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Identity Theft and Your Taxes

Posted on May 3rd, 2019

Tax-related identity theft occurs when someone uses your stolen Social Security number to file a tax return claiming a fraudulent refund. It presents challenges to individuals, businesses, organizations and government agencies, including the IRS.

Learning that you are a victim of identity theft can be a stressful event. In many cases, you may not be aware that someone has stolen your identity and the IRS may be the first to let you know you’re a victim of ID theft after you try to file your taxes. Read More…

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Credit for Plug-In Electric Vehicles Winds Down

Posted on May 3rd, 2019

The tax credit available for purchasers of new General Motors plug-in electric vehicles begins phasing out on April 1, 2019. The phaseout was triggered because General Motors, LLC has sold more than 200,000 vehicles eligible for the plug-in electric drive motor vehicle credit during the fourth quarter of 2018. Read More…

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Tips for Getting Paid on Time — How to Improve Collection Rates

Posted on May 2nd, 2019

Have you found that collecting on your accounts receivables is becoming more and more of a challenge? Strengthening your collection procedures may allow you to improve collection rates and shorten the aging days of your accounts receivables. The following suggestions will help your business improve its cash flow and tighten up its credit and collections policies. Some tips discussed here may not be suitable for every business but can serve as general guidelines to give your company more financial stability. Read More…

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Delinquent Tax Debts Could Affect Passport Renewal

Posted on May 2nd, 2019

As a reminder, individuals with “seriously delinquent tax debts” are subject to a new set of provisions courtesy of the Fixing America’s Surface Transportation (FAST) Act, signed into law in December 2015. These provisions went into effect in February 2018. Read More…

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What to Do If You Missed the Tax Deadline

Posted on May 1st, 2019

Monday, April 15, 2019, was the tax deadline for most taxpayers to file their tax returns. If you haven’t filed a 2018 tax return yet, it’s not too late.

First, gather any information related to income and deductions for the tax years for which a return is required to be filed, then call our office. Read More…

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EIN application Process Revised to Enhance Security

Posted on May 1st, 2019

Starting May 13, 2019, only individuals with tax identification numbers may request an Employer Identification Number (EIN) as the “responsible party” on the application. An EIN is a nine-digit tax identification number assigned to sole proprietors, corporations, partnerships, estates, trusts, employee retirement plans and other entities for tax filing and reporting purposes. Read More…

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Accounting and Tax Rules for a Marijuana Business: 7 Tips from an NYC CPA

Posted on May 1st, 2019

Everything You Need to Know About Uncle Sam and Mary Jane…Tax Rules for a Marijuana Business

States across America are legalizing marijuana at a rapid rate. As of March 2019, recreational use of cannabis is legal in 10 states plus Washington D.C. As for medical marijuana? That’s legal in 33 states (plus D.C.). More states are expected to follow suit throughout the year. Read More…

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