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If You Think You Should Talk to a CPA, You Need To

It is almost always better to get advice before an event happens, so that potential problems can be avoided. Fixing tax issues generally is more difficult after the fact.

If there is a problem, do not let it compound, work towards getting it solved.

Intelligent Business Creation

“A project is complete when it starts working for you, rather than you working for it.”

  • Scott Allen

Getting off on the right foot, will save you time and money once your new business becomes established.

IRS Depreciation Deduction Limitations & Lease Inclusion Amounts - 2013

The IRS has issued the depreciation deduction limitations and lease inclusion amounts for vehicles purchased or leased in 2013. In general, there are two methods for computing vehicle expenses, the standard mileage rate (56.5 cents per mile for 2013; 55.5 cents per mile for 2012) or the actual expense method. If you use the standard mileage rate method you may not depreciate your car or deduct lease payments. If you use the actual cost method, you may take deductions for depreciation or lease payments, registration fees, licenses, gas, insurance, oil, repairs, garage rent, tolls, tires and parking fees.

IRS Modifies Offshore Compliance Programs

The IRS has announced changes to two of its offshore voluntary compliance programs; namely, the streamlined filing compliance process and the Offshore Voluntary Disclosure Program (OVDP). These programs are part of a wider effort to stop offshore tax evasion, which includes enhanced enforcement, criminal prosecutions, and implementation of third-party reporting via the Foreign Account Tax Compliance Act (FATCA). The changes

IRS or DOR Audit Representation & Negotiations

"Never cut what you can untie."
- Joseph Joubert

So, you've received notice from the IRS or state department of revenue that you owe them an unsettling amount? Or perhaps you have an impending IRS audit or sales tax audit? The agencies allow negotiations and payment plans that not all are aware of. You don't need to panic, you need a sound and experienced representative. We can help.

IRS Taxpayer Bill of Rights

IRS's Taxpayer Bill of Rights

In an effort to be a kinder friendlier IRS, the organization has released its Taxpayer Bill of Rights:

Bill of Tax Rights<

  • The Right to Be Informed<
  • The Right to Quality Service<
  • The Right to Pay No More than the Correct Amount of Tax<
  • The Right to Challenge the IRS’s Position and Be Heard<
  • The Right to Appeal an IRS Decision in an Independent Forum<
  • The Right to Finality<
  • The Right to Privacy<
  • The Right to Confidentiality<
  • The Right to Retain Representation<
  • The Right to a Fair and Just Tax System<

What does this mean for you? How well does the IRS follow these guidelines? As a taxpayer, it is absolutely vital to be informed, and understand what these "rights" mean, and what they do not.

Is my BP Claim Settlement Taxable?

It depends, but as you can see in the below payments due to lost wages or income will be taxable.

Taxable:<
  • Lost wages or income
Non-Taxable:<
  • Property Damage (if payment does not exceed basis in property)
  • Physical Injury
Is There a New 3.8% Sales Tax on Real Estate?

We were asked:

I am trying to find out if it is true that homeowners selling after Jan 1 2013 will have to pay a 3.8% sales tax on their sale. I have asked a couple of realtors but on one can give me an answer. I get emails all the time claiming that this is a part of Obamacare in order to pay for it.

We get this question all the time. There was an extremely popular email that claimed such, and the idea gained new life as 2013 rolled around.

Is this Form STD 261 Email Legitimate, Spam, or a Virus?

We've received questions about the following email:

All employees need to have on file this form STD 261 (attached). The original is retained by supervisor and copy goes to Accounting. Accounting need this form to approve mileage reimbursement.

The form can be used for multiple years, however it needs to re-signed annually by employee and supervisor.

Please confirm all employees that may travel using their private car on state business (including training) has a current STD 261 on file. Not having a current copy of this form on file in Accounting may delay a travel reimbursement claim. 

+ ZIP attachment

With the sea of government forms seemingly growing by the minute, this one makes your heart skip a beat thinking that possibly you have missed a deadline. While the form may be legitimate, here are the red flags that you need to recognize: