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What is the difference between bookkeeping and accounting?

Bookkeeping and accounting are often used interchangeably. Both are financial and are connected to many different tasks. For these reasons, many people confuse the two. There are significant differences in these two jobs. Bookkeeping is focused on the recording of transactions while accounting focuses on interpreting and analyzing data for better business decisions. University of Wisconsin [...]

By |2018-10-08T02:20:50+00:00October 8th, 2018|Uncategorized|0 Comments

Meals and Entertainment Expense Records

Keeping Track of Your Meals and Expense Deductions is Important In a recent case, the Tax Court denied all of a Florida taxpayer’s meals and entertainment expenses due to poor recordkeeping. (Windham, TCMemo 2017-68) If you are audited by the IRS relative to your business meals and entertainment deductions, you will need to show the [...]

By |2018-10-11T02:52:49+00:00August 15th, 2017|Deductions, Tax Credits, Uncategorized|0 Comments

The Importance of Avoiding IRS Penalties

IRS penalties- avoid them at all costs. Business owners who filed extensions have a short time left to file their corporate returns, due on September 15. The penalty for late filing of S-Corp returns is $195 per month per shareholder. Even though the S-Corp passes through any income taxes to the owner, it can be [...]

By |2018-10-11T02:50:23+00:00August 1st, 2017|IRS, Penalties, Scams|1 Comment

Big changes are likely at IRS

For those who have been procrastinating in solving their IRS problems, now is the time to act. With President Trump taking over in January, there will be changes at the IRS.  A new Treasury Secretary is likely, along with new policies for tax administration and for non-filers, collections, and audits. For the past eight years [...]

By |2016-11-30T10:58:18+00:00November 30th, 2016|Affordable Care Act, IRS|0 Comments

Tax Filing Deadline is Coming

Tax filing deadline is coming-what to do if you can’t pay what you owe on April 18 Many people make the mistake of not filing when they think they cannot pay what they owe the IRS.  There are many reasons to file anyway, not the least of which is—it’s the law!  The penalties for fraud [...]

By |2016-04-08T15:03:10+00:00April 8th, 2016|Penalties, Uncategorized|0 Comments

IRS Has Refunds Totaling $950 Million for People Who Have Not Filed a 2012 Federal Income Tax Return

According to the IRS, overpayments totaling $950 million may be waiting for an estimated one million taxpayers who did not file a federal income tax return for 2012. To collect the money, these taxpayers must file a 2012 tax return with the IRS no later than this year's April tax deadline. That is because the [...]

By |2016-03-01T16:11:57+00:00March 1st, 2016|Uncategorized|0 Comments