03 Apr, 23

Is There Any Risk in Filing Tax Extension for Tax Audit?

What is a tax extension? A tax extension is a request made by taxpayers to extend the filing deadline for their federal income tax return, it also covers paying tax (including estimated tax), and filing tax extension forms. But it doesn’t allow you to give yourself extra time to pay taxes. Furthermore, you can ask […]

28 Mar, 23

What is FDIC Insurance & What are the Coverage Limits?

Understanding FDIC Insurance and Your Coverage Limits – As your trusted advisors, we wanted to bring your attention to the potential risks associated with holding more than $250,000 in cash at a bank, even when held in multiple accounts. Recent events, such as the failures of Silicon Valley Bank and Signature Bank, have shown that […]

24 Feb, 23

Don’t Kill the Messenger – The Rise of the Internal Revenue Service – Part 4

Part-4 We have all read the headlines; “IRS receives $80B to hire 87,000 new agents over the next decade”. Does this mean increased audits? Probably, who knows for certain but time will tell. Our role is to help keep you in compliance. Tax avoidance and tax evasive are radically different. Tax avoidance helps lowers your […]

17 Feb, 23

Don’t Kill the Messenger – The Rise of the Internal Revenue Service – Part 3

Part-3 We have all read the headlines; “IRS receives $80B to hire 87,000 new agents over the next decade”. Does this mean increased audits? Probably, who knows for certain, but time will tell. Our role is to help keep you in compliance. Tax avoidance and tax evasive are radically different. Tax avoidance helps lowers your […]

10 Feb, 23

Don’t Kill the Messenger – The Rise of the Internal Revenue Service – Part 2

Part-2 We have all read the headlines; “IRS receives $80B to hire 87,000 new agents over the next decade”. Does this mean increased audits? Probably, who knows for certain but time will tell. Our role is to help keep you in compliance. Tax avoidance and tax evasive are radically different. Tax avoidance helps lowers your […]

03 Feb, 23

Don’t Kill the Messenger – The Rise of the Internal Revenue Service – Part 1

Part -1 We have all read the headlines; “IRS receives $80B to hire 87,000 new agents over the next decade”. Does this mean increased audits? Probably, who knows for certain, but time will tell. Our role is to help keep you in compliance. Tax avoidance and tax evasive are radically different. Tax avoidance helps lowers […]

20 Jan, 23

Tis the Season for Charitable Giving

‘Tis the Season for Charitable Giving… So, let’s make sure you’re doing it right. What documentation am I required to keep on my Charitable Donations? That depends on the type and value of the donation. – For cash donations under $250, the donor must have a bank record (canceled check, debit, credit card charge) or […]

14 Jan, 23

Tax Talk Tuesday – Charitable Donations

Charitable donations are a great way to give back to society and support causes that are important to you. However, when it comes to tax season, it’s important to understand the rules for deducting charitable donations. In this article, we’ll provide an overview of the rules on deducting charitable donations so that you can ensure […]

04 Jan, 23

Senate Tax Reform Bill Passed

The Senate passed its version of the tax reform bill a few days ago, and the House passed it several weeks ago. What does this mean? It means we are one step closer to a major tax reform change. The bill from the Senate and House will need to be reconciled so they have one […]

08 Nov, 22

Tax Underpayment Penalties

The Tax Underpayment Penalty is a penalty imposed by the Internal Revenue Service for failing to pay sufficient estimated tax payments or withholding taxes throughout the year. To avoid this penalty, taxpayers should make sure to calculate their estimated taxes accurately, keep track of their income and expenses throughout the year, and adjust their withholdings […]