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    Client Axcess
    Avoid Amending for Audits of an IRS Tax Return Audit
    Posts

    Better to be surprised now than during an audit

    After filing a tax return, most of us are simply relieved another tax year is done. Before storing away your...

    What is a quality of earnings report and why do you need one if you are selling your business? By Len Friedman, RRBB Valuation and Litigation Support
    Posts

    What is a quality of earnings report and why do you need one if you are selling your business?

    If you are considering a sale, a quality of earnings (QofE) report helps buyers and sellers understand a company’s earnings....

    Social Security Earnings Report Review
    Posts

    An earnings report review is for everyone

    Most of us go through life without being concerned about or checking our Social Security records. We assume the money...

    Age and Taxes
    Posts

    Age does matter, when it comes to tax obligations

    One of the elements that makes our federal tax code so hard to follow is that different laws for taxes...

    Record Retention: Tips to Organize Your Tax Records
    Posts

    A guide to tax record retention

    After filing your tax return, do not close the book on your taxes until you have set up next year's...

    Tax Day Payments
    Posts

    It’s Tax Day! Don’t forget 1st quarter estimated payments

    Now is the time to pay your taxes and make your estimated tax payment. Both your individual tax return and...

    Why do I need a tax professional?
    Posts

    Why do I need a tax professional when I can buy tax prep software?

    You may wonder, "Why do I need a tax professional when I can buy tax prep software?" If you listen...

    Tax bill payment options
    Posts

    Tax bill payment options expand digitally: Understand the options and costs

    As payment alternatives continue to evolve in the economy, so do the payment options available to pay your tax bill....

    Tax Return Delayed
    Posts

    Those pesky delays: Here are some of the common causes

    Wondering why your tax return is not finished? The delay can often come from one or two items that were...

    estimated taxes for tax day
    Posts

    It’s tax time! Here are some last-minute details and tips

    With the individual tax-filing deadline on Tuesday, April 15th, if you have not already done so, now is the time...

    Tax Break for Elderly Caregiver(s) Maximize Deductions for Assisted Living
    Posts

    How to maximize deductions for assisted living

    Someone in your family may need assisted living care at some point. This care can be at an assisted living...

    Incorrect Tax Form
    Posts

    Help! My tax form is wrong!

    As the April 15th deadline quickly approaches, you may be scrambling to get your ducks in a row. However, you...

    Planning and Preparation for Protecting family estate while kids filing their own taxes
    Posts

    Tax uncertainty requires preparedness

    With several tax provisions set to expire at the end of this year, now is the time to evaluate your...

    Corporate Transparency Act Small Business Beneficial Ownership (BOI) Reporting Deadline
    Posts

    ALERT: Small business beneficial ownership reporting update

    The Corporate Transparency Act requires most small businesses to file a report on the Financial Crimes Enforcement Network (FinCEN) of...

    Unemployment Taxes for Businesses
    Posts

    Manage your business’s unemployment taxes

    As a business owner, you must pay three different types of payroll taxes, as shown below. While FICA may be...

    Understanding the Tax Gap Projections Map Table
    Posts

    Understanding the tax gap: How voluntary tax compliance is measured

    As new rules and regulations introduce penalties for tax return errors, it's essential to recognize that the U.S. tax system...

    2024-2025 Calendar for Tax Return Information and Tips with first quarter estimates taxes
    Posts

    Tax return information that’s easy to miss

    Double-check this list of commonly overlooked information to ensure your tax return is filed quickly and without error. These little...

    IRS Workforce Changes
    Posts

    How recent IRS workforce changes may impact your tax filing

    Recent changes in the IRS workforce may affect how you file your tax return this year. Here’s what you need...

    Identity Theft
    Posts

    The new problem with IRS identity theft

    If you are a victim of tax identity theft, there is more bad news. In its most recent annual report...

    Corporate Transparency Act Small Business Beneficial Ownership (BOI) Reporting Deadline
    Posts

    FinCEN extends beneficial ownership information reporting deadline by 30 days

    Financial Crimes Enforcement Network (FinCEN) has extended the beneficial ownership information (BOI) reporting deadline by 30 days and announced its...

    When to Start Tax Planning and Filing Your Taxes Early for Savings
    Posts

    Tax savings can be found in the elections you make

    Every year is an election year when it comes to making decisions on your annual income tax return. Here are...

    New log standard business mileage tax deduction rates for 2024/2025
    Posts

    Does your mileage log travel the distance?

    The tax code allows deductions for qualified miles driven for business, medical, moving, and charitable purposes. But to claim this...

    Basis is a standard IRS term that probably does not enter your everyday conversation. This IRS term is important because it impacts the taxes you pay when you sell, exchange, or give away property. So what does basis mean in tax terms anyway?
    Posts

    Understanding tax terms: Covering the bases on basis

    Basis is a standard IRS term that probably does not enter your everyday conversation. This IRS term is important because...

    correct your reporting online payment on 1099-Ks
    Posts

    Review and correct your 1099s now

    It's now February, and you realize the Form 1099 you received is in error. In fact, it overstates your income...

    What contemporaneous records do I need to keep? CPA preparations or compilations
    Posts

    Understanding tax terms: contemporaneous records

    If you have problems sleeping at night and turn to the IRS tax code for help, you might find some...

    IRS Letter for Penalty Relief Notices and Rebate Payments
    Posts

    IRS proactively issues one million rebate payments

    In late December, the IRS announced plans to issue automatic payments to eligible people who did not claim the Recovery...

    Maximize the Child and Dependent Care Credit to Deduct Summer Activity Expenses
    Posts

    Maximize the child and dependent care credit

    The Child and Dependent Care Credit reduces taxes to offset the cost of daycare when you are employed. The maximum...

    Record Retention: Tips to Organize Your Tax Records
    Posts

    It’s tax preparation time

    January officially launches the tax season. As those tax forms start coming in, here are some tips to help you...

    Delisted Accounting Published by Planet MicroCap Review Magazine
    Posts

    “Delisted Accounting” Published by Planet MicroCap Review Magazine

    If a company has failed to meet the conditions that triggered a deficiency notice resulting in the company’s shares being...

    New log standard business mileage tax deduction rates for 2024/2025
    Posts

    2025 mileage rates are here

    The new mileage rates for travel are now set for 2025. The standard business mileage rate increases by 3 cents...

    Tax Tips to Avoid Late Payment Penalties when Second or Fourth Quarter Taxes Due
    Posts

    Now is the time to make your estimated tax payment

    If you have not already done so, now is the time to review your taxes and make an estimated fourth-quarter...

    The Kiddie Tax - Child Credits for 2021 Gift Return
    Posts

    Leveraging kiddie tax rules

    The beginning of each year is a great time to start your tax planning. One area to help reduce your...

    Tax season scams
    Posts

    Tax season is scam season

    As a reminder, tax season is also the season for savvy criminals to initiate their scams. As you prepare to...

    2024 planning for tax-effective contributions to retirement savings accounts and relief for RMDs with the 10-year rule
    Posts

    Plan your 2025 retirement contributions

    As part of your planning, now is the time to review the contributions to your retirement accounts in 2025. Recent...

    Phishing scams
    Posts

    Gone phishing?

    Each year, the IRS publishes the top dozen tax scams it encounters over the prior year. Phishing makes an all-too-common...

    Common Tax Myth
    Posts

    Watch out for these tax myths

    Many myths about the IRS and the tax code have recently been amplified online. Here are common myths that could...

    tax tips for hiring family members in your small business
    Posts

    Tax planning for your business

    As 2024 winds down, here are some tax tips to help you prepare your business for filing your upcoming tax...

    Understanding Taxes 101: Prepare for Tax Day Season with year-end planning and reduction tips and techniques
    Posts

    Taxes: understanding the essentials

    Navigating the tax system can be challenging for everyone, whether you're an adult who hasn't paid much attention to paycheck...

    Changes to Tax Law Provisions for Businesses in 2025
    Posts

    The 2025 tax law uncertainty

    With the changes happening in Washington, D.C., there is now some uncertainty about what tax policies we may see in...

    Year-End Tax Savings Checklist
    Posts

    Great tax moves you can still make before the end of the year

    Conducting a year-end tax review of your financial situation can uncover opportunities to cut your tax bill or save you...

    avoid name mismatch audits
    Posts

    How to avoid name mismatch audits

    If you were married, divorced, or changed your name for any reason during the past year, you must change your...

    taxable income items reduction ideas
    Posts

    Is there a taxable income reduction idea you can use?

    Many tax experts talk about shifting your tax burden from one year to the next. While it may make sense...

    Taxable or Not Taxable?
    Posts

    What is taxable and not taxable?

    The tax code contains several areas that can confuse the taxability of money received. Some of these items may surprise...

    Social Security Benefit Changes for 2025
    Posts

    Hike in Social Security Benefits announced for 2025

    The Social Security Administration announced a 2.5% boost to monthly Social Security and Supplemental Security Income (SSI) benefits for 2025,...

    What Head of Household Means
    Posts

    Understanding tax terms: Head of household

    One of the most misinterpreted tax terms in the U.S. tax code is "head of household," so we're here to...

    What contemporaneous records do I need to keep? CPA preparations or compilations
    Posts

    What records do I need to keep?

    Everyone must keep records that substantiate their tax returns or other important life events for as long as necessary. So,...

    When to Start Tax Planning and Filing Your Taxes Early for Savings
    Posts

    A dozen tax planning triggers

    If you're wondering when a good time to start tax planning is, it's now. Tax planning season has begun! Those...

    Understanding tax terms for wash sales
    Posts

    Surprise! Your stock loss is not deductible

    You may be considering booking stock losses due to recent market drops. Selling can be a great strategy when these...

    Maximize the Child and Dependent Care Credit to Deduct Summer Activity Expenses
    Posts

    An option to deduct summer activity expenses

    The kids are out of school. So, now is a great time to review the rules to deduct eligible summer...

    Business Owner Employee Tax Limits not filing on time for Independent Contractor vs. Employee and retirement plans for small businesses
    Posts

    Retirement plan options for small business owners

    Offering a retirement plan can be a powerful tool when you’re competing to attract the best employees. And if you're...

    Changes to Tax Law Provisions for Businesses in 2025
    Posts

    Take advantage before tax changes occur

    Unless Congress takes action, a number of temporary tax laws are going to expire at the end of 2025. This...

    IRA contribution error with contributions to retirement savings to retire early
    Posts

    Tax tips to aid in retiring early

    Wouldn’t it be nice to check out of the workforce early and not need to worry about having enough money...

    The Homeowner Tax Break to reduce your bills, property taxes, and real estate probate costs or apply risk of depreciation recapture rules on home sale
    Posts

    This large gain exclusion creates a tax risk

    One of the more popular provisions in the tax code is the $250,000 capital gain exclusion ($500,000 for a married...

    What to Know about Your Status of IRS Tax Refund Deadline
    Posts

    Anticipating your refund? What you should know

    If you e-file your tax return, you can generally expect to receive your refund within three weeks of the IRS...

    What does the IRS know about me? Revenue officer notices and visits from tax return filing requirements
    Posts

    IRS notices creating alarm: Here is what to know

    Beginning in April, several IRS notices began hitting mailboxes. Unfortunately, the notices are coming in cold, as the IRS is...

    Changes to Tax Law Provisions for Businesses in 2025
    Posts

    President Biden’s proposed budget highlights his tax agenda – part two

    In his proposed budget for fiscal year 2025, President Biden has included several tax provisions. These will impact individuals, families,...

    Changes to Tax Law Provisions for Businesses in 2025
    Posts

    President Biden’s proposed budget highlights his tax agenda – part one

    In his budget proposal for fiscal year 2025, President Biden includes several tax measures that will impact businesses and corporate...

    What to Know about Your Status of IRS Tax Refund Deadline
    Posts

    Oh no! Your tax refund is now a bill

    Many taxpayers start preparing their tax returns, hoping to receive a sizable refund, only to find out that their actual...

    New Tax Rules for Homeowners
    Posts

    New tax rules are creating confusion for homeowners

    Because of many home-related tax changes over the years, it can easily confuse taxpayers on what, when, and how much...

    The Paycheck Tax Tip
    Posts

    A great place to lower your taxes: your paycheck

    Here is a tip: the tax code has plenty of ways to reduce your taxable income, and many take place...

    Business Owner Employee Tax Limits not filing on time for Independent Contractor vs. Employee and retirement plans for small businesses
    Posts

    The DOL issues new final rule on independent contractor vs. employee status – part two

    The final new rule on employee status substantially resembles the October 2022 publication of the proposed rule. The U.S. Department...

    Business Owner Employee Tax Limits not filing on time for Independent Contractor vs. Employee and retirement plans for small businesses
    Posts

    The DOL issues new final rule on independent contractor vs. employee status – part one

    Over the past ten years, multiple revisions have been made to the U.S. Department of Labor's (DOL) standard for deciding...

    proof of check payment
    Posts

    No check! Where’s your proof?

    Preparing to file your tax return is a great time to ensure you have proper documentation to substantiate your tax...

    The Homeowner Tax Break to reduce your bills, property taxes, and real estate probate costs or apply risk of depreciation recapture rules on home sale
    Posts

    The $500,000 homeowner tax break

    A large tax break allows a homeowner to exclude up to $250,000 ($500,000 married) in capital gains on the sale...

    Retirement Account Withdrawal
    Posts

    Avoid a penalty and tax surprise when withdrawing from retirement accounts

    Retirement accounts that provide tax breaks have very specific rules that you must adhere to if you want to enjoy...

    Why do I need a tax professional to file a business return
    Posts

    File a business return on time or pay the price

    March 15th is the tax filing due date for the 2023 calendar year for S corporations and partnerships. This deadline...

    Business Year-End Tax Planning to Avoid Common Missing Items When Filing
    Posts

    Review these common causes of filing delays

    Double-check this list of common missing items that often cause delays when filing your tax return and receiving your much-anticipated...

    taxable income items reduction ideas
    Posts

    Six surprising taxable items

    If something of value changes hands, you can bet the IRS will consider a way to tax it. Here are...

    When to Start Tax Planning and Filing Your Taxes Early for Savings
    Posts

    When it makes sense to file a tax return as soon as you can

    The 2024 tax season for 2023 tax returns is now officially underway. Here are several reasons to consider filing your...

    Identity Theft
    Posts

    IRS identity theft season begins now

    Thieves try to steal billions in federal withholdings each year by stealing your identity. As the IRS focuses more attention...

    Tech and Biotech Startups
    Posts

    Giving tech and biotech startups a leg up

    Startups, especially tech and biotech startups, are common these days. Most of these companies do not have enough resources, such...

    2024-2025 Calendar for Tax Return Information and Tips with first quarter estimates taxes
    Posts

    2024 tax calendar

    To help you make sure you don’t miss any important 2024 deadlines, we’ve provided this calendar of when various tax-related...

    relief program and withdrawal options for scam victim of ERTC claims scams
    Posts

    The IRS unveils ERTC relief program for employers

    Since July 2023, the IRS has been responding to a "flood of ineligible claims" for the Employee Retention Tax Credit...

    tax surprises bring rejected tax returns via e-filing electronically filing information returns
    Posts

    There’s a new threshold for electronically filing information returns

    Does your company submit ten or more information returns to the IRS? If so, then you need to submit them...

    New log standard business mileage tax deduction rates for 2024/2025
    Posts

    New mileage rates for 2024 announced by the IRS

    Mileage rates for travel are now in place for 2024. The standard business mileage rate increases by 1.5 to 67...

    2024 planning for tax-effective contributions to retirement savings accounts and relief for RMDs with the 10-year rule
    Posts

    Plan your 2024 retirement contributions

    As part of your retirement planning for 2024, now is the time to review funding your retirement accounts. Recent cost-of-living...

    estimated taxes for tax day
    Posts

    Now is the time to make your estimated tax payment

    Now is the time to review your tax situation and pay your estimated quarterly taxes using IRS Form 1040-ES. If...

    Tax Tips to Avoid Late Payment Penalties when Second or Fourth Quarter Taxes Due
    Posts

    Great tax tips to start the New Year

    The old year is out, and the new one is in. Here are some tax tips to start 2024 with...

    Avoid Amending for Audits of an IRS Tax Return Audit
    Posts

    Best way to avoid an IRS audit: preparation

    An IRS audit is no fun. Some taxpayers must undergo random audits every year, but the chances of that happening...

    Understanding Taxes 101: Prepare for Tax Day Season with year-end planning and reduction tips and techniques
    Posts

    Tips for a smooth tax season

    With tax season underway, here are tips to make filing your return as stress-free as possible. Tax season tips Gather...

    Selling property to family and what else requires a tax review for inherited IRA
    Posts

    Selling property to family creates tax complications

    The IRS considers selling property to a family member or loved one a related-party transaction. If you are contemplating a...

    What does the IRS know about me? Revenue officer notices and visits from tax return filing requirements
    Posts

    Know what the IRS knows about you

    People often wonder, "What does the IRS know about me?" It would help to discover what the IRS knows about...

    Corporate Transparency Act Small Business Beneficial Ownership (BOI) Reporting Deadline
    Posts

    Businesses: Do you have to comply with the new corporate transparency reporting rules? Part two

    Reporting companies are now required by the Corporate Transparency Act (CTA) to submit identifying information about their company applicants. A...

    Corporate Transparency Act Small Business Beneficial Ownership (BOI) Reporting Deadline
    Posts

    Businesses: Do you have to comply with the new corporate transparency reporting rules? Part one

    New reporting conditions may soon be a requirement for your company. These rules, coming from 2021's Corporate Transparency Act (CTA),...

    tax surprises bring rejected tax returns via e-filing electronically filing information returns
    Posts

    Surprise! The mutual fund tax trap

    Too often, taxpayers receive tax surprises at year-end due to actions taken by mutual funds they own. What can add...

    correct your reporting online payment on 1099-Ks
    Posts

    IRS delays new reporting rule for online payment processors

    The IRS delayed a new rule that would have required an estimated 44 million taxpayers to receive tax forms from...

    Why do I need a tax professional to file a business return
    Posts

    5 strategies to cut your company’s 2023 tax bill

    Even if markets and interest rates are constantly changing as another year draws to a close, one thing is certain....

    how to reduce your 2023 income tax bill
    Posts

    Take action now to reduce your 2023 income tax bill – part two

    For many people, 2023 will be a confusing year to plan for taxes due to various issues. These include erratic...

    how to reduce your 2023 income tax bill
    Posts

    Take action now to reduce your 2023 income tax bill – part one

    For many people, 2023 will be a confusing year to plan for taxes due to various issues. These include erratic...

    2024 Cost-Of-Living Adjustment Tax and Estate Planning
    Posts

    How the 2024 cost-of-living adjustment numbers affect your year-end tax planning – part two

    The IRS released the 2024 cost-of-living adjustments for over 60 tax provisions recently. Though not as much as in the...

    2024 Cost-Of-Living Adjustment Tax and Estate Planning
    Posts

    How the 2024 cost-of-living adjustment numbers affect your year-end tax planning – part one

    The IRS released the 2024 cost-of-living adjustment numbers for over 60 tax provisions recently. Though not as much as in...

    Understanding Taxes 101: Prepare for Tax Day Season with year-end planning and reduction tips and techniques
    Posts

    Tax planning: Now more important than ever

    Thankfully, it’s not too late to try and minimize your taxes for 2023. If you haven’t scheduled a tax planning...

    The best defense for what to do when audited on audits of an IRS Tax Return Audit
    Posts

    Audit proof your deductions

    The IRS is being very public about increasing the review of tax returns. The best defense for you is to...

    Business Year-End Tax Planning to Avoid Common Missing Items When Filing
    Posts

    Year-end tax planning tips for your business

    As 2023 winds down and we quickly approach year-end, here are some planning ideas to help you prepare for filing...

    relief program and withdrawal options for scam victim of ERTC claims scams
    Posts

    IRS offers a withdrawal option to businesses that claimed ERTCs

    Some businesses are concerned about the validity of their claims for the Employee Retention Tax Credit (ERTC), a significant but...

    2024 planning for tax-effective contributions to retirement savings accounts and relief for RMDs with the 10-year rule
    Posts

    Large retirement account balances can cause tax problems

    Putting off distributions and holding assets in your retirement accounts as long as possible may seem like a good idea....

    giving excess gifts and filing a gift tax return vs. bequests
    Posts

    Deciding whether to make lifetime gifts or bequests at death can be a deceptively complex question

    Passing on as much of your fortune to your family as possible may be one of your primary estate planning...

    Increase and Maximize Your Social Security Benefits
    Posts

    Hike in Social Security benefits announced for 2024

    The Social Security Administration announced a 3.2% increase in monthly Social Security and Supplemental Security Income (SSI) benefits for 2024....

    IRS Letter for Penalty Relief Notices and Rebate Payments
    Posts

    Think twice about automatically paying the amount due on a notice

    Here are some quotes from IRS correspondence that serve as evidence that our national tax collection agency is not always...

    Increase and Maximize Your Social Security Benefits
    Posts

    How to Maximize Your Social Security

    When you decide to start taking your Social Security benefit can greatly impact the monthly amount you receive. You can receive...

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