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Year-End Accounting Tasks: What Should You Do?

Accounting Tasks at Year-End You might wonder why there are so many extra tasks at year-end. While the government requires much of the work, there is clean-up work and adjustments that need to be done to make the books accurate. It’s not always cost-effective to perform all of these updates monthly, so you’re actually saving money by doing some of them at year-end.  Here are just some of the items that are performed at year-end. Tax-related: If you have payroll, employees Read more [...]
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The IRS Just Contacted You – How to Tell if it is a Scam

Protect Yourself from Tax Scams There are many tax scams out there with the purpose of stealing your identity, stealing your money, or filing fraudulent tax returns using your private information. Tax scammers work year-round, not just during tax season and target virtually everyone. Stay alert to the ways that criminals pose as the IRS to trick you out of your money or personal information. IRS-Impersonation Telephone Scam An aggressive and sophisticated telephone scam targeting taxpayers, Read more [...]
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Tax Strategies for the Retired Taxpayer: Convert your IRA’s Required Minimum Distribution into a Qualified Charitable Distribution

After years of saving for retirement, it’s time to start using those savings—even if you don’t really need to.  Once you reach 70 ½ years old, you must begin taking annual distributions from your qualified retirement plan.  This is called a required minimum distribution (RMD.)  If you don’t take your RMD, the IRS imposes a severe penalty—it’s a tax of 50% of the amount that was not withdrawn in time! Additionally, any RMD taken is considered ordinary income and will Read more [...]
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Uh-Oh; I Got an Audit Notice from the IRS. Now What?

If you receive an audit notice from the IRS, do not panic.  Just breathe! Read the letter in its entirety to see what they are auditing.  In many cases, it’s a great idea to hire a tax representation professional to deal with the audit, especially if it’s a field audit (described below).  Why You An audit can be triggered in any number of ways. It could be that the IRS computer randomly pulled your number.  Certain amounts on the return can trigger this: high mortgage Read more [...]
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Due Diligence Requirements

As your tax professional, we may be asking you additional questions next year that are required by the Tax Cuts and Jobs Act. Tax preparers must collect new information from clients who qualify for any of the following tax credits: Earned Income Tax Credit (EIC)Child Tax Credit (CTC) American Opportunity Tax Credit (AOTC)Head of Household filing status (HOH) In addition to interviewing you and gathering the required information needed to answer all of the due diligence questions on Form Read more [...]