Category: Taxes
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Petty Pennsylvania tax penalty
Tax professionals seem to love sharing bizarre stories of the trade especially when the taxpayer or the government acts in some silly manner. I am no exception. Recently I settled a multi-year complex tax problem for a small business client in Pennsylvania. I figured that, as happened in this case, if I can negotiate a…
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The push for release of the president’s tax returns
New Jersey Congressman Bill Pascrell has taken a lead role in pushing Congress to legally obtain a copy of Trump’s tax returns as permitted under Internal Revenue Code section 6103(f). The initiative is likely to ultimately be successful since apparently a strong majority of Americans support the initiative and the Republicans blocking the disclosure are weakening in…
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A tale of two tax penalties
A small business client – a small charity – had an open wage tax penalty issue when I started working with them three years ago. I looked into it, got the amount decreased by a little bit and advised them to pay it ASAP. Then over the next two years they received two more tax penalty…
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CPA sends ultimatum to small businesses
I regret that had to send a few small business clients an ultimatum this morning over what appears to be an unwillingness to address new tougher IRS tax filing requirements. This follows after I notified clients of the new filing requirement a few months ago, offered to handle the flings, but they declined. While the business tax…
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Free online tax return preparation offer
I will offer one free online tax filing service per day (subject to limitations) as a promotion of the advantages online remote professional accounting services. In this second week of February 2017 my peer accountants with brick and mortar offices were already reporting tax season work overloads. Meanwhile in my virtual online office I am now caught…
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Tax refund in less than 4 days
2016 cash refund received from IRS in less than 4 days In one of the fastest transactions I’ve seen, I submitted a 1040A tax return this past Sunday afternoon and the refund was in the taxpayer’s bank account Thursday morning. The key to such a fast refund is to have clear and complete records, no…
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Support for ADP clients
Many of us think of ADP as a payroll company, and for good reason. The company is the market share leader in payroll processing and handles 1 in 6 of all paychecks issued in the United States. But in reality, ADP has transformed into a Human Resources management platform with over 100 specialized applications running…
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IRS refunds dropped sharply
IRS issued surprising data on personal income tax refunds today. The average amount of a refund declined from $3,385 last year to $1,994 this tax season. The reason probably has to do with changes to Earned Income Credit processing. Tax refunds have a significant impact on the consumer goods economy.
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Update on 2017 tax reform
There is no easy button for tax reform. Republicans tax reform plans have changed since my last report on tax reform about six weeks ago. The Republican Senate agenda that was based on using the reconciliation process instead of needing 60 votes in the Senate, the republicans only need a simple majority of 51 votes for…
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We help with Turbotax returns
Self-preparers have an easy option for professional support! For many years I’ve promoted the concept that most people should be able to file their own tax return without outside help. In cases where the taxes are based on salaried income, investment income and other well-documented sources, it makes sense to file your own taxes online and…