by Aleksei Koutin on 19 Jan, 2016 - 0 comments

Dear business owners. Please be reminded that commissions paid during tax year to individuals in excess of $600 must be reported on form 1099-Misc. Copy B and Copy 2 of the form must be sent to recipient(s) by February 1, 2016. We are on stand by for all withholding and income tax needs you may […]

by Aleksei Koutin on 25 Nov, 2015 - 0 comments

Yesterday, the IRS issued Notice 2015-82 that increases a business without an applicable financial statement to deduct up to $2,500 of repair expenses under the safe harbor limit, rather than capitalize and depreciate them. Previously, the limit was $500. It should be noted that this $2,500 is applied on a per invoice or per item […]

by Aleksei Koutin on 01 Apr, 2015 - 0 comments

Texas tax preparer has received a 36-month prison sentence after pleading guilty to preparing a false tax return. Preparer Kenny Iroegbu must also pay $323,046 in restitution to the Internal Revenue Service. The conviction stemmed from action Iroegbu took as a intern before 2005 and after starting his own business that year. As an intern, […]

by Aleksei Koutin on 17 Feb, 2015 - 0 comments

The Internal Revenue Service has opened an online directory of tax return preparers. The searchable directory is designed to help taxpayers find professionals with credentials and select qualifications. Lists include attorneys, CPA and Enrolled Agents and those who have completed requirement for the IRS Annual Filing Season Program. Searches can be conducted by and sorted […]

by Aleksei Koutin on 06 Feb, 2015 - 0 comments

Tax season is here! Mention “SM50OFF” code when you contact us and automatically get a $50 discount off your personal return preparation fee! Spread the news.

by Aleksei Koutin on 06 Feb, 2015 - 0 comments

National Society of Accountants Income and Fees Survey reports  on fees to prepare a range of tax returns  Taxpayers looking to hire a professional to complete their 2014 tax return can expect to pay an average of $261 for an itemized Form 1040 with Schedule A and a state tax return, according to the National Society […]

by Aleksei Koutin on 13 Sep, 2014 - 0 comments

A tax preparer based in Brick Township, N.J., has pleaded guilty to one-count of aiding and assisting in the preparations of false tax returns. Sharif Mahfouz, age 49, admitted that while he operated as owner of Expat Focus Consulting fabricated or inflated foreign earned income exclusion amounts and foreign tax credits. He then had client […]

by Aleksei Koutin on 04 Sep, 2014 - 0 comments

Created on Sunday, 31 August 2014 20:07Written by The Progressive Accountant Andy Brown, a 37-year CPA from Portage, Mich., has been sentenced to 37 ½ to 75 years in prison for the murder of his boss. Brown was convicted of second-degree murder for the shooting death of 70-year-old David Locey. Part of the sentence handed […]

by Aleksei Koutin on 02 Sep, 2014 - 0 comments

AUG 29, 2014 12:28pm ET By Roger Russell The Tax Court has held that the value of an airline ticket received in the redemption of “thank you” award points from a bank must be included in gross income. In the case of Shankar v. Commissioner, 143 T.C. No. 5, the taxpayer, Parimal Shankar, received 50,000 […]

by Aleksei Koutin on 02 Sep, 2014 - 0 comments

By MELLODY HOBSONMONEYWATCH March 28, 2013, 4:12 PM MoneyWatch) It’s hard to think there’s anything funny about taxes when you’re under a mountain of paperwork, but CBS News contributor and analyst Mellody Hobson has a little comic relief for taxpayers. In all her research about taxes, she came across some fairly ridiculous write offs the IRS has […]