Audits

Audits

Representation Individual taxpayers who are under audit by the IRS may attend the audit in person without any assistance from a tax professional. However, this can be a dangerous mistake. Although not officially stated, it is the job of an IRS Revenue Agent to conduct...
Audits

Business Entity Pros and Cons

Business Entity Pros and Cons Sole Proprietorship Pros No formal creation process Easy to operate and dissolve Easy to integrate business use of home deductions No double taxation of profits Cons No liability protection, except through insurance Self-employment tax is...
Foreign Bank and Financial Accounts

Foreign Bank and Financial Accounts

Foreign Bank and Financial Accounts If you have a financial interest in or signature authority over a foreign financial account, including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account, exceeding certain thresholds,...
IRS – Will Be Sending Stimulus Debit Cards

IRS – Will Be Sending Stimulus Debit Cards

IRS – Will Be Sending Stimulus Debit Cards Everyone that has not yet received their Economic Stimulus Payment and is expecting a paper check needs to be aware that the IRS announced a change yesterday. The U.S. Treasury Department has stated that the IRS will begin...
Business Use of Home

Business Use of Home

Business Use of Home Expenses Some expenses are deductible whether or not you use your home for business. Others are deductible only if the home is used for business. Deductible Regardless Real estate taxes* Mortgage interest* Casualty losses* Qualified mortgage...