The IRS implemented a new program for taxpayers who process a significant amount of transactions from credit cards and other third party vendors (such as PayPal). Such businesses are now required to submit a Form 1099K: Payment Card and Third Party Network Transactions. This give the IRS more detailed information about their electronic transactions. If […]
1099K Matching Program: How This Program Impacts Taxpayers Read More »
The Foreign Account Transactions Compliance Act (FATCA) was fully implemented on July 1, 2014. FATCA made sweeping changes to the financial reporting guidelines for foreign banks; they are now required to report financial information to the IRS on all U.S. account holders with an average balance of $10,000 or above. And those who fail to
FATCA Update: FBAR Filings Now More Important Than Ever Read More »
Come join the Gilbert Chamber of Commerce for a Good Government Breakfast with Senator Jeff Flake. An event of the SRP Good Government Series, this breakfast brings together Chamber members with U.S. Senator Jeff Flake for a candid, informational discussion on a variety of business-related topics and news from D.C. When: Friday, August 28th, 2015
Breakfast with Senator Jeff Flake Gilbert Arizona Read More »
There are numerous radio and television ads these days geared toward individuals who owe back taxes to the IRS. They usually mention the IRS Fresh Start Initiative and make claims that they can settle your tax debt for “pennies on the dollar.” This is accomplished through what is called an offer in compromise (OIC). Though
IRS Offers in Compromise: Are they a Realistic Settlement Option Read More »
Come join local business professionals in the greater Phoenix area for a free breakfast social to engage in great conversations in a relaxed atmosphere. Women In Business is an educational networking event hosted by the Microsoft Store @ Scottsdale Fashion Square. When: Tuesday, August 25th, 2015 @ 8:30am – 10:00am Where: Microsoft Store @ Scottsdale
Women In Business Networking Event Phoenix Arizona Read More »
The general rules about accounting may typically stay the same but the interpretation seems to always be different among business owners. Some accounting rules are basic to understand but some require accounting expertise to fully understand the details. We love to answer even the most difficult questions from clients, because our job is ultimately to
Top 3 Questions To Ask Your Accountant Read More »
In 2013, lawmakers in Congress introduced the Marketplace Fairness Act, a plan to compel Internet retailers to collect state and local sales taxes for out of state customers. Last session, the Act passed the Senate but did not make it through the House of Representatives. Earlier this year, the bill was reintroduced with support from
Congress Renews Push for the Marketplace Fairness Act Read More »
If you fail to pay your taxes on time, the IRS assesses penalties and interest. There are a number of “reasonable causes” listed in the IRS manual for penalty abatement. These include ordinary business care and prudence, undue hardship, and poor professional advice. Interest abatement (having the interest on your late tax payments forgiven) is
Can Interest Be Waived On Late Tax Payments? Read More »
Women In Business is an educational networking event hosted by the Microsoft Store @ Scottsdale Fashion Square. If you are looking to connect with other business professionals in Phoenix, AZ then come to this free event to meet and talk with other business women in a relaxed atmosphere. When: Thursday, July 23rd, 2015 @ 8:30am
Women In Business Networking Event Scottsdale Arizona Read More »
Many taxpayers who owe a substantial debt to the IRS are unable to pay it all in one lump sum. To help individuals get back on their feet, the IRS offers the option to pay your debt in monthly installments over time. However, there are some conditions. First, to qualify for an installment agreement, you
What You Need To Know About IRS Installment Agreements Read More »
