Taxes can be a challenge for any business owner. Of course, all the procedures related to taxes have become more comfortable as we can use fillable W2 and other forms, but this is still stressful. There are many ways to save on taxes. Here we will share five ways to reduce your taxable income. Financing […]
Tax and Accounting
Know These Tax Implications of Settlements & Judgments
Your client just settled—or better yet, won a judgment. What are the tax consequences? Admittedly, the tax impact of resolving a dispute is often little more than an afterthought. But a client’s net after-tax recovery can vary drastically depending on the applicable tax rules. An attorney armed with an understanding of the relevant tax issues […]
How Working Remotely Could Affect Your Taxes
When COVID-19 struck last March, employers quickly switched to a work-from-home model for their employees, many of whom began working in a state other than the one in which their office was located. While some workers have returned to their offices, many have not. If you’re working remotely from a location in a different state […]
5 Major Benefits of Outsourcing Tax Prep
Though outsourcing tax preparation isn’t new, many people are still unaware of the major benefits that come with outsourcing their accounting support and tax prep. Many companies and smaller businesses still opt for in-house tax prep, bookkeeping, payroll, and more, but often to their detriment. Even those that opt to use CPAs or local accounting […]
Brexit Accounting: Here’s What You Need to Know Now
The UK is leaving the EU single market and customs union at the end of the transition period on the 1st of January 2021. Brexit will have implications for all UK businesses who trade with companies outside of the UK no matter if they are within the EU or outside the EU. That envelopes all […]
IRS Audit Rates Increase As Income Rises
Few things can generate as much taxpayer concern, confusion and controversy as an IRS audit. Tax audits are a critical compliance tool to help ensure fairness in the tax system, and the IRS works hard to ensure the agency’s audit selection process is fair and impartial. Decisions to conduct audits are based on the financial […]
4 Upcoming Trends in Forensic Accounting
With the COVID-19 pandemic showing no real signs of ceasing before the turn of the year, ecommerce is expected to remain a focal point of consumerism, especially as cases once again spike. With cybersales comes cybercrime, and forensic accounting jobs are expected to continue to be in high demand. Dr. Jennifer Stevens, an assistant professor […]
IRS Seizures: The Good, The Bad, And The Ugly
What Is An IRS Seizure? Along with tax penalties and tax lien filings, the IRS’s ability to seize a taxpayer’s property is one of its most potent weapons to encourage tax compliance. That is, in part, what makes a recent report from the Treasury Inspector General for Tax Administration (“TIGTA”) on IRS property seizures particularly troubling. Among other things, […]
The CARES Act and Early Retirement Withdrawals
The Coronavirus Aid, Relief, and Economic Security Act, Pub. L. No. 116-136 (CARES Act), provides relief to eligible individuals taking withdrawals or loans from qualified employer retirement plans and Individual Retirement Arrangements (IRAs). Coronavirus-related withdrawals and loans Individuals may be eligible for coronavirus-related relief on withdrawals from qualified employer retirement plans or IRAs and on […]
Employers Beware–Payroll Tax Form Has Changed Yet Again
On September 30, 2020, the IRS updated Form 941, Employer’s Quarterly Federal Tax Return, for the second time in as many quarters to accommodate President Trump’s executive order. Recall, employers use Form 941 to report income taxes, Social Security tax, or Medicare tax withheld from employee’s paychecks. Employers should use this version to file their […]
