Using a Ghost Preparer? Who You Going to Call When the IRS Comes Knocking

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Article Highlights: Ghost Preparers PTIN Requirement Signing the Return Preparation to Boost Refund Taxpayer Left Holding the Bag How to Report Ghost Preparers Professional Tax Preparation As people begin to have their…

Major Tax Sunset on the Horizon

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Article Highlights: Estate and Gift Tax Personal Exemptions Standard Deductions Home Mortgage Interest Deduction Limitation on Tax Deductions (SALT) Suspension of Tier 2 Miscellaneous Itemized Deductions Suspension of…

8 Steps to Avoid Common Tax and Accounting Mistakes

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Successfully steering a small business involves adeptly managing its financial intricacies. Amid the myriad responsibilities, tax and accounting often prove to be a potential minefield for entrepreneurs, with common mistakes capable of significantly…

E-File Mandate – Reporting of Cash Payments Over $10,000

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Article Highlights: Reason for Form 8300 E-File Mandate Waiver Exemptions Late Returns Late Filing Penalties Record Keeping E-File Starting Jan. 1, 2024, businesses are required to electronically file (e-file) Form…

Coming Soon – Business Beneficial Ownership Reporting

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Article Highlights Corporate Transparency Act (CTA) Financial Crimes Enforcement Network (FinCEN) Companies Required to Report Beneficial Ownership Information Who is a Beneficial Owner Filing Due Dates Penalties Updates …

IRS Expands Requirement to E-File Information Returns Starting in 2024

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Article Highlights:  New Lower threshold for e-filing information returns Why the e-filing mandate? What is an Information Return? Other affected filings Corrected information returns Noncompliance Penalties Waivers …

Taxes and Holiday Gift Giving

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Article Highlights: Watch Out for Holiday Gift Scams Gifts with Tax Benefits Gift of College Tuition Gift of College Student’s Supplies Payoff of Student Loan Debt Clean Car Credit Qualified Tuition Programs Qualified…

Cracking the (Tax) Code: Your Guide to Tax Jargon

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Do taxes have you feeling like you've stumbled into a secret society with its own language? You're not alone! The world of taxes is full of jargon that can leave even the savviest of individuals scratching their heads. But don't worry, we’re…

Tax Benefits for Members of the Military

Article Highlights:  Service Member and Spouse Residence or Domicile Non-Taxable Allowances Combat Zone Exclusion Home Mortgage Interest Deduction Home Property Tax Deduction Home Sale Gain Exclusion Moving Deduction …

Made a Mistake on Your Tax Return, so What Happens Now?  

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Article Highlights: Tax Return Mistakes are Common Fixing Tax Return Mistakes Amended Return Superseding Return Don’t Procrastinate in Responding to IRS Common Family Tax Mistakes Generally speaking, tax return mistakes…