Caution: Cliff Ahead

Caution: Cliff Ahead

Now that the 2012 Presidential Election is over, you’ve surely heard the next big news: “The Fiscal Cliff”. What the heck is a Fiscal Cliff? It’s a pet name that our Federal Reserve chairman, Ben Bernanke, came up with to describe a set of circumstances that are due to occur [...]

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Bush Tax Cuts Set to Expire

Bush Tax Cuts Set to Expire

Apr 10, 2012 in New Tax Issues
Everyone will pay more in taxes if the Bush Tax Cuts are left to expire at the end of 2012. Some changes will be subtle and others will be very dramatic. All of this depends on where you fall into the tax code.
The Bush tax cuts were passed in 2001 as the Economic Growth and Recovery Tax Act. [...]

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Refund Delays?

Refund Delays?

Mar 13, 2012 in New Tax Issues
Why is it taking so long to get my Tax Refund???
Your IRS refunds are going to be delayed by an extra week this year. The culprits are the fraudulent tax returns and the modernized E-File system initiated by the IRS in 2009
Fraudulent Tax Return filing has been on the rise for the last c [...]

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Extended Payroll Tax Cut Could Benefit Small Business Owners

Extended Payroll Tax Cut Could Benefit Small Business Owners

We’ve discovered some good news for the savvy small business owner. The IRS has extended a 2011 payroll tax cut through the end of February 2012. This tax cut is a 2% reduction in Social Security tax from 6.2% o 4.2%. (which they assure us will have no effect on our Social Security benefits in [...]

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1099-K, Merchant Account Payments and You

1099-K, Merchant Account Payments and You

What is a 1099-K and why am I receiving it?
The 1099-K is a new form for 2011 for reporting payments to the IRS that are received by a person or a business from a Merchant (Visa, Mastercard, American Express, Discover) and/or a Third Party Network, (PayPal, Google Checkout, etc.) when the tota [...]

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Ignorance Is Not Bliss: What Tax Records Businesses Need to Keep

Ignorance Is Not Bliss: What Tax Records Businesses Need to Keep

The American Dream Doesn't Include Worrying About Tax Documentation
Last week we went over the individual tax payer’s record keeping requirements, this week I want to discuss what business owners should be holding onto and for how long.
Obviously businesses have a more extensive li [...]

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Small Business to be Hit Hard by New SECA Rules

Small Business to be Hit Hard by New SECA Rules

IRS closing S-Corp Tax Loop Holes
As a trusted tax advisor I am in the position of researching new proposed tax laws and passing that information on to my clients. Sometimes a new bill comes along that I feel is important for my clients and readers to get a heads up on due to the major tax imp [...]

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Health Care Reform & How It Will Affect You

Health Care Reform & How It Will Affect You

Obama signing the bill at the White House
Whether you love it, hate it or are ambivalent towards it, the Patient Protection and Affordable Care Act was signed into law on March 23 will be affecting your life in some way over the next four years. As a rule, bills are generally quite convoluted [...]

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Bad Debts Gone Wild: Part III, Business Debt

Bad Debts Gone Wild: Part III, Business Debt

Business failure can leave you feeling totally de-railed
In the last part of this series, we covered the consumer side of bad debt charge-offs and how the IRS handles that from a tax perspective. Today I want to delve into the business side of bad debt charge-offs. This side of things is usual [...]

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Tax Day – Gone Today But Not Forever

Tax Day – Gone Today But Not Forever

So today is Tax Day and as the final return is filed, the last client steps out the door and we all sit back to congratulate ourselves on a job well done, it is also the day we launch our new Blog!
Because we are a progressive accounting firm that believes in utilizing the latest tools and tec [...]

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