How Does Innocent Spouse Relief Work?
Can you be held responsible for taxes a spouse or recently made ex-spouse failed to declare on your joint tax return? Yes and no. It’s called innocent spouse relief, but there are several hoops to jump through to get it. Innocent spouse relief allows the opportunity to transfer tax, interest, and penalties to the spouse […]
Niche Accounting
After 43 years, Steven Bankler CPA Ltd. has become an overnight success! Click To View
Why the IRS Audits Small Contractors
Small building contractors are no strangers to IRS audits. It’s a fact of life for some, given how complicated accounting methods and project billing can be. Certain activities and factors, however, are sure-fire audit triggers, including the following: Click To View
Large Gift & Estate Tax Changes In 2021?
The Tax Cuts and Jobs Act (TCJA) temporarily increased the basic exclusion amount of large estate gifts and reduced federal estate tax rates. The moves were made to help high net worth individuals offset estate taxes at the time of death. But what happens now? How might the new administration change course? Click To View
Your Business Is at Risk of Fraud in 2021
Be on the alert: Scams involving employee theft and embezzlement, cyber fraud, vendor payments, and more are on the rise—at a rate of 79% more fraud since May. The Association of Certified Fraud Examiners (ACFE) spent the past year studying how the COVID-19 pandemic has affected business and employee fraud. The news isn’t good, unfortunately. […]
What’s New from the IRS?
The IRS issued several final rules and other tax announcements at the close of 2020. Several may affect your upcoming tax filing, particularly if you’re a business owner. Take a look at the following examples: Charitable Extras If you were a generous giver in 2020, the federal government wants to reward you. C Corporations can […]
PPP Loan Changes and an Intro to PPP2
Did you receive a federal Paycheck Protection Program (PPP) loan in 2020? Do you need additional funds in 2021? With the newest COVID-19 relief bill that passed in December 2020 comes some critical changes, whether you’re hoping for new funding in 2021 or figuring out how to deduct and compute any 2020 PPP funds you […]
Relying on Social Security Is Risky
The maximum payout in 2021 has increased $1,644 a year for high-wage earners who meet the criteria and qualify for full-time retirement But the payroll tax that funds Social Security is rising, too. In 2021, the maximum earnings subject to the Social Security payroll tax will be from $137,700 TO $142,800, an increase of $5,100. […]
Relying on Social Security Is Risky
You worked your entire life for this. So, why not take full advantage of Social Security benefits the moment you can? There’s some merit to that way of thinking, but the reality isn’t as rosy. Relying on Social Security for the long haul — and to fund a significant portion of your retirement — is […]
Large Gift & Estate Tax Changes in 2021?
The Tax Cuts and Jobs Act (TCJA) temporarily increased the basic exclusion amount of large estate gifts and reduced federal estate tax rates. The moves were made to help high net worth individuals offset estate taxes at the time of death. But what happens now? How might the new administration change course? The TCJA doubled […]