Reporting Cash Payments to the IRS

Reporting Cash Payments to the IRS

Have you received a large sum of cash this year in a recent business deal? According to Federal Law, all persons who are given over $10,000 cash in one or more related transactions, are required to report the sum to the IRS. Here’s everything you need to know to do...
IRS Audits of Millionaires is Decreasing

IRS Audits of Millionaires is Decreasing

In an all time low, statistics by Syracuse University’s Transactional Records Access Clearinghouse (TRAC) found that out of every 100 millionaires, only 3 were audited by the IRS last year, while less than half of the state’s largest corporations – each possessing...
The Tax Saving “Don’ts”

The Tax Saving “Don’ts”

From claiming deductions, to claiming tax credits, everybody knows there’s an abundance of ways you can save when it comes to your small business’ taxes – and if you don’t know them personally, you can always find an accountant who does. But what about the other...
5 Tax Tips for the Sharing Economy

5 Tax Tips for the Sharing Economy

From Airbnb, to Snapgoods, to bike rentals, in a modern, digitized world, the sharing economy is taking over the marketplace and giving us multiple choices for services. Nowadays, anything and everything you can think of is available through some online,...
EIN Application Process Has Been Revised by the IRS

EIN Application Process Has Been Revised by the IRS

Are you planning on starting a business or changing entity types and needing an Employment Identification Number (EIN)? The process is being changed by the IRS and taking effect May 13, 2019. An EIN is a nine-digit tax identification numbers assigned to sole...
2019’s “Dirty Dozen” Tax Scams

2019’s “Dirty Dozen” Tax Scams

In what’s now an annual tradition, every year around tax filing season, the IRS releases a briefing on the latest tax scams taxpayers should lookout for, as well as modern developments in the strategies used by fraudsters. These 12 scams – affectionately titled the...

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