Tax season cleanup: Which records can you toss?
Tue, Apr 1, 2025

The mountain of paper and electronic records needed to support a tax return may include receipts, bank and investment account statements, K-1s, W-2s, and 1099s. How long must the records be saved? This article provides an overview.

Payroll fraud threats inside and outside your company
Tue, Apr 1, 2025

Payroll fraud schemes aren’t uncommon and can be costly. According to a recent Association of Certified Fraud Examiners study, the median loss generated by payroll fraud incidents is $50,000. It’s essential to know the payroll schemes making the rounds and how to prevent them – or at least catch them before they go on very long. Here are highlights of common schemes and tips for reducing payroll fraud risks.

The tax side of gambling
Tue, Apr 1, 2025

Whether an individual is a casual or professional gambler, their winnings are taxable. However, the Treasury Inspector General for Tax Administration reports that gambling income is vastly underreported. Failing to report winnings accurately can lead to back taxes, interest, and penalties. Here’s what taxpayers need to know to stay compliant and potentially minimize their tax bills.

Stuck in the Middle: Life in the Sandwich Generation
Tue, Apr 1, 2025

The term “sandwich generation” was coined to describe baby boomers caught between caring for their aging parents and their children. The term now applies to whichever generation is grappling with the problem, today most commonly Generation Xers and older Millennials. For those in the middle of the sandwich, it may be time for honest discussions about pressing issues with the other parties.

 

Tax Calendar
Tue, Apr 1, 2025

This calendar notes important tax deadlines for the second quarter of 2025.

Could you be hit with the Trust Fund Recovery Penalty?
Sat, Mar 1, 2025

Business owners with employees could have to personally pay a harsh tax penalty if they aren’t careful. It’s called the Trust Fund Recovery Penalty, and it applies to the Social Security and income taxes required to be withheld by a company from its employees’ wages. This article examines the risk and explains how business owners, managers and other parties can avoid penalties.
 

Next-level growth: Unlocking your business’s full potential
Sat, Mar 1, 2025

Small businesses encounter many challenges and opportunities. This article helps business owners through growing pains by addressing two key areas: 1) financial and tax reporting and 2) working capital.

It may Not be too late to reduce your 2024 taxes.
Sat, Mar 1, 2025

Taxpayers seeking to minimize their 2024 taxes may still be able to do so. Those who qualify can make a deductible 2024 contribution to a traditional IRA until the federal income tax return filing date (April 15, 2025).

File your FBAR on Time to avoid penalties
Sat, Mar 1, 2025

In an increasingly global society, many taxpayers hold foreign accounts. This article explains the rules regarding who must file a Report of Foreign Bank and Financial Accounts (FBAR) with the federal government.

Year-end tax planning strategies for businesses
Fri, Nov 1, 2024

As 2024 is nearing its end, now is a good time for businesses to consider year-end moves that can help reduce their tax bills. This article explores several year-end tax planning strategies for businesses to consider. A brief sidebar answers the question of whether companies can write off bad business debts.

Year-end tax planning moves for individuals
Fri, Nov 1, 2024

It’s almost holiday season, so taxes probably aren’t top of mind for taxpayers. But along with the festivities, it’s also a good time to consider tax strategies that may reduce this year’s tax bill — and possibly future years’ tax bills as well. Here are three tax planning moves that might trim the fat off a 2024 tax bill.

Want to find out what IRS auditors know about your industry?
Fri, Nov 1, 2024

To prepare for a business audit, an IRS examiner generally researches the specific industry and issues on the taxpayer’s return. Examiners may use IRS Audit Techniques Guides (ATGs) to do so. A little-known secret is that these guides are available to the public on the IRS website. In other words, a business can use the same guides to gain insight into what the IRS is looking for in terms of compliance with tax laws and regulations.

Seniors: A taxwise alternative to selling your appreciated home
Fri, Nov 1, 2024

In recent years, the residential real estate market has surged in many areas. That means there are more seniors with highly appreciated homes than ever before. Here’s one tax-saving strategy to consider for seniors who may be wondering whether they should sell or stay in their home — and may be concerned about the tax bill.