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
What is IRS Notice CP2000? IRS Notice CP2000 is one of the most common IRS letters that we see in our CPA practice. The IRS
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 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
Business losses may be used to offset other income, reducing the tax you pay. This does not apply to losses from a hobby. So the
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 Statute of Limitations and the Collection Statute Expiration Date (CSED) The collection power of the IRS is restricted by a statute of limitations on
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
What is a Federal Tax Lien? A federal tax lien is the government’s legal claim against a taxpayer’s property when taxes are owed and the
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
How The Georgia Sales Tax Affects Your Business Sales tax is an important part of doing business in Georgia, particularly when it comes to tangible
IRS Negotiation IRS negotiation of tax debts is a fundamental part of our tax practice. Typically, tax debt negotiation is required when the taxpayer owes
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
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
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
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
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
Hiring family members can be a great planning strategy for any small business. Hiring family members is one of the advantages of small business, and
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
Filing a Joint Tax Return: What Does Married Filing Jointly Mean? Filing a joint tax return allows married taxpayers to enjoy favorable tax rates when
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.
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
The FBAR and Form 8938 are used to report foreign financial assets to the U.S. government. Both the FBAR and Form 8938 trigger huge penalties
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
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 highway trucks and other motor vehicles operating on public highways. Anyone
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
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
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
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
Conflict of interest can get in the way of independent representation in a divorce or business dispute. Divorce often results in a conflict of interest.
Why a Small Business Should Expand and Collaborate with a CPA, a Business Consultant and other Advisors Guest post written by Tony R. Kitchens
Are 501(c)(3) Non-Profit Organizations Exempt from Sales Tax in Georgia? Sales tax is an important part of doing business in Georgia. The Georgia sales tax
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
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
Section 1031 Exchange for Real Estate Investors – The Basics During a 1031 exchange, the IRS requires the use of a Qualified Intermediary (QI). The
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
HRA Saves Thousands of Dollars in Tax Each Year for Small Business Owners Small business owners save thousands of dollars every year by using Health
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
What to Expect after Requesting an Appeal of a Tax Matter Appeal of a an IRS decision is a good option if you disagree with
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
The Basics of IRS Payment Plans or Installment Agreements IRS installment agreements, also called IRS payment plans, are offered to taxpayers looking for a way
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
6 Ways that Work When Challenging a Tax Bill An incorrect tax bill is fairly common because of the IRS reliance on automated systems. According
A significant percentage of that number constitutes taxpayers who have not filed tax returns for multiple years. The IRS is beginning an initiative to target
If you work out of a Home Office, then this article is for you. There are three key factors that go into getting the home
What is “Innocent Spouse Relief?” Married couples usually file a joint tax return. They do this because joint tax returns generally offer greater tax benefits.
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
Making a Deal with the IRS. We assist clients of our Atlanta CPA firm with the IRS Offer-in-Compromise program. An Offer-in-Compromise means that the IRS
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
If you are a business owner, you know how important it is to track your expenses. You are probably also aware that keeping track of
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
