The Many Roads the IRS uses to Asses Penalties

Most taxpayers are well aware of the IRS’s power to assess penalties and interest for non-payment of taxes due.  What most taxpayers don’t understand is all the potential penalties that may be imposed, nor do they know how these penalties may be abated. The...

Planning for the End of the Year

Those who make quarterly tax payments should know that a payment is due September 15.  This is because of the end of the Federal fiscal year on September 30th.  This is also a significant time for short-range planning.  We will soon be entering the...

What is the IRS Fresh Start Initiative

Anyone who listens to the radio or watches television has heard adds referring to the “new” IRS Fresh Start Initiative.  If you were to enter IRS Fresh Start Initiative in a search engine, you would be surprised what you will see in the results.  None of the...

Life Changes and their Effects on You

One thing that can be said about life is that it changes constantly. Divorce, death, business closure  and many other life changing events happen every day.  Many of these events are very emotional.  These events also have a hidden potential...

Tax Planning

What is the difference between tax planning and tax preparation?  It really is about timing.  Tax preparation is the result of a combination of a year’s work and planning or the lack of planning down during the year.  In short, planning is what you do...

The Case for QuickBooks Online

Regardless of the size of the business, certain tasks are required. One of the most important is the basic bookkeeping function. Often small businesses hire outside accounting firms to manage this function, which is wise.  These relationships work best when...

Tax Scams

Tax scams are so prolific that the IRS regularly sends tips out about them.  This isn’t surprising.  One of America’s most notorious bank robbers, Willie Sutton reportedly responded to a reporter’s question about why he robbed banks, “because that’s where...

Employee vs Contractor

I have often encountered the small and growing business owner who needs help but doesn’t want to manage employees.  Quite often, the business owner decides to pay workers as contractors and not worry about all the problems inherent in managing payroll.  This...