Home Schooling Tax Reminder

Home Schooling?  In 2018 the IRS EO(Exempt Organization) implemented revisions to the form 1023EZ.  Now the IRS EO will Ask for a short description of your activities when applying for 501(c)(3) status Ask more questions about: Your gross receipts (your sources of income) Your assets (what you own) What kind of foundation are you?  If…

Read More

Tuesday Tax Tip

As Dorian approaches, IRS reminds preparation for natural disaster Secure key documents and make copies think tax returns, birth certificates, deeds, titles and insurance policies.  Put in waterproof containers in a secure space.  Duplicates should be kept with a trusted person outside the disaster area.  A backup scan on flash drive is another way to…

Read More

MCA to the Rescue: a Case Study

When you consider IRS penalties, fines and interest due, an MCA (Merchant Cash Advance) can pay corporate taxes today at a lower cost than when you can afford to pay the taxes.  Jackie Fields (actual MCA Case, but name has been changed to protect privacy) needed additional working capital fast.  Due to shortages of certain…

Read More

Tuesday Tax Tip: Sales Taxes Are Due -Even on Internet Purchases

Last year, a 1992 sales tax regulation was overturned, allowing states to decide whether they wanted to collect sales taxes from online purchases.  The 2018 ruling caused e-commerce company share prices to temporarily tumble.  Most online retailers, such as Amazon, have already been paying state sales taxes for years, but other online vendors, even large…

Read More

16 US State Tax Holidays 2019

Back-to-School? See personal tax savings list here.  Sixteen US States are having Sales Tax Holidays to give stressed parents a break in back-to-school costs.  If you are buying spcific items within the tax exempt guidelines offered by these states during the posted dates, you will not be charged sales tax from participating vendors.  To make…

Read More

Cryptocurrency Meets Accounting

Cryptocurrency is rocketing to the forefront.  When so many are purchases are made electronically, why wouldn’t currency follow and evolve?  But today, many businesses are still trying to answer the question, how does basic accounting and cryptocurrency intersect and how can you protect your totals? Before we discuss a new monetary system, we should clarify. …

Read More

How Your Accountant’s Conference Can Benefit Your Business

The month of June is not normally regarded as important in terms of accounting deadlines.  But June and July are known in the accounting industry as the Accountant Conference months.   So many industry conferences are held in June and July that there are lists of the top Accounting Conferences so firms can determine which best…

Read More