Primer on Tax Transcripts

Posted on Leave a commentPosted in IRS, Tax Planning, Taxes

In this age we know that information is power. Tax transcripts are increasingly important for providing primary information to efficiently handle federal tax issues. As a tax adviser, I find that the level of federal tax information available to clients is poor and is often dominated by misinformation and misunderstanding. Tax transcripts give us the most […]

Tax stress?

Posted on Leave a commentPosted in IRS, self-employed, Taxes

This is the time of year when IRS and state auditors pick up the pace of sending out examination notices and this causes some people a lot of stress. I’ve heard plenty of stories about how a person lost sleep or couldn’t enjoy their weekend worrying about the IRS letter. Only one in four of these […]

Sample Tax Services Agreement

Posted on Leave a commentPosted in Accounting, IRS, Taxes

Each year I’ve modified my tax services engagement agreement as circumstances and technologies change. This is the current version of the individual tax service engagement agreement. The primary goal of the engagement agreement remains the same: to document our mutual understanding or the work to be performed in a plainly worded format. Thank you for choosing me […]

Warning to small businesses about 1099 filing requirements

Posted on Leave a commentPosted in Accounting, IRS, Taxes

Facebook Live video added. Based on a handful of disturbing conversations and online exchanges over the past two days, I feel compelled to send this message to my small business clients: “This year the Internal Revenue Service has moved forward the deadline for filing information returns for payments that businesses made in 2016 to its contractors. Form […]

Two changes to tax preparation fees for 2016

Posted on 1 CommentPosted in Accounting, IRS, Taxes

The only two significant changes to tax preparation services from 2015 to 2016 stem from changes the IRS implemented to hold tax preparers financially responsibility for tax fraud. IRS knows that a significant amount of fraud comes from two types of tax returns: People who file for refundable tax credits like Earned Income Credit, Child Tax Credit or American […]