What Exactly are My Rights When It Comes to the IRS?

Almost 20 years have gone by since the passage of the Taxpayer Bill of Rights. Today it is now codified into the Internal Revenue Code. Numerous complaints made their way to Congress of abusive behavior by IRS Agents. Because of the hard work, and courageous effort by numerous people and organizations the Bill of Rights […]

Money Management Corner: Always Pay Yourself First.

I live by these words; “Pay Yourself First”. They are the foundation of wealth accumulation. The logic is quite easy to understand. If you pay everyone else before you pay yourself the most probable outcome will be the absence of any money left to pay yourself. After getting up close and personal with the finances […]

Loan Corner: Term Loans and How to Use Them…

You or your business needs an infusion of fresh cash to keep the business or family on solid ground.  The next question would be; where to obtain the financing. One of the biggest challenges for anyone is understanding what financial options are open to you when you suddenly need a little extra money.  Some folks […]

Team Corner: Sucessfully Lead In Your Own Company

Are you part of the team, or do you lead it?  For small businesses with a small staff, the answer is often “both.”  That becomes a challenge when aspects of one role come into conflict with the other.  Being a member of the team can make it awkward to take charge. But as long as you […]

Best Practices Corner: Handle your Business Credit Card to Win

Every year, as we prepare small business tax returns, we see some of the same mistakes with credit cards.  At the same time, for most small businesses, a credit card is an indispensable resource for managing procurement – after all, who can deny that a credit card, managed properly, allows many small companies the chance […]

Report Virtual Currency Transactions, IRS Reminds Taxpayers.

Virtual currency transactions are taxable by law just like transactions in any other property.  The Internal Revenue Service has once again reminded taxpayers that income from virtual currency transactions is reportable on their income tax returns. Taxpayers who do not properly report the income tax consequences of virtual currency transactions can be audited for those transactions […]

Tax Corner: What are the biggest tax benefits to business owners?

Shoeboxes filled with receipts, lost documents, and wild-eyed business owners who forgot to send out a 1099 or file a W3 all pepper tax accountants  with questions. This year, with the passing of the new tax law, those questions got a lot harder to answer and they started much earlier. Pundits like to talk about […]

Scams Targeting Taxpayers : IRS Urges Taxpayers to Watch Out

Thousands of people have lost millions of dollars and their personal information to tax scams. Scammers use the regular mail, telephone, or email to set up individuals, businesses, payroll and tax professionals. The IRS doesn’t initiate contact with taxpayers by email, text messages or social media channels to request personal or financial information. Recognize the telltale signs of a […]

What Could Go Wrong if I Don’t Resolve My Tax Issue? War Stories

It never ceases to amaze me that so many people end up in jail for improper and criminal behaviour related to tax preparation and payment of taxes. A person or company that will  persistently and continuously misbehave and ignore all the warning signs, seem to be surprised when the justice dept comes knocking on their […]

Transformation of a Small Business into a Big Business

Tom Watson created the colossus that is IBM. Have you ever studied how Tom did it? For starters, he envisioned how IBM would look before he began making moves and changes. He spent a great deal of time trying to understand the role that IBM would play in the world of business and imagined how […]