2020 IRS Audit Red Flags

It’s true that the majority of tax returns will never have to undergo an audit; however, for the unlucky few taxpayers who submit legitimate tax returns and still must endure an audit, even one audit experience is one too many. Here are five types of red flags that are more likely to make the IRS … Continued →

2020 Tax Changes for Small Business Owners and Partners

Are you self-employed? Most U.S. companies are self-owned, and of the more than 30 million small business enterprises, over a quarter of self-owned businesses are big enough to have employees. Being self-employed means dealing with many unique tax challenges, like tax withholding, additional reporting requirements, and more IRS scrutiny. There are some changes that self-employed … Continued →

Opportunity Zones Promote Economic Development and Tax Savings

It’s hard to believe that tax reform was passed almost two years ago, and there are still aspects of it that tax preparers and the public are just beginning to understand. One aspect of tax reform that hasn’t received much attention until recently refers to Opportunity Zones. Section 1400Z, a new addition to the tax … Continued →

Key Provisions of the Taxpayer First Act of 2019

Tax identity theft is increasing. Tax reform in 2017 muddied the waters of compliance. Reaching someone at the IRS, when you need to, is burdensome. Thanks to the Taxpayer First Act of 2019, some of those issues are expected to improve. The bipartisan bill was signed into law on July 1, 2019 and contains some … Continued →

Lessons From the Tax Court and IRS, Plus The Rise of Tax Identity Theft

When taxpayers find themselves at odds with the IRS, they will typically find themselves facing judgment with the U.S. Tax Court. These recent cases highlight why it’s important to file your income taxes correctly – and to update your address after you move. In the first case, a married couple moved from Jersey City to … Continued →