The myth of the ‘correct’ tax return

Posted Leave a commentPosted in Accounting, IRS, Taxes

I occasionally have a conversation with a client, a potential client or another accountant on the topic of the accuracy of a tax return and IRS action. The comments might sound something like one of these: “The last two accountants messed this up and it needs to be made right.” “I am very particular about my […]

IRS catches nonprofit accounting cover-up

Posted Leave a commentPosted in Accounting, IRS, nonprofit, Taxes

This week the Washington Post reported that Donald Trump was fined $2,500 by the IRS for filing a false report to the IRS about the activities of his nonprofit foundation. Nonprofit organizations are not supposed to give money to political campaigns. He did, and then covered up the political donation by reporting it to the […]

Simple advice to avoid IRS scams

Posted 1 CommentPosted in IRS, Scam, Taxes

Hardly a week goes by when I don’t read about people falling victim of a new tax scam. Scammers are growing more numerous, more aggressive and more sophisticated. Most of these scams involve telephone calls or emails pretending to be from the IRS. Ordinary business and individual taxpayers should be aware of the following: IRS […]

Save money by skipping small business accounting

Posted Leave a commentPosted in Accounting, IRS, Small Business

I have a few small business clients who do not bother with traditional accounting. That is, they do not have a system like QuickBooks or something similar to compile, organize and analyze their financial transaction records in real time. In most cases these are sole proprietors. But in one case an owner of a multi-million dollar sales […]