Breaking news! The IRS just announced they're delaying and revising the 1099K reporting changes that were supposed to go into effect starting this year 2023.
As you probably know, payment settlement entities were planning on issuing 1099K tax forms to individuals and online sellers who...
Today, we've got some exciting news that could make tax season a little less stressful for many Americans. The IRS is planning to test a free online tax system in 13 states this upcoming tax season. It’s called the Direct File program. Let's dive into the details!
What is the Direct File...
Fake IRS letters are going around again. I want to arm you with the information you need so that you never get scammed by a fake IRS letter.
I’ll provide a few examples, and after reading this blog post, you’ll have the information you need to never get tricked by an IRS scam letter....
A user on Reddit asks a very good question...
Why doesn't the IRS just send you a bill stating how much you owe?
Now that’s a great question.
Why doesn’t the IRS just send you a bill for what you owe? After all, they have all of your tax documents showing the income you earned...
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Today, we're discussing why you might not want to become an 'accidental landlord', and that is when you decide to rent out a property you own, that you originally intended to sell - typically after you bought another, new home. While this can sound like a great opportunity for extra...
Breaking news from the Internal Revenue Service!
The IRS just announced that they are sending out 8 million CP14 balance due notices starting this month.
What is an IRS CP 14 notice?
It’s the first notice the IRS sends you telling you that you owe them money.
So, the IRS just...
Someone asked in one of my videos:
A popular luxury watch dealer has been paying his employees by way of paying for the rent for their beach front apartment, and other things like leasing a Corvette for the videographer to use. Is this legal? Can you comment on that from a tax point of view?
...
I’ve been preparing taxes, on my own, for the past, at least 7 years. In this video, I wanted to share the biggest takeaways for anyone looking to get into taxes or the accounting field or someone looking to improve their business operations.
Since starting on my own, I have to say that...
I want to clear up some confusion and misconceptions that go along with filing a tax extension. This information applies to individuals, sole proprietors, single member LLCs, and side hustle business owners.
The reality is, when someone hears that their tax professional insists on filing an...
Today, I wanted to talk about the outlook of the accounting profession. According to the Wall Street Journal, 300,000 U.S. accountants and auditors have left their jobs in the past two years, that’s a 17% decline.
Are the accounting & tax professions dying like some say? Is it...
