IRS

Is That IRS Call Legitimate? 5 Tips for Catching Tax Season Scams

By |2019-03-29T13:10:05-05:00March 6th, 2019|Advisory, Fraud, IRS, IT, Tax, Tips|

Tax Day is just around the corner, which also means the peak of tax-related scams. The IRS annually compiles its list of the “Dirty Dozen,” or the worst tax scams. For the complete list visit IR-2019-49. Here are two common scams that often target taxpayers: Phishing – These types of schemes come in the form [...]

What to Consider When Selecting an Employee Benefits Plan

By |2019-01-16T09:51:45-05:00January 16th, 2019|Accounting, Advisory, Economy, Employment, Insurance, IRS, Tax|

For business owners, identifying ways to provide fringe benefits to attract and retain employees has become more crucial than ever.  In this era of low unemployment rates, having a competitive advantage in the labor market can be difficult. This will, in turn, impact a business’ ability to recruit and retain qualified employees and keep operations [...]

Highly Appreciated Assets: Should You Keep it, Sell it, or Die with it?

By |2019-01-16T09:51:09-05:00January 9th, 2019|Accounting, Agriculture, Estate Planning, Executor, IRS, Preparation, Tax, Tax Reform, Value|

Keep it, sell it, or die with it may seem like strange choices, but with highly appreciated assets, those may be the very choices that need to be considered.  Examples of highly appreciated assets include real estate and stock investments which have gone up significantly in value.   Let’s look at an example.  To Sell Or [...]

Filing Date Options for Farm Returns

By |2019-01-25T11:28:34-05:00December 23rd, 2018|Accounting, Agriculture, Change, Compliance, IRS, Preparation, Tax, Tax Reform|

It’s a  mystery to many farmers why their tax return filing deadline is March 1, while the filing date for most taxpayers is in April. There are multiple date options when filing your farm returns. Susan K. Voss, CPA will explain the options, the benefits of each and will  explain why filing by March 1, [...]

Tax Bill Allows for Deduction equal to 20% of Qualified Business Income

By |2018-11-16T15:42:30-05:00November 16th, 2018|Agriculture, Change, Compliance, Deductions, IRS, Tax, Tax Reform|

   In continuation of our last article by Susan K. Voss, CPA, of our Agriculture Team, let’s review another new IRC code section 199A, created in the Tax Cuts and Jobs Act that will impact both the agricultural and commercial industries beginning January 1, 2018 and ending January 1, 2026. The following is [...]

4 Items to Consider Before the End of The Year

By |2018-11-16T15:18:26-05:00November 9th, 2018|Advisory, Compliance, Deductions, IRS, Preparation, Tax Planning, Tax Reform, Vehicle|

It’s the time of year when we like to sit down with clients to project current year results and see how we can help them manage their tax liabilities and avoid surprises.  Planning is more important than ever with the changes brought about by the Tax Cuts and Jobs Act. It’s not as simple as [...]

What Accounting and Payroll Reminders Should You Keep in Mind for 2019?

By |2018-11-16T15:25:13-05:00October 16th, 2018|Accounting, Compliance, IRS, Payroll, Preparation, Tax, Tax Planning, WOTC|

The end of the calendar year will soon be upon us.  There are a few items to keep in mind as you begin to think about government forms that must be submitted in January. Bonuses Employers often give their employees holiday bonuses around the end of the year. It is important to remember that all [...]

Choosing the Right Accounting Method for Tax Purposes

By |2018-08-31T10:05:14-05:00August 31st, 2018|Accounting, Cash Flow, Change, IRS, Tax Planning, Tax Reform|

The Tax Cuts and Jobs Act (TCJA) liberalized the eligibility rules for using the cash method of accounting, making this method, which is simpler than the accrual method, available to more businesses. Now the IRS has provided procedures a small business taxpayer can use to obtain automatic consent to change its method of accounting under [...]

Why the “Kiddie Tax” is More Dangerous Than Ever

By |2018-08-30T08:28:58-05:00August 29th, 2018|Change, IRS, Tax Planning, Tax Reform|

  Once upon a time, some parents and grandparents would attempt to save tax by putting investments in the names of their young children or grandchildren in lower income tax brackets. To discourage such strategies, Congress created the “kiddie” tax in 1986. Since then, this tax has gradually become more far-reaching. Now, under the Tax [...]

Do You Need to Adjust Your Withholding?

By |2018-08-28T16:57:05-05:00August 28th, 2018|Accounting, Change, Deductions, IRS, Preparation, Tax, Tax Planning|

If you received a large refund after filing your 2017 income tax return, you’re probably enjoying the influx of cash. But a large refund isn’t all positive. It also means you were essentially giving the government an interest-free loan. That’s why a large refund for the previous tax year would usually indicate that you should [...]