

Complying with FBAR: Foreign Bank and Financial Accounts If you have a financial interest in or signature authority over a foreign financial account, including a bank account, brokerage account, mutual fund, trust,...

Tax Treatment of Legal Settlements and Judgements for Individuals

If you're involved in a lawsuit or a court case (except as a juror), you may want to get up to speed on how court settlements and judgements are taxed. Settlements and judgements are taxed the same-if you win a...

1099-NEC: A New Way to Report Non-Employee Compensation

In July 2019, the IRS released a draft of form 1099-NEC, which is designed to report non-employee compensation. While this may seem like a new form to many, it's actually a revival of a form used until the early...

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