Several recent developments may affect taxpayers based on a strategy of trading or holding tax-exempt state and local bonds, commonly known as municipal or "munis" bonds....
Almost every business is suffering the impact of the COVID-19 pandemic. There are new challenges that companies must overcome. Everyone charged with the mandate of maintaining companies...
Are you afraid to take a home office deduction because you’re worried it might trigger an audit? This fear is common among small businesses. But there’s really no need...
Posted by Flynn Financial Group Inc on 06/22/2020
Provided that the debts were properly paid off, filling for the IRS tax extension might be easier than what it seems.There are a lot of reasons why we need tax extensions. Some of...
Partners need to examine and review their operating agreement for them to effect the new audit rules. As of the 2017 tax year, the IRS examined tax returns from a partnership...
Posted by Tim Thompson CPA PLLC on 02/27/2020
In 2015, Congress adopted a centralized audit regime for the partnership (the partnership audit rules) that assesses and collects federal taxes due to a partnership-wide audit entity....
Posted by Elliot Kravitz, ATP on 02/25/2020
The Lifetime Learning Credit and American Opportunity Tax Credit reduces the amount of tax you owe. Taxpayers could even qualify for a refund with AOTC should the credit be more than...
Posted by Carmen Garcia on 02/21/2020
There are tens of millions of small businesses scattered across the United States. Sole proprietorship or one-man business is even on the rise with the figure at 40.5 million, according...
We know that the tax season is months away. However, the year will end in a couple of weeks. This is the perfect time to be proactive with your tax planning to have a favorable 2020...
Posted by LLOYD J CAZES CPA on 01/23/2020