COVID-19 Small Business Guidance & Loan Information

Since the CARES Act was passed back in March, there have been many questions regarding the SBA loans, the terms that apply, and the businesses that qualify. In these unprecedented times, there has been a lot of new information announced, and our accounting firm wants to share some important advice for small businesses. There have […]

Avoid Coronavirus Related Scams Tied to Economic Impact Payments

On March 27, 2020, the U.S. House and Senate passed the CARES Act to provide financial benefits to those negatively affected by COVID-19. One of the most popular aspects of the bill, the direct payments to citizens, are expected to begin going out in two to three weeks. Recently, the IRS issued a warning to […]

2019/2020 Required Minimum Distributions (RMDs) Deadline

We would like to remind retirees about the IRS’s Required Minimum Distributions (RMDs) deadline. RMD refers to the withdrawals you have to make from most retirement plans when you reach 72 years old. The RMD amount is based on the taxpayer’s life expectancy and account balance. Tax Year 2019 RMD Deadlines Retirees born before July […]

The IRS Launches Identity Theft Central

It’s no secret that identity theft is a huge issue and an ongoing problem. Nearly 445,000 Americans reported some form of identity theft in 2018. To help citizens better avoid and react to identity theft, the IRS launched Identity Theft Central in February 2020. This page is a hub of information about identity theft, including […]

Estate Planning For Digital Assets

Digital technology has seen great advances in recent years which has drastically changed estate planning for many people. It is important for individuals to think about digital assets when considering planning for the future. Most people only consider physical assets when they are planning their estate for the future, but now it is important to […]

What Are The Limitations Of An Accounting Audit?

Audits have become a common theme across a wide variety of different business sectors as they allow an independent entity to analyze a company’s accounting and financial records to make sure everything is in order. This allows businesses to improve their financial strategies as well as to make sure they are conforming to the Generally […]

IRS Contact Virtual Currency Owners in Effort to Collect Back Taxes

The Internal Revenue Service has started sending letters to taxpayers with virtual currency transactions that may have failed to report income and pay the ensuing tax from these transactions or did not report these transactions properly. Why Are The IRS Contacting Virtual Currency Owners? The reasoning behind the IRS sending these letters is part of […]

Watch Out for ‘Ghost’ Tax Return Preparers!

Unfortunately, the list of tax scams one must be wary of during tax season is fairly lengthy. And, though you should watch out for all the scams on that list, there’s one that is particularly prominent and sneaky, and has subsequently victimized many: ghost tax return preparers. Whether you’ve already finished your taxes this year […]