by Pierre Philantrope | Mar 20, 2024 | Tax Tip
The Corporate Transparency Act (CTA) is effective. It takes effect on January 1, 2024, and imposes a new federal filing requirement for most corporations, limited liability companies (LLCs), and other business entities. Corporations, LLCs, and other entities subject...
by Pierre Philantrope | Mar 13, 2024 | Tax Tip
There is a time period that the Internal Revenue Service can audit tax returns. There is is a statute of limitations on IRS audits and tax assessments. The time period is called Assessment Expiration Date (ASED). Once the limitations period expires, the IRS cannot...
by Pierre Philantrope | Mar 6, 2024 | Tax Tip
The principal residence gain exclusion is very valuable when an appreciated home is sold. Taxpayers should keep evidence of home repairs and improvements that increase their basis in the property to determine their gain on the sale. IRS Publication 523 has a long list...
by Pierre Philantrope | Feb 28, 2024 | Tax Tip
Some tax returns could be very complicated for taxpayers. However, regardless of the level of complication, all taxpayers could greatly benefit by partially reviewing their tax return and by asking a few questions. Hiring a tax preparer to prepare a tax return does...
by Pierre Philantrope | Feb 21, 2024 | Tax Tip
Many taxpayers are receiving notices of tax due from the Internal Revenue Service even years after filing their tax return, when they did not file, when they did not pay, or when they fail to deposit employment tax (TFRP- Trust Fund Recovery Penalty). Unfortunately,...
by Pierre Philantrope | Feb 14, 2024 | Tax Tip
The 2024 tax season is underway. The IRS is constantly advising taxpayers to choose their tax preparers wisely by researching their credentials and qualifications. However, many taxpayers choose the tax preparers who will give them a refund or more refund. Many times,...
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