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…

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….

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…

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…

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…

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…

Employee Retention Credit Deadline July 31 As a reminder, employers whose business has been financially impacted by COVID- 19 can take advantage of the Employee Retention Credit, a refundable tax credit designed to encourage businesses to keep employees on their…

Use Caution with Monthly Child Tax Credit Tax professionals are urging clients to decline receiving monthly payments of the child tax credit. Use caution when opting into the monthly child tax credit. Individuals could end up having to pay that…

On January 6, 2021, the U.S. Small Business Administration released initial details and guidelines for the updated Paycheck Protection Program (PPP) Second Draw Loans. Second Draw Loans are loans that will be made to borrowers that already received loans in…

The Criminal Investigation Division’s (CI) annual report has been released by the Internal Revenue Service. The report highlights the agency’s successes and criminal enforcement actions taken in fiscal year 2020, the majority of which occurred during COVID-19. A key achievement…