IRS Audit Guide (Updated for 2024)
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) […]
Resolve Your Tax Debt To Save Your Passport
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 Department will revoke your passport, or not issue you a new passport, if you owe a significant tax debt to the IRS. For this reason, taxpayers with tax debts and […]
LT38 Notice: Prepare for IRS Collection Actions
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 our Atlanta-based CPA practice, we have noticed a significant increase in the number of clients receiving IRS notices during 2024, including the LT38 Notice in particular. Our firm’s experience is […]
Solar Tax Credits
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 the New York Times, this shift is found even in areas dominated by the oil and gas industries. To a certain extent, this shift is encouraged in the United States […]
Mastering IRS CP49: How to Handle Tax Refund Adjustments
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 your expected refund to settle outstanding liabilities. In this article, we’ll explain why you received Notice CP49 and how to handle its consequences. Key Takeaways IRS Notice CP49 informs taxpayers […]
CP523 Notice: Steps to Keep Your IRS Payment Plan Intact
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 must take immediate action to keep your plan intact. In this article, we will explain what a CP523 notice is, why you might receive one, and the essential steps to […]
Reasonable Compensation, Payroll and Distributions for an S Corp Owner
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 fact that s corporations offer both tax savings and a high degree of liability protection in the event of a lawsuit. While S corps are very popular, the issue of […]
Top Strategies for Retail Inventory Management
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 […]
Divorce and Taxes: How to Protect Yourself
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 discuss how divorce impacts joint tax liability, when there might be relief granted for separation of joint liability, and other important tax considerations when navigating divorce from your spouse. […]
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 […]
ERTC: How to Get the Employee Retention Tax Credit – Updated as of 9/14/2023
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 immediate moratorium through at least the end of the 2023 year on processing new ERTC claims for the pandemic-era relief program to protect honest small business owners from scams. The […]
Family Business Ideas
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 of Family Business Radio. The subjects of the episode are family business ideas and entrepreneurship. Family Business Ideas – Podcast Olivia and Carmen, her mom, talked about Olivia’s accomplishments and […]
IRS Whistleblower Program: Getting Money from the IRS
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 usually the case. Under the whistleblower program, the IRS pays money to people who “blow the whistle” on individuals or businesses who provide information to the government regarding tax underpayments […]
Trust Fund Recovery Penalty
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 taxes includes the income tax and Federal Insurance Contributions Act (“FICA”) taxes that are withheld from every employee’s paycheck. It also includes the employer portion of FICA. The business pays […]
Georgia Offer in Compromise and Tax Payment Plan
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 total amount owed. This is called an offer in compromise and is one of the more popular tax debt relief programs in Georgia. These programs are also known as […]
Taxes When Selling a Home
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 their home may qualify to exclude all or part of any gain from the sale from their income when filing their tax return. When selling a home or residence, homeowners […]
Atlanta CPA Tip: Quarterly Taxes
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 the June 15, 2023 deadline to stay current with their taxes. Why Make Quarterly Tax Payments? Taxpayers who do not have their taxes withheld from wages (payroll taxes) are required […]
Compensation: How Much to Pay Yourself
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. […]
Section 1031 Exchange and Delaware Statutory Trust
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 and then roll the proceeds into another “like-kind” asset. This type of transaction is called a “1031 exchange,” which allows the investor to defer paying capital gains tax on the […]
Past Due Tax Returns
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 return if they cannot pay the tax. However, past due or unfiled tax returns cause a host of problems. It is both illegal not to file and a strategic mistake. […]
Tax Secrets Webinar – CSG & Massey
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 firms and small businesses can take advantage of to be successful. ____________________________________ If you or someone you know has a tax issue relating to a business, please contact us […]
ProfitSense Podcast
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 advance planning avoids tax headaches down the road. Bronson Lavender, Senior Vice President with Pinnacle Bank, talks about his passion and calling for helping clients throughout his career in banking. […]
International Tax Update: Undisclosed Foreign Accounts
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 […]
CPA Tax Tips for New Businesses in Atlanta
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 the CPA tax tips that tend to be the most meaningful, practical and useful for creating and running a new business. Stay in Touch with your CPA Expect your […]
Tax Debts: Post-Covid Update
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 learned that the IRS is now restarting the collection of back taxes. There are already more than 25 million taxpayers in America that are in trouble with the IRS, and […]
IRS Tax Relief in 2021
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 includes filing missing returns, reconstructing accounting records, interpreting the statute of limitations, analyzing arcane IRS transcripts and the pain and embarrassment of dealing with the IRS. Which way should you […]
Late Tax Returns [updated for 2024]
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 article is for you! We meet with new clients of our Atlanta certified public accounting firm who are due a tax refund from a prior year for which they have […]
Challenging a Tax Bill
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 to a recent report, 75% of all IRS audits are done by computers. In addition, the IRS uses computers to create substitutes for returns when returns are not filed. As a […]
Tax Returns Not Filed?
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 these “non-filers.” If you come into our Buckhead – Sandy Springs CPA firm to resolve the problem of missing tax returns for you or your business, we will be sure […]
How IRS Audits Work [Updated for 2021]
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 […]
Does Bankruptcy Clear Tax Debt?
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 by back taxes that they cannot afford to pay. Bankruptcy does offer tax relief, but with some critical rules and significant exceptions. It is important that taxpayers understand how these […]
Receipts for Taxes and Small Business Accounting
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 a thriving success story, keeping receipts for taxes and keeping the books is of paramount importance to protect your business and allow for continued service to your customers. In the […]
Start Preparing To File Taxes Today
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 early to start preparing for tax season. For this reason, we have arranged five tips to help people file taxes returns on time and to save money along the way. […]
Charitable Contributions: What is New?
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 deductible without having to itemize when filing taxes in 2021. The Coronavirus Aid, Relief and Economic Security Act (The CARES Act) includes several temporary tax law changes to help charities. […]
Business Meals at Sporting Events
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, the Falcons and other sporting and entertainment events. The same was true for college games (Georgia Bulldogs, Georgia State Panthers and the Georgia Tech Yellow Jackets, just to mention the […]
Penalties for Tax Evasion
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. Penalties for tax evasion included 3 years and 4 months in prison and nearly $2 million in restitution payments to the IRS. According to documents and information provided to the […]
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 […]
STIMULUS CHECKS AND INJURED SPOUSE
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 home town – and it is cropping up around the country as well. There are two types of tax relief for spouses, innocent spouse relief and injured spouse relief. Innocent spouse relief eliminates […]