Frequently Asked Questions
What is the best way to track expenses for my business?
What business structure should I choose for my business?
What business structure should I choose for my business?
Quickbooks is by far the leader in the industry & the easiest to use. We can guide you through the setup process and work with you to help you understand the program & its capabilities.
What business structure should I choose for my business?
What business structure should I choose for my business?
What business structure should I choose for my business?
While there are choices here, a Limited Liability Company (LLC) provides liability protection & offers more flexibility than other options.
Will I be itemizing under the new tax law?
What business structure should I choose for my business?
Will I be itemizing under the new tax law?
With the increased standard deduction, many people will no longer itemize deductions on their federal tax return. However, state laws differ. It is best to gather your expenses & let us help you determine if you will save money by itemzing.
2022 Updates
See our blogs for additional news
IRS continues to work on tax return inventory
As of 6/24/22 - IRS indicates individual tax returns & correspondence received in 2021 are scheduled to be processed within the week. Business returns & correspondence should follow shortly thereafter.
Note - Taxpayer Advocate expressed concern that the backlog is worse than is being reported.
Increased Standard Mileage Rate
As of 7/1/22 - IRS increased the Standard Mileage Rate from 58.5 cents to 62.5 cents per mile.
IRS Dirty Dozen - of interest
Economic Impact Payment & Tax Refund Scams primarily via text messages
Unemployment Fraud
Fake Employment Offers
Fake Charities that Steal your Money
IRS Document Destruction
We learned earlier in the year that the IRS destroyed 30 million paper information returns (i.e. 1099s). Senate Republicans sent a letter at the end of May demanding details on penalties that were issued as a result of the destroyed documents & the amount the government lost as a result of this act.
New Rule - E-commerce platforms to issue 1099s
Under the new rule, e-commerce & digital payment platforms that transfer money must issue the recipient a 1099-K if they receive $600 or more in a calendar year. (i.e. Ebay, Venmo, Etsy, Airbnb, etc.)
IRS Interactive Tools
IRS has a number of Interactive formats to answer basic questions
Please visit https://www.irs.gov/help/ita to see the interactive topics.
IRS/Private Collection Agency
IRS routinely uses private collection agencies to collect tax debt. At any time, you may request to have your account returned to the IRS for collection. Your request must be submitted to the collection agency.
IRS Top 10 Tax Court Cases of 2021 - link
Please visit the link below for the top ten criminal tax court cases of 2021 including tax evasion, Ponzi schemes, COVID fraud & cyber crimes.
IRS-CI counts down the top 10 cases of 2021 | Internal Revenue Service