Choosing Your Tax Representative 19 January 2017 by Mitch Helfer

This year, choosing the “right” Tax Preparer is perhaps one of the most important decisions you’ll make when preparing your taxes. Tax preparers see a lot of personal information from their clients. Each year we see more and more taxpayers who suffer financially because they made a “poor” choice in choosing a tax preparer. Now, more than ever, the IRS... Read More

How to Deduct Meals, Travel and Entertainment Expenses 19 January 2017 by Mitch Helfer

You might be asking yourself, how do I deduct expenses for travel, meals and entertainment on my tax return? The answer to this question may not be as difficult as you may think. To begin, the rules simply say that you can take a tax deduction for any business related expense that is ordinary and necessary. In other words, the... Read More

12 Things You Need to Know About the IRS Audit 31 July 2016 by Mitch Helfer

This year we compiled a list of perhaps the most important things you need to know about getting audited by the IRS. The “good news” is that IRS office examinations are perhaps at an all time low. The “bad news” is that there are perhaps more examinations than ever but most of the examinations are done by getting a letter from... Read More

IRS Form 1099 MISC Filing Due Date February 1st 25 January 2016 by Mitch Helfer

Are you a business owner? Did you engage the services of an independent contractor and pay him or her more than $599 in 2015? Are you paying rent? Have you paid an attorney? You may need to prepare and send Form 1099-MISC before February 1st.The due date for filing the return with the IRS is February 29, 2016. The IRS... Read More

What is the Obama Care Penalty for 2014 for Not Having Health Insurance? 26 January 2015 by Mitch Helfer

Obama Care’s individual mandate requires that most Americans obtained health insurance by 2014 or pay a tax penalty (the Obama Care Penalty for 2014). The individual mandate went into effect January 1st, 2014 and continues each year. The penalty for not having coverage will be paid on your Federal Income Tax Returns for each full month you or a family... Read More

IRS Adopts “Taxpayer Bill of Rights” – Taxpayer Rights 14 June 2014 by Mitch Helfer

The Internal Revenue Service (IRS) this week announced the adoption of the Taxpayer Bill of Rights.  For the most part, there’s really nothing new here. The IRS does not necessarily have the “final word”. The Taxpayer Bill of Rights gives taxpayers certain taxpayer rights to challenge the decisions made by the IRS that impact their tax obligations and payment of... Read More

Property Management Tax Reporting for Foreign Investors 02 March 2014 by Mitch Helfer

Property Management Tax Reporting for Foreign Investors. Before agreeing to manage U.S. real property for a foreign taxpayer, a real estate professional or rental agent should discuss with the foreign client whether the rental income will be taxed as investment income (subject to withholding) or net income received as effectively connected with a U.S. trade or business (not subject to... Read More

Same Sex Marriage Tax Returns 2013 29 January 2014 by Mitch Helfer

Brief discussion of same sex marriage tax returns 2013 could represent advantageous tax implications for same sex marriage couples pursuant to Revenue Ruling 2013-17 New Tax Law (Revenue Ruling 2013-17) on Same Sex Couples / Same Sex Marriage On Aug. 29, 2013, the Internal Revenue Service (IRS) ruled that same sex couples, legally married in jurisdictions that recognize their marriages,... Read More

Tax Tips – Payroll Taxes: Payroll Tax Deposit due Date, Late Tax Deposits, Payroll Tax Penalty, Tax Relief Help, Trust Fund Recovery Penalty 11 January 2014 by Mitch Helfer

What you need to know about payroll tax. Payroll tax deposit due date. How to pay payroll taxes. Late tax penalties. When you can’t pay payroll taxes. Get Tax Relief Help! Trust fund recovery penalty. When Are Payroll Tax Deposits Due? Employers need to deposit payroll taxes every month or semi-weekly depending upon your employer classification. Monthly depositors must deposit... Read More

Foreign Bank Account Reporting 04 January 2014 by Mitch Helfer

Perhaps, the number one IRS audit risk for many taxpayers will be the failure to report foreign bank accounts. There it is. I said it. Plain and simple. If you have a foreign bank account and you’re not reporting it to the IRS, you’re taking a huge risk, and I believe that sooner or later, you’re going to get caught.... Read More