What is a Cost Segregation Study?
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 deferring tax payments. A cost segregation study is a strategic tax savings tool that allows companies and individuals who have purchased, constructed, expanded, or remodeled any kind of real estate […]
Top Benefits of Hiring a Real Estate Tax Accountant
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 tax laws and keep you out of tax trouble. Key Takeaways Real estate tax accountants possess specialized knowledge of tax laws and strategies specific to real estate, enabling them to […]
Divorce Tax Questions to Ask
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 tax preparation and tax planning. No one wants to overpay their taxes as the result of a divorce. Filing Taxes After Divorce We have identified a list of common tax […]
IRS Notice CP2000: What is It?
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 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 […]
IRS Hardship Program: Currently Not Collectible
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 […]
Tax and Immigration
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 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 Policy […]
What is a Tax Levy? Understanding the Difference Between Tax Levy and IRS Wage Garnishment
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 is the seizure of money or other property by the government to pay off back taxes. A garnishment is a type of levy, where the IRS seizes wages to satisfy […]
The Complete Guide to Filing Taxes for a Deceased Person
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 also covers the responsibilities of the personal representative, the importance of selecting the correct filing status, and the potential consequences of failing to file a final return. Additionally, the article […]
Sales Tax Audits and Sales Tax Audit Defense
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 […]
Hobby Loss Rules: What to Do?
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 key question is: what is the difference between a business and a hobby? The hobby loss rules are a trap for business owners, especially new business owners that are losing […]