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

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Last-Minute Tax Deductions & Section 179 Caveat

  • 15 December 2015
  • Author: Cari Holbrook
  • Number of views: 1173
  • 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: 1253
  • 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:

The State of Texas Is Cracking Down on Employee Misclassification

  • 18 November 2015
  • Author: Cari Holbrook
  • Number of views: 1507
  • 0 Comments
The State of Texas Is Cracking Down on Employee Misclassification
The Texas Workforce Commission is cracking down on employee misclassification, primarily as it applies to independent contractors (W9 workers). Before dismissing the issue as not pertaining to you and your business, understand that the TWC and related agencies may not agree with you.

Can the IRS Freeze My Bank Account?

  • 17 November 2015
  • Author: Cari Holbrook
  • Number of views: 1496
  • 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.

Phenix Salon Suites

  • 16 November 2015
  • Author: Cari Holbrook
  • Number of views: 0
  • 0 Comments
Phenix Salon Suites
Chuck Andersen has always enjoyed an adventure. Growing up in Council Bluffs, Iowa, he learned how to work with his hands and manage a business through his dad, who owned a lumber yard. But Chuck was a risk-taker and adventurer.

How Far Back Can I Be Audited?

  • 10 November 2015
  • Author: Cari Holbrook
  • Number of views: 1275
  • 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.

Are You Truly a "Family of Entrepreneurs"? Does It Matter?

  • 28 October 2015
  • Author: Cari Holbrook
  • Number of views: 1928
  • 0 Comments
Are You Truly a "Family of Entrepreneurs"?  Does It Matter?

Visionary, risk taker, charismatic. These characteristics likely come to mind when describing an entrepreneur. But not everyone who goes into business for themselves is a typical entrepreneur, especially when it comes to starting a family business.

Surprising Texas Sales Taxes for Residential Building Contractors

  • 27 October 2015
  • Author: Cari Holbrook
  • Number of views: 1301
  • 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: 2521
  • 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.

Growing Business, Mounting Employment Taxes: A Bankler Case Study

  • 23 September 2015
  • Author: Cari Holbrook
  • Number of views: 1658
  • 0 Comments
Growing Business, Mounting Employment Taxes:  A Bankler Case Study

Business growth is great. It’s the American dream. But without the right team on your side, the IRS can quickly turn that dream into a nightmare. 

“I failed to realize that middle management was the key to making it all work,” a business owner—now a Steven Bankler, CPA, Ltd. client—confessed when explaining how his company’s rapid growth from three locations to 20 locations in an 18-month period turned into a long-term battle with the IRS.
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