Key Takeaways Inherited IRAs in Illinois mostly follow federal distribution rules, while Illinois mainly affects probate, state tax, estate tax, and beneficiary issues. The result
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
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
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
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
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
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
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
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.
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,
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
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
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
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
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
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
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
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
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.
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
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
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,
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
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
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
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
An IRS tax return transcript is a summary of your tax return. Whether you need it for loan applications, financial aid or to resolve tax
An in-kind donation is a non-cash gift of goods or services to a nonprofit, reducing expenses and providing resources. In this post, we’ll cover the
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
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
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
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
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
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
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,
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
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
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
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
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
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,
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
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
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,
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
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
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
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
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
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
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
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.
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
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
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
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.
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
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
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
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
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
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
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
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
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
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
Sales taxes are an important part of doing business in Georgia, particularly when it comes to tangible personal property. Sales tax compliance is crucial for
Yes, you can go to jail for not paying taxes, particularly in cases of tax evasion or fraud. Can you go to jail for not
Are your financial records and financial data in disarray? A bookkeeping clean up is your solution. This guide offers clear steps to help you organize
Is a roof qualified improvement property? If you’re trying to determine if your roof repairs or upgrades to a commercial building can qualify for tax
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
Navigating taxes for a private practice therapist can be daunting, especially if your practice is new. But taxes are crucial for managing the finances of
Filing a joint tax return allows married taxpayers to take advantage of beneficial tax rates and potentially lower tax brackets when they file taxes together.
The timeline for 1031 exchange is crucial for real estate investors looking to defer capital gains taxes. Missing key deadlines can result in losing tax
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.
Looking to understand land improvements and bonus depreciation? This guide explains how you can use bonus depreciation to save on taxes for your land enhancements.
Confused about taxes for the self-employed? This article breaks down what you need to know. We explain self-employment taxes, the rates for 2024 and 2025,
Managing finances can overwhelm restaurant owners, taking time away from core activities like serving customers and growing the business. Outsourcing restaurant accounting allows you to
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
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
When you receive IRS certified mail, it means the IRS is informing you about important tax issues. This article covers why you might receive such
If you’re wondering about tax preparer rates in 2025, you’re not alone. Knowing what to expect can help you budget effectively for tax season. This
What is Forensic Accounting – And When Might You Need It? Forensic accounting is a critical field that merges accounting expertise with investigative prowess to
Accounting for ecommerce is crucial for online business success. In this guide, we’ll cover essential processes like tracking transactions, managing taxes, and handling inventory, and
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
What if an estate cannot pay taxes? When an estate lacks funds to cover taxes, the executor must manage the debts and work with the
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
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
Portability is a term used in estate taxes and estate planning. It refers to the situation where a surviving spouse uses the deceased spouse’s unused
Want to lower your tax bill as a real estate agent? This guide covers essential realtor tax deductions like business expenses, home office costs, and
An amended return is necessary when you’ve made an error on your tax return, such as missing income or deductions. This guide will show you
Do you need LLC accountants for your business? These experts streamline your finances, tax obligations, ensure tax compliance, and help your business grow. They also
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
Curious about how your Restricted Stock Units (RSUs) are taxed? RSU taxation happens when your RSUs vest, and understanding this process is key to managing
Should you classify a worker as an independent contractor or an employee? This crucial decision impacts taxes, legal responsibilities, and benefits. This article explains the
Tax season is here, and you’re probably wondering whether you should hire an Enrolled Agent (EA) or a Certified Public Accountant (CPA). Understanding the key
Accounting for law firms is critical to managing finances, ensuring compliance, and enhancing profitability. This article explores essential strategies, including setting up financial infrastructure, managing
An IRS Notice of Deficiency informs you that you owe additional taxes due to discrepancies in your tax return. This document, also known as a
What is IRS CP2000? IRS Notice CP2000 is one of the most common IRS letters that we see in our CPA practice. The IRS mails
Navigating taxes and finances as an independent contractor can be daunting. A CPA (Certified Public Accountant) helps manage these tasks efficiently, ensuring you maximize deductions
Are you dealing with canceled debt and wondering how insolvency affects your tax situation? Understanding insolvency for cancellation of debt is crucial for managing potential
Innocent Spouse: Eligibility and Types of Relief Married couples usually file a joint tax return. They do this because joint tax returns generally offer greater
Managing short-term rental taxes can be complex. A short term rental CPA helps optimize your income and ensures you comply with tax laws. This article
The step up in basis at death is an important provision within the tax code that can benefit those inheriting assets. It resets the value
The IRS imposes civil penalties in many situations. Penalties are meant to act as a stick to motivate the public to comply voluntarily with the
What is an HRA? A Health Reimbursement Arrangement (HRA) is a type of employer-sponsored benefit plan that allows employers to provide tax-free reimbursement for medical
Bill.com is a cloud-based platform that simplifies bill payments, invoicing, and accounts payable for businesses by integrating with your accounting system. In this article, we
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
The IRS increased the expense deduction for teachers by $50. While this is not earth shattering, at least it is a step in the right
As an S Corporation owner, maximizing your S Corp home office deduction and learning how to deduct home office expenses is essential. Understanding how these
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,
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
Want to avoid gift tax? This article will show you how. We’ll explore the annual gift tax exclusion, lifetime exemptions, and other effective strategies to
We regularly meet with clients of our accounting firm who owe taxes to the IRS that they cannot afford to pay due to a financial
The tax rules for rental real estate investors offer many tax advantages. Due in large part to the tax advantages, investing in real estate is
A tax strategist assists individuals and businesses to minimize their taxes. The tax plans that they develop are made to ensure that the client stays
Section 1031 Exchange for Real Estate Investors – The Basics of Replacement Property During a 1031 exchange, the IRS requires the use of a Qualified
Benefits and Considerations of Hiring Family Members Hiring family members can bring numerous benefits to a small business, making it a popular choice for many
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
Understanding Tax Debt Relief Tax debt relief refers to the various options available to individuals and businesses struggling to pay their tax obligations. The IRS
IRS Form 8300 is the form that businesses use to report the receipt of cash payments over $10,000. It applies to the purchase of both
A GA state tax lien is a legal claim on your property due to unpaid state taxes. This article will explain what a GA state
Understanding the IRS Statute of Limitations The IRS statute of limitations is an important concept for taxpayers to understand, as it determines the period during
Southern Hospitality: How Georgia Welcomes Businesses with Tax Credits and Incentives In the heart of the South, Georgia extends a warm embrace not only through
Hobby Loss Rules: Can You Deduct Hobby Expenses? The Internal Revenue Service (IRS) has specific rules regarding the deductibility of hobby expenses, known as the
Understanding the Divorce Process and Taxes The divorce process can be complex and emotionally challenging, and taxes are an essential aspect to consider. Understanding the
Wondering how to check your Georgia state tax refund status? This guide walks you through the process using the Georgia Tax Center portal, explains typical
Curious about what might trigger an IRS audit? This article delves into the key IRS audit triggers you should be mindful of. From discrepancies in
Does bankruptcy clear tax debt? It depends on the type of tax debt and specific conditions. This article will explain which tax debts can be
Exciting News!!! Massey and Company CPA has been recognized as the best CPA firm in Dunwoody in 2024 by Atlanta Best Media! Thank you for
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
Are HOA fees tax deductible? For many homeowners, the simple answer is no; HOA fees are generally considered personal expenses and are not considered tax
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.
If you’re a business owner, understanding the tax code related to the tax write off for vehicles over 6000 lbs is crucial. This guide explains
Leasehold improvements are changes made to rental properties to meet tenant needs. These can include new partitions, flooring, and fixtures. This article explores the benefits,
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
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
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 guide
QuickBooks Online Receipt Capture is an essential feature that helps businesses easily manage and store their receipts. By automating the process of recording and attaching
How far back can the IRS audit your tax returns? Generally, it’s three years, but certain circumstances can extend this period to six or even
Nonprofit bookkeeping is crucial for ensuring financial transparency and compliance in organizations committed to a mission rather than profit. Unlike for-profit accounting, it requires careful
What is cost segregation? Cost segregation is a federal income tax strategy that allows property owners to accelerate depreciation deductions, ultimately enhancing cash flow and
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
Wondering if a real estate tax accountant can boost your investment returns and minimize taxes? In this article, we’ll show how these specialists handle complex
Divorce is hard enough without having to worry about taxes too. But taxes are inevitable. And a divorce adds a new layer of complication to
The Connection Between Immigration and Taxes Immigration and taxes have a lot to do with each other. In fact, taxation and immigration go hand in
How to Handle an IRS Tax Levy or Wage Garnishment Is there a difference between a tax levy and a garnishment? A federal tax levy
Filing taxes for a deceased person can be complex. This article explains how to file their final tax return, report income, and claim deductions. It
Sales tax audits are on the rise in most states. This is due to budget shortfalls of states across the country. In fact, state auditors
The IRS Appeals Process for collections began in 1998 with the IRS Restructuring and Reform Act. As a result of this law, taxpayers were no
IRS Audit: What to Know, What to Do in 2024 Taxpayers are selected for an IRS audit for a variety of reasons. Some taxpayers are
Can You Get a Passport if you Owe Taxes? If you have unpaid federal tax debt, you may be in for a surprise. The State
Received an LT38 notice? The IRS is resuming efforts to collect your overdue taxes. Immediate action is needed to avoid further penalties and interest. In
The United States and much of the world is turning from fossil fuels to alternative forms of energy. According to an August, 2023 article in
IRS Notice CP49 may surprise you, informing you that your tax refund was used to pay off unpaid tax debts. This means the IRS applied
Receiving an IRS CP523 notice means the IRS intends to terminate your installment agreement due to a default. This notice is a warning that you
Many small businesses are formed as S corporations. S corps have been around for many years. Their popularity has a lot to do with the
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
Tax planning is the overall topic of our recent podcast with The Shift Spot, a peer advisory community of fellow business owners who are passionate
Divorce and taxes are the important subject of our live event with Pacific Cascade Legal, a premier family law firm in Oregon and Washington. We
The thought of IRS trouble, “red flags” and audits are enough to worry any business owner. In this podcast, we talk about how to avoid
This is the first in our series of reports analyzing federal tax liens on Georgia businesses. Along with tax levies and garnishments, federal tax liens
Important ERTC Update as of September 14, 2023 Amid rising concerns about a flood of improper Employee Retention Credit (ERC) claims, the IRS ordered an
The Qualified Opportunity Zone Program has been around since 2017. It is a valuable tax planning strategy that is available to taxpayers even if they
Family business owners Olivia and Carmen Amyette, Infinity Energy Advisors, and Gary Massey, owner of Massey and Company CPA were the guests on this episode
The IRS whistleblower program gives the public a unique opportunity to get money from the IRS, instead of paying money to the IRS as is
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
The Trust Fund Recovery Penalty is a very severe set of rules that are meant to encourage voluntary compliance with our payroll tax laws. Payroll
Why a Small Business Should Expand and Collaborate with a CPA, a Business Consultant and other Advisors Guest post written by Tony R. Kitchens
Selecting Accounting Software: Which is Right for Your Small Business? Guest post written by Radhika Patke Introduction: Understanding the Benefits of Cloud Accounting Software Cloud
Georgia State Tax Forgiveness: How it Works The Georgia Department of Revenue (GA DOR) allows taxpayers to settle a tax liability for less than the
Tax Considerations When Selling a Home Many people move during the summer. We see this in our CPA practice every year. Taxpayers who are selling
Atlanta CPA Reminds about Quarterly Taxes Small business owners, investors and independent contractors who are required to pay quarterly taxes to the IRS should consider
Maximizing Tax Savings for Entrepreneurs: Understanding Reasonable Compensation for LLCs and S Corporations Chances are you’ve seen something online about the potential tax savings of
Thanks to the IRS, 409A valuations are a regular part of business for companies that issue stock options to employees. This is the reality for
Delaware Statutory Trust as a Section 1031 Exchange Solution for Real Estate Investors Section 1031 allows an investor to sell real estate for a gain
Millions of people across the United States do not file tax returns under the mistaken belief that it is best not to file a tax
Check out our recent tax secrets webinar featuring Core Solutions Group and Massey and Company CPA. In this video, we discuss tax tips that law
Family Owned Businesses In this inspiring episode of 𝘗𝘳𝘰𝘧𝘪𝘵𝘚𝘦𝘯𝘴𝘦 with Bill McDermott, Gary Massey, CPA discusses the story of his firm and how a little
International tax issues are coming in the door of our Atlanta CPA firm with greater frequency. In part, this is expected in an ever expanding
Owners of new businesses call my tax and accounting office in Atlanta looking for “CPA tax tips.” In this article I will share some of
In response to the economic fallout from COVID-19, the IRS suspended attempts to collect back taxes through liens, levies, seizures and other methods. We have
IRS Payment Plans, Tax Liens, Tax Transcripts and More: Navigating the Tax Relief Maze. IRS tax relief includes more than just resolving back taxes. It
Late tax returns? Maybe you are due a refund? Atlanta taxpayers, if you are behind in your tax filings by months or even years, this
IRS audits are fraught with mystery. Yet, IRS audits generally unfold in a routine manner. It is worth taking time to remove the mystery so
The Basics of Bankruptcy and the IRS. Bankruptcy is one of the tools we discuss in our Atlanta CPA firm with clients who are burdened
Keeping receipts for taxes and small business accounting. Both are critical. Whether your business is small and just starting out, or it has grown into
Tax Season 2021 is nearly here. Here are five tips to start preparing taxes today and make tax season less stressful. It is never too
Deduct Charitable Contributions Up to $300 in Cash. Charitable contributions in cash of up to $300 made this year by December 31, 2020 are now
Business Meals Before, During or After the Game. Atlanta businesses used to enjoy a tax deduction for taking clients to the Atlanta Braves, the Hawks,
A Real-Life Example of Tax Evasion. As a result of an IRS criminal investigation, a Shreveport, Louisiana business owner was sentenced on September 29, 2020.
Tax evasion is squarely in the sites of IRS auditors and the IRS criminal investigation division, especially as it relates to cash-based businesses. Tax evasion
The IRS Audit and the receipt of IRS notices seem to be becoming more and more prevalent among Atlanta taxpayers. The IRS regularly examines third
Stimulus checks and the Injured Spouse This is a cutting edge tax issue brought to us by Covid-19. We see this in Atlanta, GA, our
