The Internal Revenue Service will now allow taxpayers to submit Form 1040-X electronically when they want to file an amended tax return through commercial software. This will significantly reduce costs and increase efficiency for taxpayers who want to amend a prior tax return to claim a credit or correct an error. The IRS calls this […]
I missed a continuing professional education program on IRS criminal tax procedures yesterday due to ongoing problems restoring utilities after the storm on Tuesday. But I just read the program materials and the IRS 2019 report on criminal tax investigations and one thing jumps out at me: Drug related cases far outweigh all other categories […]
These are the most recent published average industry prices for tax preparation services in the state of New Jersey as of the date of this blog post. These are not my rates, although I do pay attention to this type of published data when calculating my own pricing. Individual tax returns Most individuals who do […]
IRS says: “The gig economy, also called sharing or access economy, is activity where taxpayers earn income providing on-demand work, services or goods. Often, it’s through a digital platform like an app or website. While there are many types of sharing economy businesses, ride-sharing and home rentals are two of the most popular. Here are […]
The new federal law providing public financial relief during the corona virus pandemic also brings some serious hidden risks for people who receive public financial assistance with their health insurance coverage. Since health insurance would be unaffordable to many people without financial assistance from Medicaid or the Advance Premium Tax Credits, any change that threatens […]
The title of this post might imply that I’m spoofing on the popular book series. That’s not my intent. The title of this post refers to the amount of deliberate or just unformed false information spewed out in social media about disaster relief right now. A lot of the misinformation appears to be coming from […]
“Thank you for asking about my services this year! I had the exciting opportunity a few months ago to start a brand new CPA firm in New Jersey. It was quite an undertaking but now have a new address, new licenses and new staff. We are motivated by this new unfettered ability to make real […]
Many cyber currency owners believe that if they didn’t receive any cash then there is no tax due now. IRS disagrees and will let them know! Even a “fork” in your cyser currency now triggers immediate tax under current IRS rules. Owing tax without receiving any real benefit strikes many as unfair and the Virtual […]
Avoiding the usual scams: Tax-related scams this year have risen to a level I’ve not experienced before in more than 4 decades of practice. Tax preparers are among the most targeted group. The defenses tend to require low tech personal attention. EMAIL – We observe that most (I read 85%) of scams begin with email. […]
Taxes are perceived differently by each individual even though the overall set of chaotic rules is the same for all of us. Yet when it comes to dealing with that chaos in a manner that leads to peace and prosperity, the process always involves the same three steps: Resolve past problems. Old issues don’t go […]