Occupational Fraud: Insider Threats to Businesses, Churches and Nonprofits

Occupational Fraud

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,” […]

How to Appeal an IRS Decision: A Step-by-Step Guide

appeal an IRS decision

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 […]

Georgia Sales Tax: The Basics

Georgia sales tax

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 retailers in the state, as well as businesses selling online or remotely from out of state to customers in Georgia. Sales tax impacts retailers in the state, as well as […]

Can You Go to Jail for Not Paying Taxes? Here’s What to Know

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 filing tax returns? The possibility exists, particularly if the failure to file is intentional and aimed at evading tax obligations. These situations involve deliberately avoiding tax payment. In this article, […]

Top Benefits of Outsource Restaurant Accounting Services

restaurant

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 focus on what you do best, while cost-effective skilled professionals handle your financial tasks. This article will detail the key benefits of outsourcing restaurant accounting for your restaurant’s accounting needs, […]

Understanding Tax Preparer Rates: What to Expect in 2025

tax preparer rates

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 article will break down the costs associated with hiring a tax preparer, including the factors that influence these rates and fees you might encounter. By understanding these elements, you can […]

Top Benefits of Professional Tax Audit Representation

tax audit representation paperwork

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. Key Takeaways Professional tax audit representation helps navigate the IRS audit process, ensuring compliance and protecting taxpayer rights. Common […]

Independent Contractor vs Employee: Key Differences to Know

contractor or employee

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 key differences to help you stay compliant and avoid costly mistakes. Key Takeaways Independent contractors operate as self-employed individuals managing multiple clients, while employees are directed by employers and have […]

IRS Notice CP2000: What is It?

IRS Notice CP2000

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 these notices to taxpayers when information from a third party source (such as a 1099 or W-2) does not match the information the taxpayer reported on their income tax return. […]

Who Can Take Your Tax Refund and How to Protect It

tax refund

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. Key Takeaways Federal and state agencies can seize tax refunds to recover outstanding debts, […]

IRS Hardship Program: Currently Not Collectible

IRS Hardship Program

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 hardship.  Sometimes it is a tax bill for one year.  Frequently it is a tax bill for multiple years. The IRS offers a number of solutions that provide tax relief to taxpayers […]

Top Reasons to Hire a Tax Strategist for Your Tax Planning

chess

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 within the law and to minimize the risk of IRS audit. This article explores the essential roles of a tax strategist and the advantages of regular tax planning. Tax strategist […]

Can You 1099 a Family Member? A Guide to Paying Relatives in a Small Business

Hiring Your Family

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 entrepreneurs. One of the most significant advantages is the potential for tax benefits. By hiring family members, business owners can often reduce payroll taxes and claim dependents on their tax […]

Mastering the IRS Offer in Compromise: 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, […]

How to Negotiate with the IRS: Resolving a Tax Debt

IRS Negotiation

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 offers several programs and services to help taxpayers manage their tax debt, including installment agreements, offers in compromise and tax penalty abatement. Understanding these options is important for taxpayers who […]

IRS Form 8300: Cash Sales over $10,000

Form 8300 and cash payments over $10,000

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 goods and services. Generally, businesses must file Form 8300 within 15 days after receiving cash payments over $10,000. We recommend that Form 8300 be filed online through electronic filing, rather […]

Top Tips for Managing a GA State Tax Lien

taxes and Georgia state capitol

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 tax lien means for you, how it’s filed, its effects on your property, and ways to remove it. Key Takeaways Georgia state tax liens are serious legal claims on property […]

How to Conduct a Georgia CPA License Search

CPA

Need to verify a CPA license in Georgia? This guide covers everything you need to conduct a Georgia CPA license search. We’ll show you how to access the state board’s website, use the verification tool, and understand the results. Key Takeaways The Georgia State Board of Accountancy oversees the licensing and regulation of CPAs, ensuring […]

Guide to IRS Statute of Limitations (CSED)

IRS statute of limitations

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 which the IRS can collect taxes, penalties, and interest from a taxpayer. The standard statute of limitations for tax debts is 10 years, beginning from the date the tax return […]

Hobby Loss Rules: What to Do?

Hobbies and IRS Hobby Loss Rules

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 Hobby Loss Rules. These rules are designed to prevent taxpayers from claiming deductions for expenses related to activities that are not engaged in for profit. Taxpayers can deduct hobby expenses, […]

Top IRS Audit Triggers and Data Analytics

IRS audit triggers

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 your tax return and unreported foreign assets to the use of advanced data analytics tools by the IRS, we explore the top factors that could place you under IRS scrutiny. […]

🎉WOOHOO!! We Made the Best of 2024 My Dunwoody List 🎉

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 the support of our clients and our amazing Team, who have made this possible.  We are so thrilled with our growth over the past 10 years. Click HERE to meet […]

How Far Back Can the IRS Audit? Know Your Limits

how far back can the IRS audit you

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 indefinitely. In this article, we will explore these audit timeframes and what triggers them, helping you understand how to keep your records in order. Key Takeaways The standard IRS audit […]

Sales Tax Audits and Sales Tax Audit Defense

Sales tax audit

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 are much more aggressive about tax laws than the auditors at the IRS. The state has the power to do massive damage to a business as a result of a […]

IRS Audit Guide (Updated for 2024)

IRS Audit Guide

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 chosen due to a document mismatch, such as a return that is missing 1099’s or W-2’s. The IRS computers usually spot missing documents based on the social security number (SSN) […]

How to Avoid IRS Trouble

How to avoid IRS trouble

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 IRS tax problems, and what to do if they arise.     In the podcast, we cover a variety of topics including: Organizing your business for tax preparation Tax calendar […]

Compensation: How Much to Pay Yourself

reasonable compensation for S corporation owners

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 switching from an LLC to an S Corporation. However, most of these articles and videos gloss over the most important input of this decision – how much to pay yourself.  […]

International Tax Update: Undisclosed Foreign Accounts

Swiss Francs

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 global marketplace.  Of greater concern, however, is the “perfect storm” of enhanced IRS international tax enforcement in the age of the internet.  Easily available data and information sharing between countries […]

How IRS Audits Work [Updated for 2021]

Hiring Your Family

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 people know what to expect and how to deal with it. The reaction that we see among clients in our Atlanta, Georgia accounting firm is nearly universal:  The clients receive […]

Tax Evasion: Recent Case

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 is also known as tax fraud. On September 10, 2020 the United States Attorney’s Office announced the sentencing of Mr. and Mrs. Brocato in a court trial that is a […]

Who Does the IRS Audit?

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 party documentation to identify income that is missing on tax returns.  Most commonly, this includes 1099’s and W-2’s.  This the cause of millions of IRS notices that go out to taxpayers every […]