Clik here to view.
When (and How) to Declare the Sale of Your Primary Residence
Recently a new client came to us. The Internal Revenue Service ("IRS") was looking for $262,532 in back taxes. This was from the sale of their home two years ago. Form 1099-S Reporting Requirements...
View ArticleClik here to view.
4 Reasons to Get IRS Form W-9
1) Two Simple Questions That Taxpayers Will Need to Answer Carefully This Year Two simple questions were added to the income tax returns last year. These were: “Did you make any payments in 2011 that...
View ArticleClik here to view.
6 Easy Steps to Navigate an IRS Audit and Save You (Tax) Money
1) Determine if this is an IRS Field, Office or Correspondence Audit With a Field Audit, the audit will be done at your place of business. Most taxpayers requests that the audit be moved and done at...
View ArticleClik here to view.
4 Easy Ways for Taxpayers to Take the Hippocratic Oath
All Physicians must take the Hippocratic Oath. This is an oath where they swear to practice ethically. Although there is some debate about the translation, the main theme is, ‘First, Do No Harm.’ All...
View ArticleClik here to view.
How (Almost) Everyone Can Have a Roth IRA
What’s the Benefit of a Roth IRA? The benefit of having a Roth IRA is that if the account is open for at least 5 years and the account owner is at least 59 1/2, then all of the distributions from the...
View ArticleClik here to view.
Why You Should Not Discard Your Form 1099-K
If you get a Form 1099-K in 2013, don’t ignore it. The new form records payments received in 2012 by credit card companies or through third-party networks such as Amazon, PayPal, and Google. This...
View ArticleClik here to view.
5 Easy Steps to File Your 1099′s….Guaranteed
It’s time for business owners to file their 1099′s. Here are 5 Easy Steps to do this: 1) Determine who you will be Required to File a 1099 For Form 1099 is due to any independent contractor...
View ArticleClik here to view.
4 Easy Ways to Start Your 2013 Tax Planning and Save Money
The New Year’s celebrations are over. The New Year’s Resolutions are starting. We’ll see how long they last. Many people feel income taxes are going up. I’m confident they are for the higher...
View ArticleClik here to view.
4 Easy Ways to get Fired By Your CPA…Guaranteed…
Last week we told you How NOT to Fire Your CPA. This week we are turning the tables and showing you 4 Easy Ways to get Fired By Your CPA. 1) Don’t Sign the Engagement Letter The industry, like...
View ArticleClik here to view.
3 Proven Reasons You Should Be Prepared to File a Tax Extension This Year
The government finally passed the American Taxpayer Relief Act of 2012 at the last minute. So, we have avoided the Fiscal Cliff…for now. Now it’s time to file your 2012 tax return. Or is it?...
View ArticleClik here to view.
Where’s My K-1?
This question is asked frequently during tax season. I suspect it will be asked even more this tax season. There will likely be even more delays this year than in past years. Congress passed The...
View ArticleClik here to view.
Why I Work for the Top 1%
Recently there has been a lot of noise about the top 1%. They certainly have taken a beating. This was highlighted by the Occupy Wall Street Movement last year. It has received significant attention...
View ArticleClik here to view.
How to Save $267,892 of Income Tax, Penalties and Interest
A new client came to us late last summer. She dropped off a notice from the Internal Revenue Service (“IRS”). It indicated her and her husband owed $267,892 of back taxes, penalties and interest. I...
View ArticleClik here to view.
How to Get an IRS Tax Penalty Waived
The Internal Revenue Service (“IRS”) has many tax penalties for taxpayers that fail to meet certain requirements. Some of these penalties are: * Failure to File * Failure to File on Time *...
View ArticleClik here to view.
5 Lessons Learned From Tax Season
Lessons Learned Another Tax Season has come and gone. Here are the 5 Lessons Learned from this Tax Season. 1) Don’t Pass Tax Legislation on December 31 Congress passed the American Taxpayer...
View ArticleClik here to view.
How a Small Partnership Can Get The Failure to File Penalty Waived
Face it, no one likes to get letter from the Internal Revenue Service (“IRS”). This is particularly true when you are being assessed a penalty. The IRS has many different penalties. One penalty...
View ArticleClik here to view.
How to File Your FBAR and Sleep (Well) at Night
The Report of Foreign Bank and Financial Accounts (“FBAR”) Form TD F 90-22.1 is used to report an interest in foreign financial accounts. Who Must File Any U.S. person with a financial interest or...
View ArticleWhy You Need Form W-9 Now to Complete Form 1099 Later
1099 Filing Requirements Businesses have a responsibility to file Form 1099-MISC to all unincorporated businesses that they pay more than $600 to annually. An unincorporated business is a...
View ArticleWhen to Borrow Against Your 401(k) Plan
While you don’t necessarily want to borrow against your 401(k) plan, there might be some situations when you would consider it. 401(k) Plan Loans The Internal Revenue Service (“IRS”) allows employers...
View Article5 Easy Steps to Opening a Business in Connecticut
1) Meet With Your CPA and Attorney The first step is to meet with your CPA and Attorney. Your CPA should be able to review your business plan and provide feedback. Additionally, your CPA should be...
View Article
