CERTIFIED PUBLIC ACCOUNTANT
We have all heard tax horror stories, of people audited, fined, and punished for small accidental errors on their returns. While rare, these stories make people wonder if the IRS could come after them. General Timelines for Audits In most cases, the IRS has only three years to decide to... Continue reading →
Many people think they can write off expenses related to a small business regardless of their profit from this business. However, the IRS has stringent hobby or business rules that determine whether expenses can be written off. Staying on the right side of these regulations will help to ensure you... Continue reading →
Preparing a person’s IRS final form 1040 is your last chance to be there for them. There are a few considerations, but the process can be as simple as any other tax form. A Final Legacy When filed properly, an IRS final form 1040 can lead to a return for... Continue reading →
While the economy appears to be rebounding, many businesses are still suffering. Because of this, many will be filing net operating losses this year. Good News About Net Operating Losses Lawmakers are not entirely insulated from the businesses world, so the IRS remains lenient when it comes to loss. Section... Continue reading →
Following many years of being deadlocked, the Protecting Americans from Tax Hike (PATH) Act was quickly passed by Congress and signed into law by President Obama. One of the act’s major achievements has been to restore predictability to taxes. The PATH Act gives more permanence to many of the year-end... Continue reading →
