Whether your business is the law, or a business with accounting or asset protection needs, our business has been “Solving clients’ problems" since 1977.

Blog

Top 2016 Tax Deduction Changes for Business Owners

  • 9 February 2016
  • Author: Cari Holbrook
  • Number of views: 1079
  • 0 Comments
Top 2016 Tax Deduction Changes for Business Owners

As usual, Congress’ procrastination resulted in some last-minute legislation. Here’s a summary of the top tax changes that will affect business owners in 2016:

Foreign Assets? Working Abroad? The IRS Still Wants Your Money

  • 26 January 2016
  • Author: Cari Holbrook
  • Number of views: 1113
  • 0 Comments
Foreign Assets?  Working Abroad?  The IRS Still Wants Your Money

More than 3,000 Americans each year give up their U.S. passports in order to work abroad. Why? It’s not because they don’t love America. It’s because tax complications make it too hard to work abroad while staying loyal to Uncle Sam. In fact, the U.S. is known to have the most onerous tax laws for citizens working abroad of any developed country in the world.

Personal Property Rendition for Business: What You Should Know

  • 12 January 2016
  • Author: Cari Holbrook
  • Number of views: 1032
  • 0 Comments
Personal Property Rendition for Business:  What You Should Know

In Texas, as well as many other states throughout the U.S., business owners are required by law to report personal property that is used for business to their county tax appraisal district. The requirement is called a Business Personal Property rendition and it includes tangible personal property used to produce income or for other business purposes.

Last-Minute Tax Deductions & Section 179 Caveat

  • 15 December 2015
  • Author: Cari Holbrook
  • Number of views: 1081
  • 0 Comments
Last-Minute Tax Deductions & Section 179 Caveat
‘Tis the season for last-minute tax deductions. Technology purchases, staff appreciation, charitable giving, deferred income and accelerated expensing are five major ways to reduce your current year tax bill, making this the most wonderful time of the year indeed! However, one caveat remains: the Section 179 deduction, which allows a deduction on all or part of the cost of certain qualifying property in the year it is placed in service.

How Cash Payments Over $10,000 Get Noticed

  • 8 December 2015
  • Author: Cari Holbrook
  • Number of views: 1149
  • 0 Comments
How Cash Payments Over $10,000 Get Noticed

In business, not all cash is considered equal in the eyes of the IRS. Business owners must report any cash payments of more than $10,000 by completing a Form 8300. Why? These types of payments to businesses are a red flag for money laundering and criminal activity. It’s serious business for the IRS, since the activity can be an indication of terrorist financing and drug dealing. For the rest of us, it’s better to be safe than sorry—and simply report it. Here’s what you should know:

Can the IRS Freeze My Bank Account?

  • 17 November 2015
  • Author: Cari Holbrook
  • Number of views: 1390
  • 0 Comments
Can the IRS Freeze My Bank Account?

Last month we discussed when and how the IRS can freeze a tax refund. But did you know that the IRS can freeze your bank account as well? It’s called an IRS bank levy and it represents an actual seizure of your money from your bank account, if the IRS finds it necessary.

How Far Back Can I Be Audited?

  • 10 November 2015
  • Author: Cari Holbrook
  • Number of views: 1193
  • 0 Comments
How Far Back Can I Be Audited?
Many myths circulate around IRS audits. One, for instance, is that an audit is some big, scary situation in which a taxman in sunglasses and a suit arrives at the door, briefcase in hand, ready to dig through shoeboxes of receipts on the spot. The reality, however, is much less dramatic.

Surprising Texas Sales Taxes for Residential Building Contractors

  • 27 October 2015
  • Author: Cari Holbrook
  • Number of views: 1187
  • 0 Comments
Surprising Texas Sales Taxes for Residential Building Contractors

More people are building again these days, which is great for building contractors. But, as it is for other business owners who perform contract work, figuring out which goods and services are taxable can be a confusing endeavor.

Did the IRS Freeze Your Refund?

  • 13 October 2015
  • Author: Cari Holbrook
  • Number of views: 2315
  • 0 Comments
Did the IRS Freeze Your Refund?

During the latest 2014 tax filing season, the IRS froze the returns of 1.6 million possible tax ID theft victims. While it’s certainly better to be safe than sorry, what has happened after the returns are frozen may be considered a crime itself. Taxpayers who received letters from the IRS stating their returns were frozen were directed to a Taxpayer Protection Program (TPP) line to confirm their identities. However, the IRS answered as few as 10 percent of the phone calls made to the call line during their busiest times.

Have a Question for the IRS? Hang on!

  • 22 September 2015
  • Author: Cari Holbrook
  • Number of views: 1314
  • 0 Comments
Have a Question for the IRS?  Hang on!

During the latest tax season, the average wait time for taxpayers calling the IRS was nearly 25 minutes, which is double the amount of time of the previous year. Some days, fewer than 40 percent of calls actually reached a live person. In fact, the IRS hung up on about 8.8 million taxpayers during this year’s tax filing season, labeling the act “courtesy disconnects.”

RSS
12345678910Last

Expertise

When you hire Steven Bankler and his team of certified public accountants, you get seasoned, knowledgeable CPAs.

The IAPA International LogoRather than experienced bookkeepers, promising CPAs-in-training or studious interns in the process of completing their accounting degrees, you get professional CPAs. We Solve Problems. We provide creative solutions to our clients’ unique problems including tax and estate planning, forensic accounting, expert witness and litigation support.

Testimonials

Curriculum Vitae

Quoted Opinions

Newsletter Signup

First Name:
Last Name:
E-Mail: