Ah, yes.
A phone call. Around 9 at night. From someone claiming they are investigating the Social Security fraud I perpetrated.
Ah, yes.
A phone call. Around 9 at night. From someone claiming they are investigating the Social Security fraud I perpetrated.
Now that the tax season is officially over (even though I was presented an additional 6 ‘opportunities’ last night after midnight), I will recount some funny things that occupy the rest of my year.
Yes, folks today is April Fool’s Day. Which means to me, that if you have not yet gotten your ducks in a row and have provided your tax professional (sniff, sniff- not me?) your data, you qualify as a prime fool.
A few years ago, the IRS decided it needed to regulate tax preparers. After all, too many of these folks are fly-by-night cheats, others create fraudulent returns, and most of them fail to stay up-to-date with IRS regulations and tax laws.
Today is Thank-a-Letter-Carrier-Day.
Geez. I can’t stand these politically correct terms. Why not just thank my postman or my postlady? (When I grew up it was only men; thankfully, the government has grown up and lets any gender bring us our mail.)
I’ve discussed the new QBI (Qualified Business Income) regulations several times over the past few months. That’s the new classification that the Tax Cut & Jobs Act has provided to afford pass-through businesses the ability to shield 20% of their profits from income taxes.
One of the largest components (by number of practitioners) in our financial and managerial advisory services is real estate.
I know many of you are wondering what the new tax law will do to your situation.
Well, the IRS finally (yes, during the furlough) has issued two sets of regulations that will make life much better for those of us who run companies.
Continue reading The IRS has issued regulations! During the furlough!
We routinely assist clients who come to us without a drop of information. Yes, that means that their ability to adjust their gross income is limited- unless of course, they actually have a financial system.
Some folks may consider this a case about tax havens, others about how companies manipulate expenses between domestic and overseas operations. Either way, it’s a big win for the IRS.