What’s on our mind? You can read about it in our blog. Whether it’s ideas from the tax universe and investment services world or concepts from the financial industry, you can read about it here. And once in a while, we may throw in a movie review or some other surprise. So keep checking in. We’re glad to have you reading along.
Scammers don’t wait for tax season—they operate year-round, preying on confusion, fear, and urgency. They impersonate IRS agents, send threatening messages, and trick people into handing over sensitive information. Here’s how to...
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Monday, July 28, 2025
Even highly educated professionals can make costly mistakes when trying to solve financial problems the wrong way. In May 2025, Dr. Reginald Eburuche of Southfield, Michigan, was convicted of bank fraud after fraudulently obtaining a...
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Monday, July 21, 2025
When financial struggles hit, it's tempting to cut corners. But a recent case proves that taking the wrong path can lead to devastating consequences. Shawn Ray Murnan, a business owner from Florida with ventures across several states,...
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Monday, July 14, 2025
If you've been hit with IRS penalties for failing to file, pay, or deposit taxes on time, the costs can add up quickly. But there’s good news—if this is your first offense, you may qualify for the IRS’s First Time Penalty Abatement...
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Monday, July 7, 2025
Behind on your taxes? You’re not alone, and help is here. Contact us to reconstruct returns, reduce liability, and stop IRS collection actions. Take control today with a free consultation. Let’s resolve your tax issues for good!
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Sunday, January 12, 2025
The IRS is tightening oversight on EIC and CTC claims due to high error rates. Learn how to avoid audits by keeping accurate records, understanding eligibility, and consulting tax professionals. Stay informed to navigate this scrutiny.
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Wednesday, July 12, 2023
The IRS issued a memorandum on April 22, 2022, which updates the guidance for examiners and managers regarding the economic substance doctrine and related penalties. This makes it easier for the IRS to claim that a transaction lacks...
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Saturday, February 25, 2023
The tax treatment of casualty losses is a complex and often confusing area of taxation. A casualty loss occurs when property that is owned or used in a taxpayer's trade or business is damaged, destroyed, or lost due to an unexpected or...
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Wednesday, January 18, 2023
The real estate boom appears to be over for now.Morgan Stanley predicts that house prices could fall by 10 percent by the end of 2024, perhaps twice as much in a worst-case scenario. Homeowners who purchased their homes at the top of...
Read MoreThe purpose of this letter is to get the IRS to owe you money.Of course, the IRS will not likely cut you a check for this money (although, in the right circumstances, that will happen), but you’ll realize the cash when you pay...
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Thursday, November 3, 2022
The IRS’ strategic plan for the next four years includes stepping up enforcement. Collecting unpaid taxes will require effective deterrence capabilities, so IRS will increase examinations, especially in areas with high risk of...
Read MoreDo you claim a tax deduction for a home office? Should you include or exclude your garage space in your calculations of business-use percentage? Ronald Culp earned an office deduction for 78 percent of his home. That’s a nice...
Read MoreThe IRS can waive penalties it assessed against you or your business if there was “reasonable cause” for your actions. The IRS permits reasonable cause penalty relief for penalties arising in three broad categories: Filing...
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Recently, the Internal Revenue Service (IRS) announced that tax season will start a little later than usual. This year the IRS will begin accepting and processing 2020 tax returns on Friday, February 12, 2021.1In light of the December...
Read MoreThe IRS announced it will be increasing efforts to reach high-income taxpayers who have not filed one or more of their tax returns by increasing the use of methods available to them. The IRS will include in those methods personal...
Read MoreIf you treat an employee as a non-employee and you do not withhold social security, Medicare tax and income tax, you will usually be liable for these taxes. This can be devastating to a business. The IRS can come in and reclassify...
Read MoreThe purpose of this letter is to get the IRS to owe you money. Of course, the IRS is not likely to cut you a check for this money (although in the right circumstances, that will happen), but you’ll realize the cash when you pay...
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Now that several major news groups have projected Joe Biden the winner of the presidential election—and Congress appears divided with Democrats in control of the House and Republicans the Senate—it’s a good time to...
Read MoreDuring this COVID-19 pandemic, landlords have two big possible problems: Tenants who can’t pay the rent. Tax losses they can’t deduct. We’ll start with the tenants and then move on to the rental property tax-loss...
Read MoreDo you have a mileage log that will survive an IRS audit? If so, good for you! If not, get ready to give up all (not some, but all) of your vehicle tax deductions for not just one year but three years, as you will see in this true...
Read MoreSuppose you just received that lovely letter from the IRS telling you that you are the subject of an IRS audit. What one record receives special attention? What one record can create a nightmare for you? What one record makes the IRS...
Read MoreAs you read this, it’s likely that your lawmakers are working on the next Payroll Protection Program (PPP) package. And hopefully, in this next package they will include a provision that allows you to deduct business expenses...
Read MoreHow much is clarity worth? A lot, a whole lot. And how much is making things easier worth? Of course, it’s a lot, a whole lot, too. We now have both the new (a) clarity and (b) easy road to Paycheck Protection Program (PPP) loan...
Read MoreWhen you are self-employed with no employees, the payroll protection program (PPP) program is a COVID-19 gift designed to help you get through this pandemic. If you now have your PPP funds, we identified nine insights for you.
Read MoreWashington has passed the first coronavirus relief act, and there will surely be more to come. This first package provides for free coronavirus testing (when tests become available!), $1 billion for food assistance programs (including...
Read MoreAnswers to Common Section 199A Questions For most small businesses and the self-employed, the 20 percent tax deduction from new tax code Section 199A is the most valuable deduction to come out of the Tax Cuts and Jobs Act. The Section...
Read MoreConvert Your Personal Vehicle to Business and Deduct up to 100 Percent You probably like your personal vehicle just as it is. But wouldn’t you like it far better if it were producing tax deductions? Perhaps big deductions,...
Read MoreFiling a tax return is a responsibility that all people need to follow to stay compliant with the IRS. While most people will be able to file their taxes and receive a tax return, those with more complex tax situations, or those who...
Read MoreA letter from the IRS is rarely a good thing. One of the worst missives to get from the tax man is the CP90 – Final Notice Before Levy. It is a final warning shot to scare you into paying up and should not be ignored. After an...
Read MoreHow the 90-Day Mileage Log Rule Works for You Often in an IRS audit, the examiner will ask for your mileage log at the beginning of the audit. If you do not have a mileage log, then you are in danger of losing more than just vehicle...
Read MoreOn September 27, the Trump administration and congressional Republicans outlined a nine-page “Unified Framework for Fixing Our Broken Tax Code.” What effect might this proposal have on the amount you pay? The plan appears...
Read MoreHire Your Child and Get Paid You can pay your child to work in your business and get paid yourself for this arrangement. Sound too good to be true? The basic mechanics of this are (a) you deduct the wages and (b) your child pays zero...
Read MoreSelling to a Related Party Can Kill Your Tax Losses If you sell property to a related party, you may not deduct your loss on the sale. And this gets worse. The loss you cannot deduct no longer belongs to you. It moves to the related...
Read MoreYou may have heard of the virtual currency bitcoin. More and more companies now accept it as payment, and third-party payment processors - such as Stripe - are now offering bitcoin as a payment option. We'll tell you what bitcoin is,...
Read MoreBuy Your Employees (and Yourself) Flowers and Fruit, and Deduct the Cost Under the de minimis fringe benefit rules, your business deducts the cost of giving you or your employees flowers, fruit, books, and similar property under...
Read MoreSome young adults manage to acquire a fair amount of financial literacy. In the classroom or the workplace, they learn a great deal about financial principles. Others lack such knowledge and learn money lessons by paying, to reference...
Read MoreCertain kinds of coverage may help to sustain you financially in an emergency. You plan for retirement with expectations in mind. You hope to enjoy a certain quality of life, with sufficient income resulting from smart financial...
Read MoreTrump Won… Now What? Individual Taxes • Cut brackets to three: 12-25-33% • Boost standard deduction to $15,000 ($30,000 for joint filers) • New deduction for individual health insurance premiums • New...
Read MoreGun Ownership and Your Homeowners Policy If you own a gun, you need to consider whether you are covered in the event the gun is stolen or destroyed and protected against any potential liability should your firearm cause an injury. Gun...
Read More2016 Tax Proposals Clinton Trump Keep current tax bracket structure 4% surcharge on incomes >$5 million Impose “Buffett Rule”: Minimum tax of 30% on incomes over $1.0 million Redefine long-term gains at 2+ years (from...
Read MoreCongress just changed the Social Security benefit rules. On October 30, Capitol Hill lawmakers approved a two-year federal budget deal. As part of that agreement, they authorized the most significant change to Social Security policy...
Read MoreAmericans have been complaining about income taxes since the IRS unleashed the first Form 1040 on us back in 1913. Sure, we all hate paying them. But as the tax code has ballooned to twice the length of the Bible (with none of the good...
Read MoreYou may remember that 2013 was a big year for taxes. Congress passed legislation averting the so-called "fiscal cliff," and many of the "Obamacare" changes took effect. While few of us who watched the process would consider it...
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