Posts tagged as:

IRS




3 Reasons To Avoid Tax Refund Loans You might be considering indulging in one of those income tax refund  loan advances, but you should think again. It is probably better to just wait it out because you will get your money. These short term loans end up costing American taxpayers over $900 million in fees […]

{ Comments on this entry are closed }




The lion share of IRS audits last year — 1.2 million — were done by mail. Only 392,000 involved an in-person meeting with the IRS. That’s not necessarily good news.   Taxpayers overall face a low audit risk: The IRS audited 1.1% of all individual tax returns filed in 2010, or 1.6 million returns of 141 […]

{ Comments on this entry are closed }




Have you been considering bartering lately because of the tightness of money? If so, have you given any thought to the correct tax treatment of bartered transactions? Although the Internal Revenue Service has a “Bartering Tax Center” on its website, after a cursory reading of the half dozen webpages devoted to its tax treatment, you […]

{ Comments on this entry are closed }




Lisa Autry at Pinnacle asks, “Is your worker really an independent contractor, as defined by law?”   This question is taking on new importance for employers in the state of California. Last month, Gov. Jerry Brown signed into law Senate Bill 459, labeled by its opponents as “The Job Killer Act.” The new regulation imposes […]

{ Comments on this entry are closed }




If you’ve filed for an extension for reporting last year’s federal income tax, your deadline is quickly arriving. Here are some important resources to help you meet that deadline. Understanding that many small business operators are under pressure to meet the extensions they filed this past year, here is a six-week plan intended to guide […]

{ Comments on this entry are closed }




A growing roster  of associations representing small and closely held businesses are pressing leaders of the tax-writing committees in Congress to not omit them in any upcoming tax reform proposals. One letter, addressed to the chairmen and ranking members of the House Ways and Means Committee and the Senate Finance Committee, said they “… should […]

{ Comments on this entry are closed }




We recently received an e-mail – one of a series of regular releases the IRS sends to tax lawyers, accountants and certified tax preparers.  This one asked “Do you barter?” The IRS’s view of barter. The IRS begins with a simple explanation. Barter is exchanging one product or service for another, whether informally and one-on-one […]

{ Comments on this entry are closed }




The accounting firm Brown Smith Wallace has been counseling its business clients on ways to save money on their taxes by taking advantage of some government incentives. Accounting Today’s Michael Cohn talked with two of the firm’s accountants last week about the tips they give their clients. Cathy Goldsticker, a member of the tax services […]

{ Comments on this entry are closed }




Small companies are being affected disproportionately by IRS actions to narrow the tax-revenue gap -the difference between taxes owed and taxes paid – per a recent review by the SBA’s Office of Advocacy. A Quantria Strategies study, underscored flaws in the overall estimation of the tax gap primarily as they relate to large corporations. “The […]

{ Comments on this entry are closed }




The IRS is pumping up the volume of audits of ‘rich’ taxpayers as part of a increased attempt to clamp down on tax evasion as well as so-called “legal tax avoidance.” According to the bureau’s latest update for the year ended Sept. 30, the percentage of taxpayers who were audited increased in every category of […]

{ Comments on this entry are closed }




Taxpayers who made some energy efficient improvements to their home or purchased energy-efficient products last year may qualify for a tax credit this year. The IRS wants you to know about these six energy-related tax credits created or expanded by the American Recovery and Reinvestment Act of 2009. 1. Residential Energy Property Credit This tax credit […]

{ Comments on this entry are closed }




As a small business owner, if you aren’t concerned about a tax audit, you should be.  An IRS audit can be a troubling experience  even if you’re completely prepared.  Make no mistake, your IRS auditor won’t be especially charming. Due largely to a humongous budget deficit, the government is trying to close a $300 billion gap […]

{ Comments on this entry are closed }




April 15th. That’s SO last year! That’s the date we all have in our heads when it comes to taxes. This year’s tax deadline is April 18. Depending on your situation, there are many more dates of interest, so let’s take a look at how our friends at the IRS have their 2011 calendar marked: […]

{ Comments on this entry are closed }




Business owners across the land gave a sigh of relief as an unpopular portion of the Healthcare Reform Act was repealed by the Senate two weeks ago.   Or was it? In a bi-partisan 81-17 vote, the so called 1099 requirement would have mandated that all businesses issue 1099’s to anyone, incorporated or otherwise, with […]

{ Comments on this entry are closed }




The standard mileage rate for business use is increasing to 51¢ per mile for business travel after 2010. That’s a whole penny more than the rate for 2010! The mileage rate for moving expenses or medical care is 19¢ per mile. That’s a whole 2.5¢ increase from the 2010 rate. The mileage rate for charitable […]

{ Comments on this entry are closed }




From hot air balloons to bagels, 2010 proved to be yet another year in which states and municipalities passed some strange tax laws in a desperate bid to raise revenues and close their budget gaps. Here are a sampling of some of the year’s quirkiest sales and use tax changes, emphasizing the importance of technology […]

{ Comments on this entry are closed }




Next year tax return preparers will need to start proving that they are competent under increased Internal Revenue Service rules. The first step in the new process begins in January when all paid preparers of tax returns must use a preparer tax identification number on all federal tax returns they file. Oversight eventually will include […]

{ Comments on this entry are closed }




Home..Clients / Reviews..Paperless Office & ‘Green’ Bookkeeping..Blog Catalyst QuickBooks Bookkeeping & Accounting Serving Beverly Hills Ca & Los Angeles County Businesses …. …. and ALL of Southern California. Call us NOW! Save up to $1000 OFF on your small business bookkeeping needs – for up to 70 hours.* *New client entry work ONLY, other restrictions […]

{ Comments on this entry are closed }




Home….Clients / Reviews….BizEdge Blog Paperless Office & ‘Green’ Bookkeeping Catalyst QuickBooks Bookkeeping & Accounting Now serving Santa Monica Ca & Los Angeles County Businesses …. …. and ALL of Southern California. Call us NOW! Save up to $1000 OFF on your small business bookkeeping needs – for up to 70 hours.* *New client entry work […]

{ Comments on this entry are closed }