What is a 1031 exchange? A 1031 exchange is something that anyone who owns multiple pieces of business property will want to consider. A 1031 exchange is one of the more complicated procedures available for real estate investors; It is always recommended to consult a CPA to ensure that all IRS regulations are being met. …
Category Archive
for: ‘Tax Services – Business’
Tips for Safeguarding Your Tax Records
As hurricane season approaches, it is a good reminder to review the procedures in place that safeguard your tax records. Unfortunately more often then not this advice tends to get ignored. Now more then ever it is incredibly easy to safeguard tax records thanks to how much technology has advanced. What makes it so easy …
Helpful Features on the IRS Website Worth Checking Out
Have you checked out the IRS Website lately? I’m sure you have it bookmarked and read the news and publications routinely like me. Okay, that may not be true for all of you since the Code can be pretty dry and difficult to translate. Anyway, this time of year you may find yourself making periodic …
Information on the Massachusetts Cigarette Excise Tax
There is a lot that you may not know about the Massachusetts Cigarette Excise Tax and the penalties associated with purchasing or possessing “unstamped cigarettes” under Massachusetts law. It is no secret that Massachusetts residents at the state border will likely purchase their cigarettes and other tobacco products in the neighboring state to avoid the …
Tax Return Filing Options – Do It Yourself
As a CPA and provider of tax services, I have seen thousands of tax returns and have dealt with various tax preparation software. Through these experiences I have dealt with many different clients from all walks of life and sizes. Each individual or small business owner has their own method of recording their transactions and …
Are you ready for Form 1099-K :: Merchant Card and Third Party Network Payments
The Housing Assistance Act of 2008 included a provision of the Internal Revenue Code that would affect companies that process credit and debit card payments. This would require companies like PayPal to issue a new 1099, Form 1099-K Merchant Card and Third Party Network Payments, to merchants with greater than $20,000 in sales composed of more …
Landlords, No need to issue 1099s for 2011
Last year, the Small Business Jobs Act of 2010 was passed and would require rental property owners and small businesses to issue 1099s to vendors that were paid more than $600 during the year, beginning with 2011. This law was not warmly welcomed by the affected parties. This created more paperwork for already overwhelmed business …
Lost Your Prior Year Tax Information? Retrieve it from the IRS
Safekeeping of all your important financial information has always been preached by institutions and most likely your parents. This is perfectly sound advice to follow but you always come across situations that may challenge your ability to do this. Not many people constantly monitor the status of these documents. Fortunately, most statements can be obtained …
Uh oh….You Have Received an IRS Notice
Each year, millions of taxpayers in all income levels and industries receive letters and notices from the Internal Revenue Service. My number one advice to these recipients is to face the issue head on. As Benjamin Franklin once said, “The only two certainties in life are death and taxes.” I am pretty confident you will …
