July 2021

  • Estate

    Avoid Estate Tax

    A Tip on passing down your vacation home: Establish a Family Limited Partnership   Family Limited Partnerships are powerful estate planning tools that enable the smooth and tax-efficient transfer of business ownership from one generation to the next.   If you own a vacation home you want your children to own after you’re gone, you…

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  • Unpaid Federal Debt? Don’t Lose Your Passport

    DON’T LOSE YOUR PASSPORT BECAUSE OF UNPAID FEDERAL DEBT   The IRS has begun issuing notice CP508C to taxpayers with “seriously delinquent” tax debt and the service has resumed its program of notifying the State Department of taxpayers’ unpaid federal debts. The U.S. Department of State generally will not renew a passport or issue a new passport…

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  • Tax Refund


    REFUND STATUTE EXPIRING: DON’T MISS OUT!   If you have not filed your 2018 tax return and have a refund coming, time to claim that refund is running out!   The IRS estimates that more than 1.35 million taxpayers have not filed their 2018 tax returns with approximately $1.3 billion of unclaimed refunds available for…

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  • Accounting for Restaurants

    ACCOUNTING FOR RESTAURANTS   Operating a restaurant is a dream for many, but there is a lot more to it than meets the eye. There are far more restaurants that fail than succeed, and that’s frequently because entrepreneurs spend more time focusing the daily operations of the business rather than on the accounting and tax…

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  • Can't pay

    Can’t Pay by the Due Date?

    DO YOU OWE TAXES AND CAN NOT PAY BY THE DUE DATE?   The vast majority of Americans get a tax refund from the IRS each year, but what if you are one of those who end ends up owing? The IRS encourages you to pay the full amount of your tax liability on time…

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  • Tavel

    Working Out of State

    Employees Working out of state   Some employees are still working at home and will keep doing so in the future. If you have employees working out of state, this can create additional tax and payroll challenges. State income tax withholding for employees   When it comes to payroll tax withholding, state withholdings primarily follows…

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