Enrolled Agent vs. CPA: Choosing the Best Tax Professional for Your Needs
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 differences between an Enrolled Agent vs CPA is crucial for making an informed decision. This article will break down the roles, qualifications, and areas of expertise of EAs and CPAs […]
Accounting for Law Firms: Proven Strategies to Boost Financial Health
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 trust accounts, choosing accounting methods, and leveraging technology. Mastering these aspects will help your firm stay financially healthy and compliant with tax and legal standards. Key Takeaways Master the fundamentals […]
Top Tips for Handling an IRS Notice of Deficiency
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 ‘90-day letter,’ gives you 90 days to respond. In this article, we’ll explain what a Notice of Deficiency is, why you might receive one, and the steps you should take […]
IRS Notice CP2000: What is It?
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. […]
CPA for Independent Contractor: Top Services for Essential Tax Help
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 and stay compliant with tax laws. This guide will show how a CPA for independent contractors can save you time, money, and stress in your financial management. Key Takeaways Independent […]
Innocent Spouse Relief
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 tax benefits. However, the extra benefits of the joint tax return come at the price of joint liability. This means that either spouse is liable for the tax, whether from […]
The Best Tax Strategies from a Short Term Rental CPA
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 will guide you through how a specialized CPA can assist with your rental tax strategies. Key Takeaways Understanding whether short-term rental income is classified as active or passive is crucial […]
Step Up in Basis at Death: Essential Guide for Inherited Assets
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 of inherited assets to their fair market value at the decedent’s death, reducing future taxes on capital gains. In this article, we’ll explain how this rule works, its benefits, and […]
A Guide to IRS Tax Penalties
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 tax laws. Tax penalties may be either civil or criminal. Civil penalties are financial Criminal penalties may involve jail time This article will focus what you need to know […]
HRA for Business Owners
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 expenses to their employees. Funded entirely by the employer, HRAs can be used to reimburse employees for a wide range of eligible healthcare expenses. These expenses include health insurance premiums, […]
Qualified Educator Expenses and the Educator Expense Deduction
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 direction. We like to share good news whenever we can. The Basics of the Educator Expense Deduction Teachers and other educators may now deduct up to $300 of out-of-pocket classroom […]
Top Strategies on How to Avoid Gift Tax
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 help you transfer wealth without incurring gift taxes. Key Takeaways Understanding gift tax fundamentals is important, as the donor is responsible for payment, and exceeding annual exclusion limits impacts estate […]
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 […]
Guide to Tax and IRS Rules for Rental Real Estate | Tax Guidelines
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 very popular among people looking for an alternative source of income or side gig. Our Atlanta-based CPA firm probably sees more tax returns with real estate issues than just about […]
Top Reasons to Hire a Tax Strategist for Your Tax Planning
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 […]
1031 Exchange Qualified Intermediary
Section 1031 Exchange for Real Estate Investors – The Basics of Replacement Property During a 1031 exchange, the IRS requires the use of a Qualified Intermediary (QI). The QI is responsible for documenting and managing the process of a 1031 exchange under Internal Revenue Code Section 1031. This article reviews the role of a QI […]
Can You 1099 a Family Member? A Guide to Paying Relatives in a Small Business
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 […]
How to Negotiate with the IRS: Resolving a Tax Debt
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
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
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 […]
Guide to IRS Statute of Limitations (CSED)
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 […]
Georgia Tax Credits and Incentives
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 its famed hospitality but also by offering a collection of tax incentives and credits designed to foster business growth and innovation. The state’s generous offerings support Georgia businesses across a […]
Hobby Loss Rules: What to Do?
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, […]
Divorce, Taxes and Conflict of Interest: Working with a CPA
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 tax implications of divorce can help you make informed decisions and avoid potential pitfalls. The divorce process typically involves several stages, including separation, divorce filing, discovery, and settlement or trial. […]
Top IRS Audit Triggers and Data Analytics
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 all the […]
Are HOA Fees Tax Deductible? Your Ultimate Tax Guide
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 deductible. However, there are exceptions, especially if you use your home for business purposes or as a rental property. In this article, we’ll explore these exceptions and help you understand […]
Ultimate Guide to Tax Write Offs for Vehicles Over 6000 lbs in 2024
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 how you can leverage Section 179 to deduct the cost of qualifying vehicles, potentially saving thousands on your taxes. Read on to learn about eligibility criteria, the types of vehicles […]
Leasehold Improvements: Tax Implications for Landlords & Tenants
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, tax implications, and who typically covers the costs of leasehold improvements. Key Takeaways Leasehold improvements are custom modifications made to enhance leased spaces, tailored to tenant specifications, significantly impacting property […]
Mastering QuickBooks Online Receipt Capture | Your Ultimate 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 receipts to transactions it ensures accuracy and saves time. This article will guide you through how to use QuickBooks Online Receipt Capture effectively, its benefits, and troubleshooting tips. Key Takeaways […]
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 […]
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 […]
IRS Appeals Process
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 longer at the mercy of the IRS. The new rules prohibited the IRS from levying bank accounts and garnishing wages at will. And a formal appeals process was instituted to […]
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 […]
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 […]
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 […]
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 […]
Section 1031 Exchange and Delaware Statutory Trust
Section 1031 allows an investor to sell real estate for a gain and roll the proceeds into another “like-kind” asset, and 1031 exchange Delaware Statutory Trust brokers help investors use Delaware Statutory Trusts as that replacement property so capital gains tax can be deferred rather than paid at the time of sale. This approach is […]
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 […]
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 […]
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?
Bankruptcy is one of the tools we discuss in our Atlanta CPA firm with clients burdened by back taxes they cannot afford to pay. If you are asking does bankruptcy clear tax debt, the short answer is yes—bankruptcy can provide debt relief and clear some IRS debt, but only specific types of tax debt may […]
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 […]
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 […]