That’s not strange because as a CPA I speak to the IRS quite often. However, they called my cell phone and left a prerecorded message about tax fraud. It was a scam of course, and I am posting this to warn you that the IRS does not call taxpayers initially without sending a notice, nor […]
IRS Resolution
Before You Buy a Business
Businesses are bought and sold each day and some make better investments than others. Before you buy a business, here are a few things to make sure you make the right move: Why is the seller selling? There can be many reasons why a business is for sale, and some reasons are better than others. […]
Frivolous Tax Arguments
I don’t know anyone who likes to pay taxes. But, you won’t win with these arguments: Filing tax returns are voluntary: Filing tax returns are not voluntary. The IRS uses the word voluntary to mean that you determine your own initial tax liability by filing your own tax returns, and not have the government determine […]
Did You Get a Surprise After Filing Your Return?
Everyone loves to receive a much larger than anticipated tax refund, but what if you unexpectedly had to pay when you filed this year? There could be several reasons why, but it’s not too late to fix it for 2015, including: Your filing status or dependents may have changed, perhaps from married to single, which […]
Do You Want to Audit-Proof Your Return?
While certain taxpayers have a higher chance of being audited, such as small business owners with a schedule C, how can you audit-proof your return? Actually, there is no way of insuring that you never get audited, but just in case you do, to make sure that you come out unscathed, there is one secret […]
I Received a Notice from the IRS – Now What?!
If you receive a letter in the mail from the IRS, the first thing you should do is open it! It might not be as bad as you think. The most common notice I see is that a client forgot to include interest, dividends, or wages from a W-2 on their income tax return and […]
An Overview of IRS Audits
There are different types of IRS audits. The first and least complex is the correspondence audit, next is the office audit, and lastly and most complex, the field examination. I highly recommend to anyone who receives a letter from the IRS, or even the State of NJ, to contact their tax advisor as soon as […]
Ignore Your Mail at Your Own Risk!
Between email, mail, faxes, and social media, we are bombarded by incoming messages. It is easy to ignore all of this, or perhaps limit the time spent, but you should not ignore your snail mail. Here are a few things to be aware of regarding mail to make sure that you do not create a financial mess. […]