Posts relating to Accounting and Tax issues
It was announced this week that letters were sent out giving taxpayers an identity theft pin number for filing their 2015 tax returns. Unfortunately, they did not do enough proofreading and the letters say that the pins are supposed to be used for filing the 2014 tax returns which have come and gone, rather than saying …
I received a fake IRS phone call this morning and I had to smile because I was pulling into the driveway of a client for an IRS audit. If they had called 10 minutes later, I could’ve handed the phone to a real IRS agent. The person on the phone call stated – This is …
Continue reading ‘Don’t be fooled by fake IRS phone calls’ »
IR-2015-133, Nov. 24, 2015 WASHINGTON —The Internal Revenue Service today simplified the paperwork and recordkeeping requirements for small businesses by raising from $500 to $2,500 the safe harbor threshold for deducting certain capital items. The change affects businesses that do not maintain an applicable financial statement (audited financial statement). It applies to amounts spent to …
Here is a link for questions about the new CA sick leave policy: EDD website #sicktime #CAnewlaw
The more I work with the EDD and see the court cases, the more I think the answer the question is – NO, you cannot be an independent contractor in California! The IRS has a 20 point test to figure out whether you are an independent contractor or an employee. Some of the things it …
Continue reading ‘Can you be an independent contractor in California?’ »
IR-2015-86, June 10, 2015 WASHINGTON—The Internal Revenue Service today reminded all taxpayers with an FBAR filing requirement to report their foreign assets by the June 30 deadline. FBAR filings have risen dramatically in recent years as FATCA phases in and other international compliance efforts have raised awareness among taxpayers with offshore assets. The IRS encourages …
Thank you Eran Sinai for having me as a guest on “Lunch N Learn Radio” on ESPN Radio hosted by Eran Sinai on Wednesday May 27. Click here to listen to the MP3 of the show. The section on Business Plans starts around minute 22.
Many businesses have recently received a letter from the IRS notifying them about incorrect payee information and that they may need to begin backup withholding. Here is an explanation of what these notices mean. The bottom line is this is a warning and a reminder to request correct Social Security numbers or federal EIN’s from …
Continue reading ‘IRS CP-2100As for 2013 regarding backup withholding have been sent out’ »
Yesterday I got a phone call from a client indicating they had just been called by the IRS and they were threatening to send the sheriff to arrest him unless he made immediate payment. He asked to talk to their supervisor and supervisor told him the same thing. I told him it was a scam …
You don’t have all your information. You’re too busy to get it together. You don’t have the money to pay. I’ve heard these and many other reasons why people cannot file their tax returns on time. Whatever your reason, you need to file an extension. The most important reason for this is that if you …
