One of the cardinal rules of accounting is this: Go through your new transactions every day. If you wait until there are too many of them, you’re likely to give them short shrift. You may miss problems, just as you …
Why Employee Classification is of Paramount Importance
Not too long ago in Orlando, Florida, a federal investigation uncovered a situation where 22 workers were denied overtime by a Florida-based equipment rental company. The company was paying flat salaries to certain employees, regardless of how many hours they …
Owe the IRS Money? How Long Do They Have to Collect?
Have you ever wondered how long the IRS has to question and assess additional tax on your tax returns? For most taxpayers who reported all their income, the IRS has three years from the date of filing the returns to …
What Are Estimated Tax Payments?
Estimated tax payments are not just for the self-employed. They are for anyone whose withholding and tax credits are significantly less than their projected tax liability, and if used properly, can protect a taxpayer from underpayment penalties. Employees who will …
Managing Your Finances During an Inflationary Period
Managing Your Finances During an Inflationary Period It’s hard to ignore the real-life impacts inflation is having. While gas and grocery prices are having the most immediate effect, the price of almost everything is going up. People who are looking …
IRS Stops Using Facial Authentication Software for Access to Online Accounts
A prior blog article posting included an article about the IRS’ plans to use ID.me facial recognition software for taxpayers and others to authenticate access to their online accounts. Under pressure from privacy activists and several members of Congress, the …
Another Rough Tax Season for IRS and Taxpayers?
This could be another rough tax season for the IRS and taxpayers. Although this year’s filing season opens January 24, 2022 (i.e., it is the first day the IRS will accept and start processing 2021 returns), the Service still has …
Crucial Steps You Can Use To Take Control of Your Finances in 2022 and Beyond
As the old saying goes, “If you fail to plan, you plan to fail.” Whoever coined that phrase was talking about finances, whether they realized it or not. According to one recent study, a general lack of financial education costs …
Advance Child Tax Credit and EIP Must Be Reconciled on Your 2021 Return
Early in 2021, Congress passed the American Rescue Plan which included a provision that increased the child tax credit amount and upped the age limit of eligible children. Normally, the credit was $2,000 per eligible child under age 17. For …