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How The Sharing Economy Affects Your Taxes
If you've ever used--or provided services for-- Uber, Lyft, Airbnb, Etsy, Rover, or TaskRabbit. then you're a member of the sharing economy and it could affect your taxes. The good news is that if you've only used these services (and not provided them), then there's...
Filing an Amended Tax Return: What You Need To Know
What should you do if you already filed your federal tax return and then discover a mistake? First of all, don't worry. In most cases, all you have to do is file an amended tax return. But before you do that, here is what you should be aware of when filing an amended...
Keeping Up With Tax Law Changes
Recently I was talking to a friend/client that is an engineer. We were discussing some of the tax law changes, that went into affect in the 2018 tax year, and how it will affect his engineering firm. After we went over some of the tax law changes, he stated “You must...
Health Insurance Headaches
Health Insurance Headaches Congratulations everyone! Starting in tax year 2019, there is no “shared-responsibility payment” aka “penalty” for not having health insurance. In my eyes, this is a glorious occasion! I’ve had too many follow-up questions with...
Delinquent Tax Debts Could Affect Passport Renewal
As a reminder, individuals with "seriously delinquent tax debts" are subject to a new set of provisions courtesy of the Fixing America's Surface Transportation (FAST) Act, signed into law in December 2015. These provisions went into effect in February 2018. The FAST...
EIN application Process Revised to Enhance Security
Starting May 13, 2019 only individuals with tax identification numbers may request an Employer Identification Number (EIN) as the "responsible party" on the application. An EIN is a nine-digit tax identification number assigned to sole proprietors, corporations,...
Credit for Plug-in Electric Vehicles Winds Down
The tax credit available for purchasers of new General Motors plug-in electric vehicles begins phasing out on April 1, 2019. The phaseout was triggered because General Motors, LLC has sold more than 200,000 vehicles eligible for the plug-in electric drive motor...
Identity Theft and Your Taxes
Tax-related identity theft occurs when someone uses your stolen Social Security number to file a tax return claiming a fraudulent refund. It presents challenges to individuals, businesses, organizations and government agencies, including the IRS. Learning that you are...
Tips for Getting Paid on Time
Have you found that collecting on your accounts receivables has become more challenging? If so, strengthening your collection procedures may allow you to improve collection rates and shorten the aging days of your accounts receivables. While some tips discussed here...
What to Do if You Missed the Tax Deadline
Monday, April 15, 2019, was the tax deadline for most taxpayers to file their tax returns. If you haven't filed a 2018 tax return yet, it's not too late. First, gather any information related to income and deductions for the tax years for which a return is required to...
Improve Segregation of Duties
Segregation of duties is one of the most important initiatives a small business or government can implement to safeguard an organization’s assets and prevent theft and misuse (fraud). In an ideal world, a single person would not be responsible for more than one of the...
Communication Is Key
It is an assumption that we are all naturally great at communication. After all, every person has been learning to communicate since the moment they were born when they first smiled up at their mom and elicited a smile in return. Advancing in communication is one of...
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