The IRS publishes Audit Technique Guides on their website that provide valuable insight on how the IRS conducts retail industry audits. The guides are also helpful for business owners and tax professionals in developing financial best practices for their businesses.
Many clients contact our office when they receive a notice informing them that the IRS has assessed additional tax, penalties, and interest to their tax return from one, two, or even three years ago. Sometimes there is a dispute as to whether the additional tax is...
Take a periodic inventory of your important papers and documents and keep them in a safe place that your loved ones can find.
Senator Bernie Sanders recently introduced legislation that, if passed, will create significant changes in estate and gift taxes.While it is impossible to know what the final legislation will be, tax law changes are extremely likely.
IRS provides guidance on tax relief for deductions for food or beverages from restaurants; businesses can temporarily deduct 100% beginning January 1, 2021
Federal and Ohio income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021
Transfer On Death Beneficiary Designations May Frustrate More Important Estate Planning Objectives
During his presidential campaign, Joe Biden proposed repealing the step-up in basis for capital gains. Income tax law has always provided that the value of inherited assets, like a family business, is “stepped up” to its fair market value when the owner dies. So, if...
If you receive a 1099-C for a forgiven loan that you co-signed, you should contact the lender and explain that the 1099-C was issued in error, and ask them to issue a correction. If the lender refuses to correct the 1099-C, you should seek the assistance of an experienced tax professional to ensure your return is prepared correctly.
Understanding the tax responsibilities that come with starting a business venture can save you time, money, and aggravation, and help set you up for success. Here are six tips for new business owners. Choose a Business Structure The form of business determines which...