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. […]
IRS Offer-in-Compromise
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 will accept less than the total amount of tax owed by the taxpayer to settle their tax debt. At its most basic, the Offer-in-Compromise program is a formula. An offer […]
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 […]
“AUDIT-PROOF” YOUR BUSINESS WITH ONLINE RECEIPT CAPTURE FROM QBO
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 your money is becoming more and more difficult in our fast-paced digital world. The online receipt capture feature by QuickBooks Online makes this as easy as possible. When it comes […]
HIRING FAMILY MEMBERS
Hiring family members can be a great planning strategy for any small business. It allows the family and the business to save money on taxes. And, it offers loved ones the opportunity to share in the success of the family business. There are several different scenarios to discuss while considering this valuable planning strategy. Hiring […]
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 […]