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Now’s the Time to Fix Rollover Mistakes

Now’s the Time to Fix Rollover Mistakes
If you filed an extension on last year’s income tax return and haven’t finalized yet, you have a unique opportunity to undo some of the decisions you made when it comes to your retirement savings. You can no longer make contributions or fulfill your required minimum distributions (if you’re 70½ or older), but you can make other changes

Monitoring Adjusted Gross Income (AGI) to Minimize Taxes

Monitoring Adjusted Gross Income (AGI) to Minimize Taxes
For most business owners, determining income from one year to the next can be tricky. Interest, dividends, alimony, pensions and annuities, rental property income, royalties, income from the sale of assets and business income can all raise your annual gross income and, therefore, your taxes. That’s why it’s important to monitor your Adjusted Gross Income (AGI). AGI is gross income minus certain “above the line” deductions (retirement account contributions, self-employed health insurance

and domestic production activities, just to name a few) and it can lower your tax liability. Your AGI is a primary figure on which other deductions are computed.

No Soup for You! Seinfeld Icon in Serious Payroll Tax Trouble

No Soup for You! Seinfeld Icon in Serious Payroll Tax Trouble
Remember the “Soup Nazi” from the Seinfeld television show? Thanks to its popularity on the show, that small soup shop turned into Soupman, Inc. and its CFO, Robert N. Bertrand, was recently indicted on 20 counts of failure to pay both payroll and federal income taxes. You could

say he’s in very hot…soup? His story is a cautionary tale of what can happen when you fail to pay or try to avoid (using “independent contractors” who are actually employees or paying non-reported “wages”) payroll taxes.

How Do You Know It’s REALLY the IRS Knocking?

How Do You Know It’s REALLY the IRS Knocking?
Tax scams are a dime a dozen these days. Recently we’ve warned about phone and email scams as well as how to determine whether the letter you receive from a third-party tax collector is legitimate. Now the IRS is warning about a lesser-known but even more invasive scam. This one involves IRS impersonators visiting your home or office in person and demanding payment.

Clearing the PATH for Business Property Tax Breaks

Clearing the PATH for Business Property Tax Breaks
While President Trump’s new administration works vigorously to unravel many of the programs put in place by President Obama, the Protecting Americans from Tax Hikes (PATH) Act of 2015 remains intact. In fact, the IRS only recently released guidance for those interested in taking advantage of laws like Section 179 for real estate improvements (see Revenue Procedure 2017-33).

Embarrassing Celebrity Tax Mistakes

Embarrassing Celebrity Tax Mistakes

Celebrities can certainly make mistakes with their money. Two of the most common mistakes that involve the IRS are tax evasion and poor estate planning. One is a failure to assume responsibility and hope the IRS doesn’t notice while the other is based more on ignorance of what can truly happen to your assets (and how much can be lost to the IRS) after you’re gone. Marilyn Monroe, Willie Nelson, Wesley Snipes and others have fallen victim to these mistakes and they (or their families) have paid the price. 

What's Really Happening with IRS Audits in 2017?

  • 26 April 2017
  • Author: Alexander Carr
  • Number of views: 324
  • 0 Comments
What's Really Happening with IRS Audits in 2017?

You may have heard that the IRS is auditing less but, before you breathe a sigh of relief, there are a few things you should know. While the number of audits has declined across the board since 2012, it’s a decrease of a fraction of 1 percent of all tax returns filed. Additionally, the IRS was spared significant budget cuts by the Trump administration recently, which means the recent change in federal leadership will not necessarily translate into fewer audits for all. And it’s important to note that the type of taxes you file and what you claim can make a big difference when it comes to your audit risk. 

Keeping Two Sets of Books Could Lead to Prison

  • 19 April 2017
  • Author: Alexander Carr
  • Number of views: 229
  • 0 Comments
Keeping Two Sets of Books Could Lead to Prison

Most businesses normally keep only one set of books, usually maintained to present financial statements to stakeholders (shareholders, financial institutions or government regulators such as the IRS and SEC). Their CPAs, whether internal or from an outside firm make “tax adjustments” to convert “book income” to “taxable income” and then complete the appropriate forms notifying the IRS of the differences. However, if a business has two sets of books, the IRS becomes very skeptical very quickly. 

The CEO Exodus (And What It Means for Your Retirement)

  • 11 April 2017
  • Author: Alexander Carr
  • Number of views: 237
  • 0 Comments
The CEO Exodus (And What It Means for Your Retirement)
Out of 74.9 million baby boomers, many are actively transitioning out of the business world right now either by retiring, selling their businesses, or taking alternative employment such as consulting. The number of small businesses for sale nationwide is at a six-year high and it’s not expected to decrease soon. Nearly 7 out of every 10 business owners

want to retire in the next 10 years. Many of these business men and women have moderate retirement funds set aside except for one elite group of CEOs who are set for life.

Do You Have a Succession Plan? Does Your Financial Advisor?

  • 29 March 2017
  • Author: Alexander Carr
  • Number of views: 481
  • 0 Comments
Do You Have a Succession Plan? Does Your Financial Advisor?
The idea of succession planning may be a foreign concept to you. But, if you’re a small business owner, it shouldn’t be. In fact, planning who will lead your business and how they will lead it after your exit could be the single most important business strategy you put in place
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