Tag Archives: IRS

Income Tax Refund: The Do’s and The Don’ts

Are you expecting, or perhaps already received, an income tax refund from your 2019 filing? If so, a tax refund is an excellent opportunity to set yourself up for success and in a better financial position for the future. We’ve rounded up ten creative ways to put your tax refund to work: Do – 5 […]

Certified Public Accountant: Why You Need One in 2020

What does financial success mean to you? Security, peace of mind or perhaps more free time spent with family and friends probably sound right. Often times, the shape of financial success will change over the course of time (think: marriage, kids, starting a business).  It’s deeply meaningful to have a financial advocate along the way, […]

2020 Tax Season: It Begins Today

Tax season officially starts today with the Internal Revenue Service (IRS) now accepting e-files for 2019 tax returns. Let the countdown begin: Days Remaining Common Documents Needed (please note this is not an exhaustive list and depends on each individuals situation): Income documents W-2(s), 1099(s), K-1(s) etc. Investment income and gain or loss detail Business […]

IRS Penalties: Abatement & Resolution

Have you ever paid an IRS penalty or feel like you’ve accumulated too many penalty notices from the IRS? If so, it’s possible we can help alleviate the pain. Let’s review a couple of ways to reduce, remove or abate some of those penalties. There are many forms of penalties, such as failure-to-file (FTF), failure-to-pay […]

Foreign Bank and Financial Accounts: Understanding the FBAR

Did you know that a taxpayer must report certain foreign financial accounts, such as bank accounts, brokerage accounts and mutual funds each year, as part of the Bank Secrecy Act? By filing a Report of Foreign Bank and Financial Accounts, otherwise known as FBAR (on FinCEN Form 114), to the IRS, you are ensuring that […]

Tax Scams: Be Careful, They Exist

As year-end approaches, we want to remind our friends and clients of potential tax scams that exist. Cyber criminals use these scams to obtain names, social security numbers, addresses and other personally identifiable information to file bogus tax returns or defraud you into sending them cash directly. Below is a list of the most common […]

IRS Withholding Estimator: Time for a checkup

The IRS has released a new Tax Withholding Estimator and is encouraging everyone to perform a “paycheck checkup”. The new tool is to assist with better calculating taxes and withholdings to reflect recent changes in the tax law. CLICK HERE TO USE THE CALCULATOR Reasons to check your withholding: Calculate enough withholding to ensure you […]