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A Fair Assessment?
When a taxpayer files a false or fraudulent return, the taxpayer waves their right to statute of limitations protection. And if a taxpayer fails to file their income tax return, the IRS is allowed to...
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Like Losing Your Wallet – Only Worse
Typically, owners of businesses and their spouses who fail to file their annual retirement plan returns are in full-scale crisis mode – and rightfully so, since missing this deadline results in a...
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Secure Form 1095-C Help Now And Avoid Penalties
Finding out you are an Applicable Large Employer is a hard pill to swallow. Finding out you are an Applicable Large Employer after the IRS penalizes you for not filing Form 1095-C is even harder. It’s...
View ArticleReaders Were Happy To Leap Into Tax Season This February
Upon reviewing our most popular blog posts for the month of February we are left to conclude that it is once again that time of year – tax season. February’s most read blog posts were mostly tax...
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How To Make Dealing With The IRS Less Stressful
By now you have probably already filed your taxes or have already made plans to visit your tax preparer. And while the annual tax return filing may be the closest some will come to corresponding with...
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Phishing Scam Is A Threat To Ohio Businesses
You can take a proactive stance when it comes to protecting your company from these scams by encouraging your employees to pay close attention to emails that request sensitive information, such as the...
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There’s Nothing Wrong With 3-Year-Old Money
Time’s Running Out To Claim 2012 Refund Checks Grab your unclaimed cash before it’s too late! The IRS owes taxpayers about $950 million of unclaimed tax refunds from 2012. But the deadline to file your...
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Protect Yourself From Fake Charity Scams
Questions to Ask Yourself Before Making A Donation Would you be able to spot the charity scam? Even if you are 99 percent certain the check you are about to write will go to a well-respected nonprofit...
View ArticleCan The IRS Collect Back Taxes 10-Years After The Original Date Of Assessment?
Greetings Drebit! Please excuse my ignorance when it comes to IRS matters. I read your article about finding the date of assessment on my IRS Transcript. My transcript code is 150-5/29/2006. When can I...
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Work or Pleasure?
Make Traveling for Charity Part Of Your Summertime Tax Savings Strategy Transportation to and from the job site via plane, train or automobile are deductible on your next tax return if you will be...
View ArticleSo the Grass Wasn’t Greener? Time to Reverse Your Roth IRA Conversion
If you converted a traditional IRA to a Roth IRA account last year, you may be facing an account that is worth much less than when you converted it. But you might also be facing a tax bill on value you...
View ArticleHave You Received an IRS Notice? Nine Things to Know
The Internal Revenue Service sends millions of letters and notices to taxpayers for a variety of reasons each year. Here are some things to know if you receive one. Don’t panic. Many issues these...
View ArticleWrong Worker Classification? IRS Offers Voluntary Settlement
Employers who have erroneously treated workers as nonemployees or independent contractors now have an opportunity to get into compliance with the IRS through a low-cost, voluntary reclassification...
View ArticleDoes New 1099 Reporting Affect You?
If your business has paid at least $600 in professional services or other payments in 2011, you may be subject to a new 1099 reporting requirement as you begin to file your 2011 taxes. Business owners...
View ArticleAre You Ready for Tax Time? Have More Than a Shoe Box
So it’s tax time. While that thought might conjure up images of lots of receipts in a shoe box, you don’t want to be that person. With a little preparation, you can help make your visit to your...
View ArticleWhen Can You Expect to Receive Your Tax Refund?
If you’re expecting a federal tax refund this year, it could be delayed. The agency reports that new anti-fraud measures could slow the refund process by approximately one week. The IRS put new...
View ArticleHow do you follow IRS regulations when gifting a business interest?
Lately we’ve been surprised by how many people are thinking about filing a gift tax return without a business valuation. We’ve had a few conversations with people who are under the impression that they...
View ArticleHow can you protect yourself from tax fraud?
Tax identity theft is an increasingly enormous problem. The IRS has been bombarding us with warnings of identity theft and scams this tax season. Here’s a summary of some of the latest information you...
View ArticleWhat red flags might get you audited?
The IRS may audit only 1 percent of all tax returns annually, but if you’re one of the unlucky few, you may be wondering “Why me?” Since the agency doesn’t have enough personnel to closely review each...
View ArticleDid you send a wedding announcement to Social Security?
When you’re newly married, there’s so much to think about. Did you remember to thank Aunt Joan for that silver tray? Did you remember to have your mail forwarded to your new address? One thing that...
View ArticleDo you need to report large cash payments to the IRS?
$10,000 in cash is the same as a $10,000 check, right? Not from the perspective of the IRS. If your business receives $10,000 in cash from a single transaction (or multiple related transactions),...
View ArticleWhat if you can’t pay your taxes?
The April 17th tax deadline is looming closer and you know that you’ve got to get your payment in soon. But, what if you don’t have the cash on hand? Don’t panic, there are ways to file your taxes...
View ArticleAre Tax Credits Available for Hiring Veterans?
Memorial Day is a great time to think about our veterans and what we can do to show our thanks for all that they’ve done for our country. One way to show your thanks: hire a veteran. All too often, our...
View ArticleYou Got a Tax Notice… Now What?!
You know the feeling well… you’re just going about your business, walking out to the mailbox to pick up the daily mail. For some reason, the pile feels a bit heavier today. And as you sort through the...
View ArticleHow Do Your Avoid IRS Penalties on Your IRA?
With our government requiring more cash each year, there is growing sentiment is the financial community that the IRS is becoming more vigilant in obtaining all revenue available related to Individual...
View ArticleWhat are the Tax Rules for Gamblers?
With the new Cleveland Horeshoe Casino, gaming is becoming big business in Ohio. From occasional slot machine players to poker pros, Ohioans are experiencing gambling and all the wins and losses that...
View ArticleHow Does the IRS Treat Property Repair Expenses?
Tax treatment of property repairs has long frustrated business owners and accountants alike. The system has been confusing, hard to follow and seemingly eternally inconsistent. Recent changes to the...
View ArticleHow Do You Get a Handle on Your Inventory?
Inventory management can have a very direct impact not only on your profit but also the cash flow of your business. Inaccurate inventory will directly affect your business profit. If the inventory is...
View ArticleWhat Changes Do Pension Plans Need by Year-end?
In the midst of the publicity surrounding the new ERISA fee disclosures requirements, it is important not to lose sight of the fact that other recently enacted legislation may impact your retirement...
View ArticleEmployee Welfare Benefit Plans Making Your Head Spin?
Every year, we receive questions regarding whether a filing requirement exists for a client’s welfare benefit plan. Clients want to ensure that their plans remain ERISA compliant without taking on the...
View ArticleHow Does Getting Divorced Impact Your Taxes?
Like so many Hollywood couples these days, maybe you are finding yourself a newly divorced person. With all the legal shenanigans that can happen during a divorce proceeding, have you taken the time to...
View ArticleCan Your Charity Profit from Instant Bingo?
Between the new Ohio casinos, Ohio Lottery drawings and instant games, legalized gambling is all over the place. Have you ever considered how this pastime could benefit your charitable organization?...
View ArticleWhat Happens if My 401(k) Plan is Out of Compliance with an IRS or DOL Rule?
With all of the rules in the business world, it sometimes can be difficult to know and understand all of the rules we need to follow – there are a lot of them. So what happens if you find yourself in...
View ArticlePart 2 | What Happens if My 401(k) Plan is Out of Compliance with an IRS or...
In the last issue of Illuminations, you read about some initial consequences you may face if you find that your 401(k) plan is out of compliance with an IRS or DOL rule. In this week’s issue, check out...
View ArticleNeed Some Cash Now?
Are you in the market for a new home? Or maybe you’re looking to purchase a new car for your daughter or son? Don’t have enough cash for a down payment? No problem. There’s a nice workaround that can...
View ArticleAre You Properly Classifying Your Workers?
You may employ hundreds, if not thousands of employees. Or maybe you only employ three to five. Regardless of the number of employees you have, the way you classify your workers is important to the...
View ArticleWhat are the Consequences of Having Misclassified Workers?
My co-worker, Maribeth Wright, recently wrote a blog post titled, “Are You Properly Classifying Your Workers?”. The post explained how to determine whether a worker is an employee or an independent...
View ArticleWhat’s The IRS Up To During The Government Shutdown?
We’ve read for weeks that a government shutdown was possible, but at 12 a.m. this morning, it happened. It has been 17 years since the last government shutdown, and you, along with the rest of the...
View ArticleWhat Is The Difference Between Fixed Asset Expensing And Capitalization?
If you’re about to acquire, produce or improve real or tangible personal property, and then turn around and use the property in a trade of business for income, stop right there. Under the Internal...
View ArticleWhy Did The IRS Delay The Start Of The 2014 Tax Season?
Recently the Internal Revenue Service (IRS) announced that due to the 16-day government shutdown, they will begin processing tax returns one- to two-weeks later than planned. The original start date...
View ArticleHow Far Back Can The IRS Go For Tax Auditing?
As a CPA I am frequently asked, “How far back can the IRS look to audit my tax return?” That’s a great question. Can the IRS go back and audit your tax return from five years ago? 10 years ago? 25...
View ArticleBe On Guard For IRS Phone Scams
You get a call from a man who said he was from the IRS and was informing you that criminal activity was found after the IRS performed an audit on your past taxes. Then he asks if you had a criminal...
View ArticleThe Do’s and Don’ts of Summertime Tax Prep
It’s the beginning of August and you’re probably not keeping yourself up at night thinking about your taxes. Frankly, who has time to think about itemized deductions and tax-free distributions when you...
View ArticleObtaining Tax-Exempt Status Just Got Easier
Many individuals want to know how easy it is to obtain tax-exempt status. About a month ago, you would have been told that the application process alone was rather lengthy. In fact, the standard Form...
View ArticleWhen Scammers Demand That You Pay Up, IRS Says You Should Hang Up
More than 1,000 American taxpayers have collectively lost about $5 million as a result of a recent phone scam that has been reported to be active in virtually every corner of the nation. The Internal...
View ArticleIRS Says You Owe More? Don’t Write That Check Yet!
Tax season can be rough for any business. Just about the time you allow yourself to move on to something else and breathe a sigh of relief … it happens. You sift through your mail and find yourself...
View ArticleReady, Set, Download: IRS2Go Mobile App 2014
In June, the Internal Revenue Service (IRS) made the 2014 version of IRS2Go available to mobile users. This free app can help you stay on top of your federal income tax refund. You can also request...
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Is Simplicity Worth The Cost Of Peace Of Mind?
Just because the IRS says you are no longer required to file Form 3115 to comply with its final tangible property regulations doesn’t mean it’s a good idea to stop. Read the article and find out why....
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How To Pay Your Tax Bill In 6 Easy Steps
Available 24 hours a day, seven days a week, Direct Pay has proven to be a popular choice among Americans who are looking for a quick and easy option for settling their tax balances. By now, you...
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Hackers Target IRS – 100,000 Taxpayer Accounts Breached
Reports state that cyber-criminals were able to gain access to taxpayer accounts by obtaining specific, personal information, which allowed them to navigate the Get Transcript authentication process....
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