The extremely tight margin of the controlling party in the House of Representatives has led to some interesting, historic, and some might say chaotic outcomes on U.S. government operations this year. Legislation involving the basic functions of our government has become significantly more difficult to pass. We narrowly avoided a national debt default this past… [Read More].
Last week, Hurricane Ian wreaked havoc upon the states of Florida, North Carolina, and South Carolina. My sincerest thoughts and prayers are with everyone who has experienced loss of life, health, property, and security associated with this hurricane and other recent disasters. Most readers of my blog are aware that I live in North Carolina,… [Read More].
Christmas has come a bit early this year for millions of taxpayers who filed late tax returns for tax years 2019 and 2020. The IRS recently announced in Notice 2022-36 that it will be providing automatic penalty relief to individuals and businesses who failed to file a timely tax return. This relief applies to 2019… [Read More].
Each year I provide a tax organizer document for each of my tax preparation clients to complete. It requests demographic information and answers to several questions about the client’s tax situation. These questions ask about the client’s income and deductions and seek information to determine the client’s tax reporting obligations. One question that appears on… [Read More].
Most small businesses require the services of more than one person to operate effectively. Even sole proprietors may need support from a virtual assistant, a webmaster, an accountant, or an attorney to help the business thrive. However, in some cases, a business owner may seek outside services on an ongoing basis, from these or other… [Read More].
Small business owners may not know that fall is a pivotal season in which several tax considerations need to be made. Here are some questions that small business owners should consider now that we are beyond Labor Day and the end of the year is approaching. Did You File Your Taxes? While the typical income… [Read More].
Cryptocurrency has become an increasingly popular topic in recent years, and as a small business CPA and Attorney, it is becoming more prevalent within the tax situations I handle for my clients. Crypto investing has also become more mainstream, and even risk-averse clients are beginning to take notice and invest small sums in Bitcoin and… [Read More].
Let’s be honest—most taxpayers do not want to pay higher taxes. However, recent polls show that Americans want the government to do more, such as implementing long-overdue improvements to infrastructure (i.e., roads, bridges, and water systems), providing a living wage to federal employees/contractors, improving our immigration process, establishing better security at our borders, and ensuring… [Read More].
Most of you probably know by now that the IRS has extended the 2020 individual tax deadline to May 17, 2021, due to the pandemic. However, several of my clients that got early starts have already filed their individual tax returns, with many more to follow now that a sole deadline remains. It is a… [Read More].
Many taxpayers believe that tax planning is only for the wealthy. In fact, a large number of moderate-income taxpayers view the cost of hiring a CPA or Tax Attorney as an expense that comes off their bottom line, thereby reducing their income. However, what I have seen over the course of my career is that… [Read More].