Best Nonprofit Bookkeeping: Mastering Practices and Essential Tips
The best nonprofit bookkeeping keeps a nonprofit transparent, compliant, and aligned with its mission through accurate fund accounting, regular account reconciliation, clear internal controls, and financial reporting that reflects donor restrictions and organizational goals. For nonprofit management teams, board members, finance staff, and anyone responsible for a nonprofit’s finances, this is essential to maintaining accountability, […]
Top Benefits of Outsourced Restaurant Accounting Services
Outsourced restaurant accounting means hiring external professionals to manage a restaurant’s bookkeeping, payroll, tax compliance, and financial reporting instead of handling those tasks in-house. For restaurant owners and operators, that shift can free up time for serving customers and growing the business while improving accuracy, reporting, and day-to-day financial control. This article explains the key […]
Do Venmo and Other Cash Apps Report to IRS for Personal Use?
Curious if Venmo, Zelle, Cash App, PayPal and other payment apps must report your personal transactions to the IRS? The short answer is no, payment apps on phones do not report personal payments. However, the scenario for payment apps changes when it comes to business payments. Does Venmo Report to IRS for Personal Use: Venmo […]
Best Strategies to Handle an IRS Bank Levy Effectively
An IRS bank levy is a serious action the IRS can take to collect unpaid taxes by freezing and seizing funds from your bank account. If you’re facing a bank levy, understanding the process and knowing your options is crucial to protecting your finances. This article will guide you through what an IRS bank levy […]
Best Guide to Taxes for the Self-Employed
Confused about taxes for the self-employed? This article breaks down what you need to know. We explain self-employment taxes, the rates for 2026, how to calculate them, and the deductions you can claim. By the end, you’ll have a clear understanding of your tax obligations and how to manage them effectively. Tax for The Self […]
Essential Guide to Nonprofit Tax Preparation and Filing Requirements
Nonprofit tax preparation is essential for maintaining your tax-exempt status. In this guide, we’ll walk you through IRS Form 990, how to choose the right version, and ensure accurate filing. You’ll also learn about key components, common challenges, and filing deadlines. Stay compliant and transparent with our comprehensive guide. Nonprofit Tax Planning and Filing: Key […]
Top Startup CPAs: Essential Accounting Services for New Ventures
Wondering why your startup needs a CPA? Startup CPAs offer essential tax, financial management and compliance services, ensuring your business avoids financial pitfalls and that you stay out of IRS trouble. This article outlines the important accounting services they provide to help your startup thrive. Key Takeaways: Accounting Services and CPAs for Startups CPAs are […]
The Ultimate Guide to Accounting for Construction Companies
Construction accounting involves unique practices such as job costing, revenue recognition and managing overhead costs that are specific to each project. For construction companies, understanding these methods is essential to ensure financial health and tax compliance. This article will explain the core principles of construction accounting, the key differences from regular accounting, and best practices […]
How Are Trusts Taxed? – Essential Guide to Trust Taxation
Trusts manage and protect assets for beneficiaries and are taxed differently based on their type. Grantor and non-grantor trusts have unique tax implications for income, distributions, and filing requirements, affecting both trustees and beneficiaries. This guide will explain how trusts are taxed, including practical insights into tax rates, potential benefits, and necessary compliance steps. How […]
Fresh Start IRS Tax Relief Program: How to Achieve Tax Debt Relief
Are you overwhelmed by tax debt? The IRS Fresh Start Tax Program offers relief options tailored to your needs. This article explains how you can reduce your tax liabilities and outlines the steps to apply. Discover if this program could help you achieve much-needed financial relief. Fresh Start IRS Tax Relief: Key Takeaways The IRS […]
Maximize Savings with the Foreign Earned Income Exclusion
The Foreign Earned Income Exclusion (FEIE) allows you as a U.S. citizen working abroad to exclude up to $126,500 of your foreign-earned income from U.S. taxes in 2024. Understanding how to qualify and make the most of this exclusion can significantly reduce your tax burden. In this article, we’ll break down the eligibility criteria, benefits, […]
CP523 Notice: Steps to Keep Your IRS Payment Plan Intact
Receiving an IRS CP523 notice means the IRS intends to terminate your installment agreement because your plan is in default—often from missed payments or a new tax balance—and you generally have 30 days to respond and fix the problem. If you are already on an IRS payment plan, or you are an individual or small […]
Outsourcing Accounting Services for Small Business: Top Outsourced Solutions to Streamline Your Business
Outsourced accounting is the practice of hiring third-party firms to handle your business’s accounting functions. A business accountant can help manage financial transactions, assist in tax filing, and provide valuable insights into the financial health of your business, making it easier for you to focus on your core business activities. In this article, we’ll explore […]
Guide to SaaS Accounting: Methods and Best Practices
SaaS accounting is crucial for managing the unique financial aspects of subscription-based businesses. Unlike traditional accounting, SaaS accounting handles recurring revenue and service obligations, ensuring accurate financial tracking and compliance with standards like Generally Accepted Accounting Principles (GAAP). This article will explore the methods, best practices, and key concepts to help you navigate SaaS accounting […]
In Kind Donations for Nonprofits: A Comprehensive Guide
An in-kind donation is a non-cash gift of goods or services to a nonprofit, reducing expenses and providing vital resources. In this article, we’ll explore the different types of these donations, their benefits, challenges, and how to effectively manage them. In-kind donations, which include goods and services, provide nonprofits with critical support, allowing them to […]
Delinquent Tax Return Preparation: Late Tax Returns
Many taxpayers find themselves behind on filing their tax returns for prior years due to various reasons such as life changes, financial difficulties, or simply overlooking deadlines. However, addressing delinquent tax returns promptly is essential to avoid escalating penalties, interest, and potential legal consequences. Our CPA firm specializes in delinquent tax return preparation, helping clients […]
Guide to Your Georgia State Tax Refund Status
For Georgia taxpayers who want to track a state refund, this guide shows the fastest ways to check your status online through the Georgia Tax Center portal, by phone, or by mail, along with what processing times to expect, why refunds get delayed, how refunds are delivered, and when it makes sense to get professional […]
How Do I Get an Offer in Compromise Approved: Mastering the IRS Offer in Compromise and Reducing Tax Debt
Are you overwhelmed by tax debt and looking for a solution? An IRS offer in compromise (OIC) might be the lifeline you need. This program allows eligible taxpayers to settle their tax debts for less than the total amount owed. In this article, we’ll explain what an OIC is, how to determine if you qualify, […]
Understanding What Is a Single Member LLC: A Quick Guide
What is a Single Member LLC? A Single Member LLC, or limited liability company, is a business structure that provides one owner with liability protection and tax benefits, merging the simplicity of a sole proprietorship with the advantages of a corporation. This article will examine its definition, operation, tax treatment, comparisons with other structures, and […]
CPA for Trucking Companies: Expert Services for Your Transportation Business
Running a trucking business involves unique financial challenges that require specialized solutions. This is where a Trucking CPA comes in. They help you navigate industry-specific tax laws, manage multi-state compliance, and optimize costs. In this article, you’ll learn how a Trucking CPA can streamline your financial management for better profitability and compliance. CPA for Trucking […]
Immigration and Tax Services: IRS and USCIS
The Connection Between Immigration and Tax Services Immigration and taxes have a lot to do with each other. In fact, taxation and immigration go hand in hand throughout the USCIS immigration process, creating various tax obligations for immigrants. With over 11 million undocumented immigrants in the US (according to a recent study of the Migration […]
How to Get Your City of Chicago Business License
Starting a business in Chicago? You’ll need to get a City of Chicago business license first. This guide covers everything you need to know, from understanding the requirements to submitting your application. City of Chicago Business License: Key Takeaways A business license is mandatory for most businesses operating in Chicago, ensuring compliance with local regulations […]
Retail Inventory Management Best Practices: Top Strategies
Inventory management software is a key business tool for the retail clients of our CPA firm. In this article, I explain how to understand the basics of inventory, choose the right inventory management software, manage different types of inventory and implement inventory optimization techniques. I will also provide you with practical solutions to use inventory […]
Understanding Tax Planning and Strategies: A Guide to Smarter Tax Plans
A tax plan is a strategy to reduce your tax payments legally. It includes managing your income, expenses, and investments to pay the least income taxes possible. In this article, you’ll learn what is tax plan, how it works, and why it’s important. Tax Planning and Strategies: Key Takeaways A tax plan is a strategic […]
I Haven’t Filed Taxes in 3 Years. What Do I Do?
Haven’t filed my taxes in 3 years? It’s essential to take action quickly to avoid severe penalties and legal issues. This article will guide you through the immediate steps to get back on track, the consequences of not filing, and the options available to manage your tax debt. Additionally, filing your taxes is crucial to […]
Guide to Accounting for E-Commerce Business Owners
Accounting for e-commerce is crucial for online business success. In this guide, we’ll cover essential processes like tracking transactions, managing taxes, and handling inventory, and how accounting firms can provide vital services such as tax management and bookkeeping. Learn practical tips to ensure your e-commerce accounting is accurate and efficient. E-commerce businesses must establish effective […]
Top Benefits of Professional Representation for Tax Audit
A tax audit can be challenging. Tax audit representation involves professionals guiding you through the audit, protecting your rights, and reducing financial risks. This article covers the benefits of having expert support during an IRS audit. Professional Representation for Tax Audit: Key Takeaways Professional tax audit representation helps navigate the IRS audit process, ensuring compliance […]
S Corp Tax Deductions List: Top Ways to Maximize Your Savings
Owning an S Corporation means you have access to tax deductions for S corporations that can lower your taxable income. Understanding these deductions is key to maximizing your tax savings. This guide will walk you through the main tax deductions available to S corporations, helping you make the most of your tax benefits. S Corp […]
Tax Debts and Bankruptcy
Does bankruptcy clear tax debt? Sometimes. Bankruptcy can discharge some tax debts—most often older income tax debts if specific timing rules and filing requirements are met—but many tax debts, including payroll taxes, penalties, and debts tied to fraud or evasion, usually are not. For individuals and business owners dealing with IRS or state tax debt, […]
Inherited IRAs in Illinois: Rules, Taxes, and Planning After the SECURE Act
Inherited IRAs in Illinois mostly follow federal distribution rules, while Illinois mainly affects probate, state tax, estate tax, and beneficiary issues. The result is simple in concept but easy to mismanage if you procrastinate. Key Takeaways Under the Secure Act and SECURE 2.0, most beneficiaries who are a non-spouse beneficiary and inherit in 2020 or […]
Managing IOLTA Accounts in QuickBooks Online: A Practical Guide for Law Firms
Key Takeaways IOLTA accounts are special client trust bank accounts that must be kept completely separate from operating accounts in QuickBooks Online. Client funds deposited into an IOLTA bank account are recorded as client trust liabilities on the firm’s books, never as income, until those fees are earned and properly transferred out. Accurate tracking of […]
Should I Hire a CPA or a Tax Attorney to Resolve My Tax Problem?
If you are asking, “should I hire a CPA or a tax attorney to resolve my tax problem,” the answer depends on what kind of problem you have. A CPA is usually the right fit for numbers, records, and tax preparation. A tax attorney is usually the right fit when the issue involves enforcement, legal […]
IRS LT38 Notice: Prepare for Collection Actions
The IRS has fully resumed its tax collection activities following a pause during the pandemic. In our CPA practice, we have observed a notable rise in the number of clients receiving IRS notices throughout 2026, especially IRS Notice LT38. This notice serves as a notification that the taxpayer has outstanding tax debts that require immediate […]
CPA for Contractors: Construction Accounting Support That Protects Your Profits
Introduction This article provides a comprehensive guide to specialized CPA services for contractors, general contractors (GCs), subcontractors, commercial construction firms, and residential builders. It explains why construction accounting is fundamentally different from general business accounting, outlines the core services a construction CPA provides, and details how expert support can protect profits, improve cash flow, and […]
Understanding Insolvency for Cancellation of Debt: A Simple Guide
Are you dealing with canceled debt and wondering how insolvency affects your tax situation? Cancellation of debt insolvency applies when your liabilities exceed your assets at the time a debt is canceled, which may let you exclude some or all of that forgiven debt from taxable income under the IRS insolvency exclusion. For individuals and […]
How to Set Up Your Books as a New Business Owner
Starting a business is exciting—until you realize every dollar moving through your operation needs to be tracked, categorized, and ready for tax time. The good news? Setting up your books correctly from the start takes less time than cleaning up a mess later. This guide walks you through exactly how to build a bookkeeping system […]
Unclaimed IRS Refunds: $686 Average — Do You Qualify?
Time is running out. The Internal Revenue Service estimates that approximately $1.2 billion in unclaimed tax refunds remains available for tax year 2022, and the clock is ticking toward a hard deadline that cannot be extended. Unclaimed IRS refunds are federal tax refunds owed to taxpayers who did not file a return because their income […]
Cost Segregation and Real Estate Professional Status: Maximizing Tax Benefits
Cost segregation and real estate professional status represent two of the most powerful tax advantages available to property investors, and when combined strategically, they create opportunities for substantial tax benefits that can save tens of thousands of dollars annually. Understanding how these strategies work together allows real estate investors to transform rental losses into immediate […]
Is Cost Segregation Worth It If Your Income Is Low?
If you’re earning modest income and wondering whether a cost segregation study makes financial sense for your rental property, you’re asking the right question. The short answer: cost segregation can still be worth it even with low current income because unused depreciation deductions don’t disappear—they carry forward and can offset future rental income and capital […]
How to Qualify for Innocent Spouse Relief: A Simple Guide
Innocent spouse relief is an IRS tax provision that can protect you from your spouse’s incorrect tax filings. If you were unaware of errors on your joint tax return and are now facing unfair tax liabilities, this relief may be for you. In this guide, we will cover what innocent spouse relief is, who qualifies, […]
Can Creditors Take Your Tax Refund and How to Protect It
Worried about who can take your federal tax refund? Federal and state agencies, as well as private creditors, may have the authority to seize it. This article will explain which entities can take your refund and how you can safeguard it. Federal and state agencies can seize tax refunds to recover outstanding debts, including unpaid […]
CPA Bookkeeping Services: A Small Business Owner’s Guide
Running a small business today means juggling many responsibilities, and managing your finances accurately is one of the most important. Keeping your books in order, preparing for tax season, and ensuring compliance with tax laws can be overwhelming—especially when you want to focus on growing your business. That’s where CPA bookkeeping services come in: expert […]
Large Vehicle Tax Write Off (2026 Guide)
Buying a heavy truck, SUV, or van for your business? You might be able to deduct a significant portion of the cost in the first year you put it to work. This guide breaks down exactly how the large vehicle tax write off works in 2026, which vehicles qualify, and how to claim the deduction […]
Expert Tax Planners: Maximize Your Savings with Proactive Tax Planning
April 15 feels like a deadline for most people. You scramble to collect W-2s, hunt down receipts, and hope your tax preparer can file everything before the clock runs out. But here’s the reality: by the time April arrives, most of the decisions that actually affect your taxes are already locked in. The real work […]
Business Services Accounting
Running a small business in 2026 means juggling sales, operations, hiring, and a dozen other priorities—all while trying to keep your financial records straight. Spreadsheets and DIY bookkeeping might work for the first year, but they quickly become a liability as your company grows. Accurate accounting isn’t just about tracking money. It’s the foundation for […]
Are Short-Term Rentals Subject to Self-Employment Tax?
If you’re renting out a property on Airbnb or VRBO, you’ve probably wondered whether that rental income will trigger self-employment tax. The answer isn’t a simple yes or no—it depends on how you operate your rental and what services you provide to guests. Long-term rentals usually generate passive rental income and are reported differently from […]
Heavy Highway Vehicle Use Tax
The Heavy Highway Vehicle Use Tax is an annual federal excise tax on heavy vehicles operating on public highways. Anyone who is required to register large trucks and buses with a taxable gross weight of 55,000 pounds or more must pay the tax. Certain vehicles are exempted from this tax, including those used for […]
Top Tips for Filing Form 843 to Request IRS Penalty Relief
Form 843 allows you to request relief from IRS penalties, interest, and certain taxes. Whether you’re dealing with excessive withholding, penalties, or errors, this comprehensive guide will help you navigate the filing process effectively. Form 843 and Penalty Relief: Key Takeaways Form 843 enables taxpayers to request relief from specific taxes, penalties, and interest but […]
Strategic Tax Partner: Proactive Tax Planning and Advisory for Businesses
Introduction: What a Strategic Tax Partner Does A strategic tax partner is not the CPA you meet once a year in March to hand over a shoebox of receipts. Instead, this is an ongoing advisory relationship built around reducing your tax liability, improving cash flow, and aligning every financial decision with your long-term business growth. […]
Accounting Services CPA for Small Businesses
What can an Accounting Services CPA do for your small business? This guide covers essential services like bookkeeping, tax minimization planning, tax planning, and financial statement preparation offered by CPAs to streamline operations, minimize taxes and support growth. CPA Services for Small Business: Key Takeaways CPA firms provide comprehensive accounting services, including bookkeeping, financial statement […]
How to Handle an IRS Notice CP14
An IRS CP14 notice means you owe taxes to the IRS. This guide will explain why you got the notice and what you need to do next. Key Takeaways A CP14 notice from the IRS indicates outstanding tax debts and includes details such as the amount owed, reasons for the balance, and instructions for payment. […]
How to Access Your Tax Return Transcript
An IRS tax return transcript is a summary of key details from your tax return. Whether you need it for loan applications, financial aid, or resolving tax issues, knowing how to access it is important. In this article, we will explain what a tax return transcript includes, why you might need one, and the steps […]
Compensation: How Much to Pay Yourself
Chances are you’ve seen something online about the potential tax savings of switching from an LLC to an S Corporation. If you’re wondering “how much to pay yourself from an S corp,” the short answer is that S Corporation owners should pay themselves a reasonable salary or reasonable compensation under IRS guidelines—high enough to support […]
Receipts for Taxes and Small Business Accounting
In the event of an IRS audit, receipts and clean books and records are the best defense for any small business. Understanding IRS procedures and audit guidance helps you respond effectively if questions arise. Tracking income and expenses through receipts and your books also supports tax planning and compliance. This guide focuses on the receipt […]
Mastering Your Homeowners Association Tax Return: HOA Tips
Handling a homeowners association tax return and understanding tax filing requirements is a key responsibility for HOAs. Despite being non-profit, federal law requires HOAs to file annually. This article covers the essentials: filing requirements, form selection, and compliance tips to ensure your HOA meets IRS standards and avoids penalties. Tax and Accounting for Homeowners Associations: […]
How to Offset W2 Income with Real Estate: Top Strategies
Are you trying to figure out ways to slash your W-2 income taxes through real estate investments? Then this article is for you. We’re going to cover the top strategies for offsetting salary with real estate, helping you reduce your tax bill and keep more of your hard-earned cash in the bank. Key Takeaways Real […]
Getting to the Bottom of the California EDD Audit: What You Need to Know
A California EDD Audit is basically a check to see if your business is properly reporting and paying its payroll taxes. The audits often spring up when there are discrepancies in tax filings, problems with worker classification, and complaints from employees. In this article we’ll break down what you need to know about EDD audits […]
Can I Take Bonus Depreciation on Residential Rental Property?
The tax rules changed in 2025 and you are now able to take 100% bonus depreciation on residential rental property for specific upgrades and assets. This is a rundown on what you need to know about eligibility requirements, calculation methods and the benefits of bonus depreciation. The Bottom Line Bonus depreciation is a huge deal […]
Self-Rental Tax Strategy for Business Owners
For small business owners and entrepreneurs, understanding the self-rental tax strategy is essential to maximize tax benefits. Self-rental arrangements, where you lease a property that you own to your business, can make a big impact on your tax liabilities. It can also help you to grow equity in your assets over time. This article will […]
Navigating the Tax Implications of Inheriting a Business
Inheriting a business can bring with it a whole host of tax implications that you’ll need to get your head around. From the straightforward estate taxes to the more complicated capital gains taxes, understanding what you’re up against is key to making the most of your inheritance. In this article, we’ll break down what you […]
Can the IRS Levy a Business Account for Personal Taxes? | Facts
Can the IRS levy a business account for personal taxes? Yes, but it depends on the business structure. If the business is a sole proprietorship, the IRS can levy the business account for personal tax debts. But for corporations and LLCs with separate finances, personal tax issues shouldn’t affect business accounts. This article breaks down […]
Can the IRS Audit a Deceased Person? What You Need to Know
Can the IRS audit a deceased person? Yes, they can. Here’s the audit process, the executor’s duties, common reasons for these audits and how to handle them. Key Points The IRS can audit a deceased person, which complicates the executor’s job of managing the decedent’s estate. Executors must make sure all tax obligations are met, […]
Best Practices on How to Determine Land Value for Depreciation
To determine land value for depreciation you need to separate the land cost from the total property cost. This way you only depreciate the building’s value. Key methods include appraisals, comparable sales and property tax assessments. This guide explains these methods in detail so you can stay compliant with IRS rules and maximize your deductions. […]
Chicago Airbnb Taxes: Essential Guide for Hosts and Travelers
If you’re an Airbnb host in Chicago, you need to know your taxes. From federal income taxes to local surcharges, knowing what taxes you need to pay can save you from trouble. In this article we’ll break down everything you need to know about Chicago Airbnb taxes. Quick Facts Chicago Airbnb hosts must comply with […]
Who Does the IRS Audit?
An audit is a thorough IRS examination of a tax return aimed at verifying its accuracy and compliance with tax laws. One of the IRS’s most common methods to initiate an audit is by cross-checking third-party documentation, such as 1099s and W-2s, to detect any income discrepancies reported by taxpayers. This process results in millions […]
Buckhead Sales Tax 2025: Rates and Filing Tips
For 2025, the Buckhead, Atlanta sales tax rate is 8.90%. This guide will walk you through this rate, how to collect it, who has to pay it and any exemptions. Quick Facts Buckhead’s sales tax rate for 2025 is 8.90% which is 4.00% state and 4.90% local, impacting your business’s sales tax collection. Establishing a […]
Optimize Your Tax Savings With a Short-Term Rental Property
Short-term rental properties can be complex, especially when it comes to taxes and deductions. Whether you’re a seasoned investor or just starting out, having a clear understanding of how rental income is taxed and how to use the tax benefits is key. This guide will help you make informed decisions by explaining key concepts such […]
Essential Guide to W9 vs 1099
W9 vs 1099: Understanding the Differences for Contractors. Understanding W9 and 1099 forms is crucial for both businesses and contractors, especially when it comes to w9 vs 1099. The W9 form collects taxpayer info and the 1099 reports payment data for taxes. This article will break down the differences, roles and how to use them […]
Sale of Principal Residence After Death: Tax Considerations
When selling a principal residence after a spouse or homeowner dies, understanding the tax implications after death is key. This article will walk you through the steps, the tax considerations and the benefits. You’ll learn about capital gains exclusions, the step-up in basis and specific tax rules for surviving spouses. We want to help you […]
How to Conduct a Georgia CPA License Search
Need to verify a CPA license in Georgia? This guide shows you how to do a Georgia CPA license search. We’ll walk you through the state board’s website, the verification tool and what it all means. Georgia CPA License Lookup: Quick Facts The Georgia State Board of Accountancy regulates CPAs and makes sure they meet […]
Best Internal Revenue Service Payment Plans: Your Guide to Managing Tax Payments
Finding it hard to pay your tax bill all at once? The Internal Revenue Service offers payment plans that allow you to spread out your payments. This guide explores the types of IRS payment plans, how to apply, eligibility requirements, costs, and tips for managing your plan effectively. Key Points IRS payment plans, including short-term […]
Effective Tax Lien Help: Top Strategies to Resolve IRS Tax Liens
Need tax lien help? You’re not alone. This article explains what an IRS tax lien is and outlines practical steps to resolve it. Whether it’s paying in full, setting up an installment plan, or negotiating a settlement, we’ll guide you through the process. An IRS tax lien is a legal claim against your property due […]
How to Obtain an Atlanta Business License
Starting a business in Atlanta? The first step is getting a business license from the City of Atlanta. This guide covers the types of licenses, required documents, application steps, fees, and renewals. Here’s how to get your Atlanta business license. Securing an Atlanta business license is mandatory for all businesses operating within city limits, ensuring […]
Maximize Your Profits: Cost Segregation Airbnb Guide
Want to save on taxes for your Airbnb? Cost segregation for Airbnb is the way to do it. By reclassifying certain parts of your rental property, you can accelerate depreciation and lower your taxable income. This guide will show you how cost segregation works for Airbnb owners and how to maximize your tax savings and […]
Can I Miss an IRS Installment Payment? Here’s What You Need to Know
Can I miss an IRS installment payment? The short answer is no, but there are options for those who are struggling to pay. This article will walk you through the rules, the consequences and your options. Note: Missing an IRS installment payment can result in penalties, interest or even collection actions so make sure you […]
How to Check Your Amended Tax Return Status
Curious about your amended tax return status? Learn how to track your amended return and what to expect. Quick Facts Amended tax returns, filed using Form 1040-X, correct errors and help mitigate potential IRS issues. The IRS ‘Where’s My Amended Return?’ tool becomes available about three weeks after you submit. Processing times for amended returns […]
What is a CPA? Certified Public Accountant
As the accounting industry continues to evolve, the demand for CPAs is growing, making now the ideal time to embark on this exciting journey. In this blog post, we will provide a comprehensive guide to understanding “what is a CPA” – the designation, licensure, specializations, and the benefits of becoming a CPA, as well as […]
Optimize Your Tax Strategy: Elect Out of the Centralized Partnership Audit Regime
Want to elect out of the centralized partnership audit regime? This guide explains the eligibility rules, steps to make a valid election, and what your partnership needs to know. Our article may be used to guide discussions between partnership management and their CPA or tax professional. Key Takeaways Partnerships must meet specific eligibility criteria, including […]
Can an HOA Be a Nonprofit? Understanding Tax-Exemption Options
Yes, an HOA can be a nonprofit. This article will explain what it means for an HOA to be a nonprofit and the tax exemptions available. Key Takeaways Homeowners associations (HOAs) are typically established as nonprofit organizations, focusing on community management and welfare rather than profit generation. HOAs can pursue various tax exemptions under the […]
Challenging a Tax Bill
Facing an IRS tax audit can be a scary experience for individuals and small businesses alike. Most taxpayers are at a disadvantage during IRS audits, so it’s especially important to understand the audit reconsideration process. But if you disagree with the results of an IRS audit, there is an option available known as IRS audit […]
Maximize Earnings with Augusta Rule for Tax-Free Rental Income
The Augusta Rule Tax lets you rent your property for up to 14 days a year and not report the income. This article will explain how it works and how you can use it to earn tax-free income. Key Takeaways The Augusta Tax Rule allows homeowners to rent their properties for up to 14 days […]
Detailed Guide to 1031 Exchange Documents
For a 1031 exchange to work, you need specific documents like the Purchase and Sale Agreement, Replacement Property Identification Form and Certificate of Citizenship. This guide has got you covered. Key Takeaways A 1031 exchange allows real estate investors to defer capital gains taxes by reinvesting into like-kind properties, requires precise documentation to avoid IRS […]
Atlanta Non-Filed Tax Returns: What To Do?
Unfiled tax returns are a big problem for millions of taxpayers every year. Many individuals and businesses don’t file their tax returns for various reasons, including financial or emotional hardship, confusion over tax laws or just plain procrastination. In fact, over a million taxpayers don’t file their tax returns every year. Not filing can lead […]
Understanding Tax Representation: Essential Insights for Taxpayers
Tax representation allows professionals to assist you during IRS inquiries, audits, and collections. It can ease your stress and improve communication with the IRS throughout various tax-related challenges. In this article, you’ll learn what tax representation is, who can provide it, its benefits, and how it plays a vital role in managing IRS collections as […]
Top Tips for Obtaining an EIN for Foreign Entity
Obtaining an EIN (Employer Identification Number), which is a federal tax identification number, is essential for any foreign entity planning to do business in the U.S. The company’s EIN is required for business registration and tax reporting in the U.S. This nine-digit number, assigned by the IRS, is necessary for tax purposes, opening business bank […]
QuickBooks Cleanup: Essential Steps for Accurate Financials
Struggling to make sense of your QuickBooks data? A thorough QuickBooks cleanup is essential for maintaining accurate financial records. In this guide, we’ll walk you through the critical steps needed to tidy up your financial data, ensuring you can trust your numbers. Ensuring financial data integrity is crucial in the QuickBooks cleanup process. Key Takeaways […]
Cómo obtener un ITIN de manera sencilla: Agente de Aceptación Certificado
El número de identificación personal del contribuyente (ITIN) es un número de procesamiento de impuestos emitido por el Servicio de Impuestos Internos (IRS). El IRS emite un ITIN a las personas que tienen un número de identificación de contribuyente de los EE. UU. pero que no son elegibles para obtener un número de Seguro Social […]
179D: Powerful Tax Incentives for Energy Efficient Projects
The 179D tax deduction offers a powerful financial incentive for installing qualifying building systems that reduce energy consumption. Energy-efficient construction projects that meet specific energy efficiency standards are ideal candidates for the 179D deduction. Also, energy efficient retrofits or rehabs of older buildings also qualify for the deduction. The rules even provide a financial incentive […]
Occupational Fraud: Insider Threats to Businesses, Churches and Nonprofits
Key Takeaways Estimated losses related to occupational fraud exceed one trillion dollars annually. The three primary types of occupational fraud are asset misappropriation, corruption, and financial statement fraud. The number one red flag for occupational fraud is living beyond one’s means. Occupational fraud may be prevented and/or detected through a strong “tone at the top,” […]
Federal Tax Lien: How to Solve the Problem
A federal tax lien is the government’s legal claim against a taxpayer’s property when taxes are owed and the IRS intends to collect these taxes. The federal tax lien attaches to your property, including financial assets, until the tax debt is paid. The purpose of a federal tax lien is to protect the government’s interest […]
How to Get A Home Office Tax Deduction
Navigating the home office tax deduction can greatly enhance your tax savings, especially for small business owners and self-employed individuals. To qualify, your home office must be the principal place of business, used exclusively for business purposes, and where you conduct administrative or management activities. This ensures compliance with IRS requirements and maximizes your tax […]
Understanding the Basics of Installment Agreements
IRS installment agreements are offered to taxpayers looking for a way to pay their taxes to the government in monthly amounts. Installment agreements are among the most popular programs requested by clients at our CPA firm. It is important to use installment agreements to pay taxes over time to avoid penalties and ensure timely payments. […]
How to Appeal an IRS Decision: A Step-by-Step Guide
Disagree with an IRS decision? Here’s how to appeal an IRS decision and start the appeal process. The IRS sends a detailed examination report to notify individuals about the outcome of an audit. First, make sure you do not sign the IRS examination report. Your next step is to file a written protest to request […]
Understanding Nonresident Alien vs Resident Alien
Nonresident aliens and resident aliens are required to comply with a variety of U.S. tax return rules. This applies to individuals coming to the U.S. on business, for education, for marriage or for other personal reasons. The rules are different for various visa types. In this article we will discuss what is a nonresident alien […]
FBAR vs 8938: Which One Should I File?
The FBAR and Form 8938 are used to report foreign financial assets to the U.S. government. Both the FBAR and Form 8938 trigger large penalties for failure to file. While the function of the FBAR and Form 8938 is very similar, there are differences between the two forms. One has a higher filing threshold than […]
Cancellation of Debt Income
Cancellation of debt refers to a debt being cancelled, forgiven or discharged for less than the full amount of the debt. The portion of the debt that you no longer have to pay is considered cancellation of debt income (COD). Cancellation of debt frequently occurs in conjunction with foreclosure or repossession of property, such as […]
Getting an ITIN the Easy Way: Certified Acceptance Agent
An Individual Taxpayer Identification Number (ITIN) is a tax processing number issued by the Internal Revenue Service. The IRS issues ITINs to individuals who are required to have a U.S. taxpayer identification number but who are not eligible to obtain a Social Security number (SSN) from the Social Security Administration. This includes non-United States citizens […]
DIY Cost Segregation: A Guide for Small Property Owners
Wondering how to save on taxes with your rental property? DIY cost seg allows small property owners to break down properties into components for faster depreciation. This guide explains the process, benefits, risks, and steps to perform a successful DIY cost segregation study. Key Takeaways DIY cost segregation allows property owners to accelerate depreciation on […]
Georgia Sales Tax Exemption
Are 501c3 Exempt From Sales Tax in Georgia? Sales tax is an important part of doing business in Georgia. The Georgia sales tax impacts sellers throughout the state, as well as businesses selling online or remotely from out of state to customers in Georgia. However, the Georgia sales tax rules for 501(c)(3) non-profit organizations are unique. […]
Guide to Reverse 1031 Exchange: Rules, Steps, and Benefits
A reverse 1031 exchange lets you defer taxes by buying a new investment property before selling your old one. These exchanges are governed by specific regulations under the Internal Revenue Code. This article will explain the rules, steps, and benefits of using a reverse 1031 exchange to maximize your real estate investments. 1031 Exchange Guide: […]