Year End Tax Planning

Welcome to December!  Where has 2019 gone?  Now is the time to start preparing for year end closing and the 2019 tax return.  Here are a few steps to take now to be prepared to meet your tax professional.   If you have competent accounting...

Latest Scam Report by the IRS

We always need to be on the lookout for scams.  We get hit by phone calls so often it is almost routine.  The IRS often alerts subscribers to their newsletters of the latest scam.  One scam on the rise involves gift cards.  These scammers are...

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...