PROTECTING YOURSELF FROM OPPORTUNISTIC FRAUD

By | July 6th, 2020|Accounting and Auditing, Business, Uncategorized|

The novel coronavirus (COVID-19) crisis has spurred much confusion and unprecedented economic challenges.  It has also created ample opportunities for dishonest individuals and criminal organizations to pretty on the anxieties of many Americans. As the year rolls along, fraud schemes related to the crisis will continue as well, potentially becoming even more sophisticated.  Here are [...]

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Tax Calendar

By | July 1st, 2020|Accounting and Auditing, Business, Taxation|

July 15* Due date (without extension) for the following: 2019 individual income tax payments and return filing on Form 1040.2019 calendar-year corporate income tax payments and return filing on Form 1120.2019 estate and trust income tax payments and return filing on Form 1041.2019 calendar-year exempt organization return filing on Forms 990 or 990PF and business [...]

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SHOULD YOU DIGITIZE YOUR TAX AND FINANCIAL RECORDS?

By | June 15th, 2020|Accounting and Auditing, Business, Uncategorized|

Traditionally, important tax and financial records have been stored as hardcopies in desk drawers, filing cabinets and safe deposit boxes.  Nowadays, it’s become increasingly popular and easy to digitize documents and store them electronically.  Is this the right move for you? PLUSES OF ELECTRONIC STORAGE Perhaps the biggest advantage of digital documents is a drastic [...]

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KEEPING UP WITH THE NET OPERATING LOSS RULES

By | June 8th, 2020|Accounting and Auditing, Business, Taxation, Uncategorized|

When a trade or business’s deductible expenses exceed its income, a net operating loss (NOL) generally occurs.  When filing your 2019 income tax return, you might find that your business has an NOL – and you may be able to turn it to your tax advantage.  But the rules applying to NOLs have changed and [...]

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DON’T FORGET ABOUT YOUR 2019 TAX RETURN

By | June 1st, 2020|Accounting and Auditing, Business, Taxation, Uncategorized|

Earlier this year, in response to the novel coronavirus (COVID-19) crisis, the IRS postponed numerous federal tax filing and payment deadlines.  If you took advantage of the extra time, it’s important not to forget about your return or lose sight of any important details. RECAPPING THE RELIEF For taxpayers with a 2019 federal income tax [...]

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A LARGE UNPAID TAX BILL COULD PUT YOUR PASSPORT AT RISK

By | May 27th, 2020|Accounting and Auditing, Business, Taxation, Uncategorized|

If you still have a large unpaid tax bill, watch out.  A 2015 law allows the U.S. State Department to deny your passport application – or revoke or limit your current passport – if the IRS certifies that you have seriously delinquent tax debt (SDTD). You have an SDTD if 1) you owe more than [...]

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