Category Archives for AVOIDING TAX PROBLEMS

TikTok is Spreading Tax Myths

  • April 12, 2023

TikTok is spreading tax mythsTikTok is spreading financial misinformation, according to a new report, including five troubling tax myths affecting self-employed workers.According to Paul Koullick, CEO

Read More

SCOTUS Slashes IRS Penalty Against Taxpayer for Not Reporting Foreign Bank Accounts

  • March 23, 2023

The Supreme Court ruled 5–4 in a fractured opinion on Feb. 28 that the IRS imposed an excessive fine on a businessman for failing to report foreign bank accounts, reducing the financial penalty from

Read More

IRS Targets Gig Workers and Foreign Income Recipients

  • March 22, 2023

Taxpayers face consequences for failing to meet certain tax obligations.The Internal Revenue Service (IRS) recently issued a notice to “gig economy” service workers and those who receive a foreign

Read More

Managing the ERC Misinformation Epidemic

  • February 13, 2023

I'm sure you've heard the radio ads telling business owners: "If you were impacted by COVID, you could be entitled to up to $26,000 per employee in refunds from the IRS. Call today! Don't delay!" The breathless

Read More

Adjust Your 2023 Withholding Now or Get a Surprise Later

  • February 13, 2023

The Internal Revenue Service (IRS) has issued an alert to taxpayers, encouraging them to adjust their 2023 withholding so as to either avoid effectively giving the government an interest-free loan of their

Read More

Tax Filers Must Answer New Crypto Question or Face Consequences

  • February 10, 2023

The Internal Revenue Service (IRS) issued an alert recently to taxpayers, reminding them that they must report all digital asset-related income and answer a new digital assets question on their 2022 federal

Read More

Tax Prep Checklist: What to Gather Before Filing

  • January 12, 2023

Whether you file your taxes yourself or hire a professional accountant, the first step in your tax prep is gathering all the information you’ll need to complete your tax forms.While not exhaustive for

Read More

7 Personal Financial Resolutions for the New Year

  • January 12, 2023

And (Most Importantly) Real Tips on How to Keep Them!Another holiday season has come and gone and we find ourselves ringing in 2023 – time to turn over a new leaf, right? If you’re thinking about sharpening

Read More

What the Wealthy Can Fear from a New IRS Law on $600 Payments

  • December 13, 2022

A new IRS law that requires cash apps and online marketplaces including Venmo and eBay to send tax documents to millions of Americans is ensnaring a surprising demographic: the wealthy.Under the rule,

Read More

What Is a 1099-K? Who Gets One and How It Works

  • December 12, 2022

Simply put, a 1099-K form is a record that a third-party payment network transferred at least $600 to you during the year.Did you get paid more than $600 in 2022 for goods or services through a third-party

Read More