News

President Obama has ordered the Department of Labor to issue new rules increasing the number of employees currently eligible to receive overtime pay. So the question stands: what now?

While the May 2015 IRS hack may be old news, taxpayers are now being informed that their information has been accessed. Find out more about the investigation of the hack and how tax payers are being affected. 

Remember a time in the not-so-distant past when renting a movie meant loading the entire family into the car and driving to the local Blockbuster store? A small thing would happen after you paid at the register: at the bottom of the receipt, just above “Be Kind, Please Rewind” would be a line for sales tax paid. With on-demand movies there is no receipt, but is there a sales tax? 

Let's say you have two options: The IRS prepares a tax return for you, sends you a return, and you either accept it, reject it, or make the necessary adjustments and send it back--or--you can hire a CPA or private company to file for you. Find out a little more about these two views.

The creation of smart phones has brought incredible innovations to our daily lives. For example, when was the last time you stopped at a gas station to ask for directions? Google Maps has ensured we all know the location and approximate mileage of the nearest Raising Canes.

Let me set the stage: A man and woman meet in high school and are married soon after graduation. Wife works a few part time jobs before becoming a stay-at-home mom. Husband continues to work in construction as an Independent Contractor for the next several years while Wife raises their 3 children. Husband was responsible for all financial affairs on behalf of the family. Wife is given a monthly allowance and runs any large purchases by Husband first. She has no idea how much money Husband makes, how much money they have in the bank, etc. Many years down the road, Husband decides to divorce Wife and leaves her with nothing. Just as she feels she's built up a new life on her own- got a job, opened her own bank account, rented her own apartment, etc- BAM! The IRS begins garnishing her wages for a tax debt incurred during her marriage because Husband was not filing and paying in taxes throughout the years.

On the hunt for a new accountant? Not sure what to ask your current accountant? Here are some basic questions to help you out.

I'm sure paying taxes or filing a return has been on everyone's mind lately. With less than 3 weeks left to go until tax day, here are some fun tax facts to lighten the mood and get you through the process.

With tax season in full swing, I find that more and more of our tax resolution clients turn to us for quick advice on how to properly prepare their income tax returns. (Rightfully so- filing and paying your taxes timely is a MUST when trying to resolve any back tax balances!) One of the most common questions I get is, "Who can I claim on my tax return?" With blended families becoming more and more common, it's easy to be confused on who you can claim as a dependent on your income tax return, so here are some tips!

Is my W-2 correct? Am I withholding enough from my paycheck? Who can I claim on my return? Should I file an extension with the IRS? And do I still owe taxes now? What expenses are deductible?