What If My Taxes Get Audited?

What if My Taxes Get Audited?

Tax audits are among the most common financial fears, but they don’t have to be – especially with your CPA by your side. Truthfully, though, unless you make more than $200,000 a year, your chances of getting flagged for audit are pretty slim. And with IRS budget cuts severely limiting their ability to even check returns for accuracy, you can bet that the odds are in your favor. In fact, less than 1% of all tax returns filed in any given year get audited. If your return does get singled out, you’ll most likely be able to handle the matter…

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Beware The Latest IRS Impersonation Scams

Beware the Latest IRS Impersonation Scams

“This is the IRS. Records show that you owe a $1,556 tax debt, that must be paid immediately or you could go to court or jail. For your convenience, you can send the funds on an iTunes gift card to this address…” If you’ve gotten a call like that, you’ve been the target of an IRS impersonator. Or maybe you’ve gotten an official looking email from the IRS, informing you of an outstanding tax debt due to a mistake in your tax return. The email instructs you to send a check made out to “IRS” within the next thirty days…

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Don’t Fall Prey To Tax Identity Theft

Don’t Fall Prey to Tax Identity Theft

Millions of Americans have already fallen prey to tax identity theft, and it looks like the problem is growing fast. In fact, one survey found that during the 2016 tax season, nearly 60% of CPAs had at least one client who had fallen victim to this fraud. What’s even more alarming: Most of the victims had no idea that the theft had occurred until they went to file their own returns. Here’s how the scam works: A criminal gets a hold of your basic personal information, including your social security number. Then he goes to the IRS website to get…

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Top Ten Small Business Accounting Pitfalls

Top Ten Small Business Accounting Pitfalls

Not knowing your cash balance: Online banking makes a lot of things simpler, but it can also create distance between you and your money. Things can get especially tricky if you use online banking combined with a physical checkbook, and don’t always stay on top of when checks hit your account. Between that, automatic payments, and bank charges, money in your cash drawer and your checking account may actually already be gone. Confusing profits and cash: If your business generates a lot of credit sales (not credit card sales), your company can post big profits without seeing any cash. Those…

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