Selecting the business structure

This month, we’ve looked at some of the most common and popular structures for businesses and today, I wanted to wrap that up a bit by sharing some things to think about before you make any decisions. Basically, I’ve got five questions for you to think about, and, if the answer isn’t “easy,” then you […]

Interest rates remain the same for the third quarter of 2021

IR-2021-120, May 27, 2021 WASHINGTON — The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning July 1, 2021. The rates will be: 3% for overpayments (two (2) % in the case of a corporation), 0.5% for the portion of a corporate overpayment exceeding $10,000, 3% for […]

Understanding the LLC?

I’m sharing to discuss the basic entity structure options business owners have.  Given the shift to a “gig” based economy, a lot of new business owners always seem to find themselves in tax trouble when they drive for Uber, or Door Dash, or even take on contract work.  Enter the simple, basic LLC, or Limited […]

Economic Impact Payments disbursed under the American Rescue Plan

IR-2021-119, May 26, 2021 WASHINGTON — Today, the Internal Revenue Service, the U.S. Department of the Treasury, and the Bureau of the Fiscal Service announced they have disbursed more than 1.8 million additional Economic Impact Payments under the American Rescue Plan. Today’s announcement covering the most recent two weeks of the effort brings the total […]

Is It Time To Rethink Your Business Structure?

This is the time of year many of my business clients begin thinking (or doubting) how they’ve defined their businesses.  Should you be a “C” or an “S” corporation? Should you evolve your LLC into a slightly different version of an LLC for tax or inheritance purposes?  We get a LOT of these questions, and […]

Virtual Nationwide Tax Forum

Tax pros may earn continuing education credits and more IRS YouTube Video: 2021 IRS Tax Forum Will Be Virtual – English IR-2021-118, May 24, 2021 WASHINGTON — The Internal Revenue Service today announced that the 2021 Virtual IRS Nationwide Tax Forum will be held over five weeks starting July 20, with a series of live-streamed […]

There’s Money Everywhere!

Now that Tax Season is over, I wanted to report on some of the neatest things I saw as we prepared returns for clients this year.  Honestly, the ways sharp folks found to make money in the unprecedented world of social distancing and a pandemic is nothing short of amazing, and I wanted to share […]

File taxes now to get refund or cut penalties and interest

IR-2021-117, May 20, 2021 WASHINGTON — The Internal Revenue Service reminds taxpayers who missed the recent tax-filing deadline who are due a refund that there is no penalty for filing late. Those who owe and missed the deadline without requesting an extension should file quickly to limit penalties and interest. Extra time to file and […]

Your Home Is Not a Bank!

This tax season, I’ve been shocked at the number of clients who have resorted to suing the equity in their homes to stay afloat.  I get it – COVID has impacted all of us in many ways, but if you have – or are considering – the various options for using the equity in your […]

Economic Impact Payments and upcoming advance Child Tax Credit

IR-2021-116, May 19, 2021 WASHINGTON — The Internal Revenue Service today continued an ongoing effort to help those experiencing homelessness by reminding people who don’t have a permanent address or a bank account that they may still qualify for stimulus payments and other credits, including the advance Child Tax Credit. The agency is also asking […]