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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.

What's Really Happening with IRS Audits in 2017?

  • 26 April 2017
  • Author: Alexander Carr
  • Number of views: 311
  • 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. 

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

  • 29 March 2017
  • Author: Alexander Carr
  • Number of views: 466
  • 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

4 Early Tax Refund Myths Debunked

  • 28 February 2017
  • Author: Alexander Carr
  • Number of views: 587
  • 0 Comments
4 Early Tax Refund Myths Debunked
The moment your tax forms hit the mailbox, the clock starts ticking on when you might get a refund. The wait can be excruciating and theories abound on how to determine when a refund will come or even how to speed up the process. Is there any truth to these folktales? The IRS issued a statement

addressing the top myths surrounding refunds, especially for those who have already filled for the 2017 tax season.

End-of-Year Giving Guide

  • 29 November 2016
  • Author: Alexander Carr
  • Number of views: 664
  • 0 Comments
End-of-Year Giving Guide
‘Tis the season to catch up on your last-minute tax deductions and strategies. What better way to save on taxes than to give that hard-earned money to the people and organizations you choose instead? There are two ways to do it: gifts to loved ones and charitable giving.

How the Election Could Affect Your Federal Taxes

  • 25 October 2016
  • Author: Alexander Carr
  • Number of views: 833
  • 0 Comments
How the Election Could Affect Your Federal Taxes
Early voting has started and we’re only weeks away from having a new U.S. President elected. There’s been a lot of talk about Donald Trump’s and Hillary Clinton’s own tax records, including Tax Notes’ take featuring Steven Bankler’s expertise.  But how will each candidate affect your own tax bill if they are elected?

Tax Implications of Fantasy Football

  • 24 August 2016
  • Author: Alexander Carr
  • Number of views: 883
  • 0 Comments
Tax Implications of Fantasy Football
The NFL regular season kicks off September 8 and, with it, millions of football fans will be participating in fantasy football leagues (more than 50 million, in fact). The rise of daily fantasy games (DFGs) like those offered through FanDuel and DraftKings are fueling the trend. But how do fantasy football winnings (or losings) affect taxes?

Huge Overtime Pay Change for Salaried Workers

  • 24 February 2016
  • Author: Cari Holbrook
  • Number of views: 1093
  • 0 Comments
Huge Overtime Pay Change for Salaried Workers

A new federal ruling mandates that all salaried workers, regardless of title or duties, are eligible for overtime if they earn $50,440 or less (effectively doubling the previous limit of $23,660). Experts believe that, under the ruling, businesses will find themselves more vulnerable to an audit and subject to sizable penalties for not accurately tracking and paying nonexempt employees for all hours worked. Those relying on paper time sheets, which are open to human error, and those not requiring employees to track hours at all may be particularly vulnerable.

2016 San Antonio Small Business Outlook

  • 18 December 2015
  • Author: Cari Holbrook
  • Number of views: 1159
  • 0 Comments
2016 San Antonio Small Business Outlook

Job creation remains strong, unemployment is at a historic low, and the city continues to grow. This glowing report from the San Antonio Hispanic Chamber of Commerce’s 2015 Economic Outlook Breakfast still holds true for 2016. Richard W. Fisher, former president of the Dallas Federal Reserve Branch agrees, recently stating that “the majority of the job growth in [Texas] has taken place in three metropolitan areas, Dallas has half of it and the rest is split between Austin and San Antonio—San Antonio is doing well.”

Employee Fraud is More Common Than You Think

  • 25 February 2015
  • Author: Cari Holbrook
  • Number of views: 2035
  • 0 Comments
Employee Fraud is More Common Than You Think

Is someone at your business “cooking the books” behind your back? Don’t bet against it.  According to the Association of Certified Fraud Examiners (ACFE), small businesses (with fewer than 100 employees) average 28 percent more fraud losses than large businesses. On average, those businesses lost more than $150,000 each. The ACFE recently provided methods to detect and prevent fraud in small businesses. Here’s an overview.

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