The pandemic has had a monumental impact on every aspect of our national economy. One of the primary ways our government officials responded was through several loans to help small businesses weather the storm and continue paying their employees. As expected, the government has dedicated significant resources to policing the […]
It seems like being tax-exempt would mean that an organization doesn’t need to worry about taxes at all. They are, after all, exempt from taxes. However, nonprofits and tax-exempt organizations still need to address tax-related issues all the time. In fact, even though tax-exempt organizations are free from the burden […]
The federal residential solar energy credit is a program that began in 2006. It allows homeowners to get a dollar-for-dollar tax credit when they install a solar energy system for their homes. What this means for tax preparers Tax preparers have had to take into consideration this opportunity for their […]
The average taxpayer is generally at low risk of getting audited by the IRS, but certain actions and circumstances can increase your chances of having to undergo one. According to an article by NerdWallet, some reasons that may make the IRS more likely to audit you include: Claiming too many business […]
Embezzlement is a far more common occurrence than most people realize. In fact, many businesses treat embezzlement as a common business risk. Accounting for embezzled losses and detecting embezzlement in the office is simply part of doing business. But as an employer, what are your responsibilities? Especially when it comes […]
Protecting client data is essential for all businesses, especially tax preparers who possess sensitive financial and personal information for their customers. Failing to protect that information can be costly and harm a business’s reputation. Securing client information is crucial and mandated by The Financial Services Modernization Act of 1999, which […]
A few years ago when cryptocurrency was in its infancy, tax reporting requirements were murky at best, and many who profited off of Bitcoin, Ethereum and other digital currencies did so without ever receiving a tax bill. The landscape has changed dramatically in 2021. If you have bought, sold, or […]
Tax obligations are complex enough for people conducting business domestically. When a business reaches an overseas market, the complications only increase. If you are doing business outside of the U.S., you can spare yourself significant trouble by avoiding a few common mistakes. Not meeting reporting requirements Your tax reporting requirements expand […]
The Internal Revenue Service (IRS) recently announced a groundbreaking expansion over electronic access for taxpayers and tax preparers. The latest feature gives taxpayers the ability to designate who can represent them in disputes and view their tax records. The new component for individual taxpayers allows them to authorize their preparer to view […]
Tax professionals must take the necessary steps to safeguard sensitive customer information. But during the pandemic, cybercriminals have intensified their attempts to get that private data. The IRS says identity thieves target tax preparers through phishing scams and other tricks. With the 2022 tax season around the corner, these businesses should […]