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Should a Trust be a Part of Your Estate Plan?

2019 – 11/11  Will a trust make life easier for your heirs, reduce estate taxes, or provide other benefits when you die? In many cases, the answer is yes, and not just for the very wealthy. While thoughtful estate planning is critical for people with substantial assets, even those with assets less than the estate…

How Do I Become a Nonprofit Group?

2019 – 11/01 Are you interested in forming a tax-exempt nonprofit group? Many people who want to support causes mistakenly think that calling a group a nonprofit is enough. But, the IRS says not so fast! To be considered tax-exempt, there are hoops that must be jumped through, up front. First, you must decide if…

Federal Tax Withholding Estimator

2019 – 11/01 When it comes to planning for next year’s tax return filing, the IRS urges taxpayers to wait no longer. To avoid tax-time surprises on their 2019 federal tax returns, taxpayers should start by using the IRS withholding estimator and adjust withholding or estimated payments if necessary. This is important for those who…

What is a Bank Deposits Reconstruction?

2019 – 11/04 The IRS can piece together a taxpayer’s income and deductible expenses if it suspects he or she didn’t correctly report them. That happened in one case when the IRS performed a “bank deposits reconstruction” of a married couple’s income. The wife was a doctor and her husband worked in her medical practice….

A shadow board could shed light on your company’s best future

In many industries, market conditions move fast. Businesses that don’t have their ears to the ground can quickly get left behind. That’s just one reason why some of today’s savviest companies are establishing so-called “shadow” (or “mirror”) boards composed of younger, nonexecutive employees who are on the front lines of changing tastes and lifestyles. Generational…

Cybersecurity Tips

2019 – 10/23 The IRS has been making strides fighting identity theft, and it’s urging the public to do the same. Protecting personal information while using the Internet should be a priority for families and teens, the tax agency says. It recently offered some commonsense tips for online safety. For example, parents should teach their…

Tax Breaks Involved in a Family Business

2019 – 10/24 Do you own a business and employ family members? If so, special tax treatment may apply. For example, if one spouse employs the other, the employed spouse’s wages aren’t subject to federal unemployment tax. The same is true for the wages of a parent employed by a child. In addition, the wages…

At the very least, update the financials in your business plan

Every new company should launch with a business plan and keep it updated. Generally, such a plan will comprise six sections: executive summary, business description, industry and marketing analysis, management team description, implementation plan, and financials. Now, ideally, you would comprehensively update each section every year. But if the size, shape and objectives of your…

Do You Owe The “Nanny Tax”?

2019 – 10/16 Do you employ someone in your home to care for family members or do other household tasks? If so, you may owe what’s commonly called the “nanny tax.” The Social Security Administration has announced that for 2020, the nanny tax will be due on a household worker’s wages when the wages exceed…

Federal Tax Lien vs. Installment Agreement

2019- 10/18 A taxpayer, a swimming pool builder, failed to pay its employment taxes for several quarters. The IRS filed a Notice of Federal Tax Lien against it. At a Collection Due Process hearing, the taxpayer requested an installment agreement as a collection alternative. The IRS Appeals Officer (AO) asked for proof that the company…

IRS & Identity Theft Protection

2019 – 10/21 Identity theft protection when filing federal tax returns is improving. To enhance security, the IRS has expanded its Identity Protection Personal Identification Number (IP PIN) program to more states. An IP PIN is a six-digit number that taxpayers can use to help shield their Social Security Numbers from use on fraudulent tax…

©2019 Bland Garvey CPA