Guidelines on How the IRS is Dealing with Virtual Currencies As our world has become more and more “digital,” it was only a matter of time before cryptocurrencies were developed.  One of the first of these virtual currencies was Bitcoin, and the Bitcoin network...

So, I am constantly getting asked about what business owners can deduct. And, aside from the obvious, there are always expenses that folks forget. Here are my top 5: Mileage. to and from client locations, business meetings, networking events. These all add up. In...

A new accounting rule for reporting leases goes into effect in 2019 for public companies. Although private companies have been granted a one-year reprieve, no business should wait until the last minute to start the implementation process. Some recently revised guidance...

Recently Enacted Federal Government Funding Package Contains Several Tax Provisions On March 23, the President signed into law the Consolidated Appropriations Act, a $1.3 trillion spending act funding the federal government through September 30. The Act contains...

Let’s face it, no one really likes filing an annual tax return. You may have taken an extension to file your taxes later, but you still need to pay your taxes by the deadline or pay penalties and late fees. So, what happens if you don’t file a tax return? For...

In Notice 2018-28, issued earlier this week, the IRS offered guidance in computing business interest expense limits under the new tax law. Section 163(j) of the Internal Revenue Code, amended under the new law, limits deductions for business interest incurred by...

There was a time when tax season scammers would just spam people with an IRS email, and to be honest I have been waiting for one of those scammers to call me. In case you had your head down during tax season, let me explain what I am talking about. This scam has its...

I.R.S. Website Crashes on Tax Day as Millions Tried to File Returns [NYT] Yesterday was Tax Day and everyone’s worst nightmare came true: Millions of taxpayers who waited until Tuesday to file their 2017 tax returns and make payments through the Internal Revenue...

Every year the IRS releases its “Dirty Dozen” list of the year’s most prevalent tax scams. They include ploys to steal personal information, talk people out of money, or engage in questionable tax activity. Here are some of the top scams: Phishing.Fake...

It’s time to bring the IRS into the 21st Century. That’s the overarching message in a letter from the American Institute of CPAs (AICPA) to the House Ways and Means Oversight Subcommittee after legislators recently released the “Taxpayer First Act”...