Surprising Truths About IRS Audits

Surprising Truths About IRS Audits

Getting audited by the IRS sounds like a nightmare for many small business owners. While getting audited is certainly not the best-case scenario, the auditing process is actually much different than most entrepreneurs think. In this article, we’ll be sharing ten...
California FTB Collecting Taxes from Residents of Other States

California FTB Collecting Taxes from Residents of Other States

Imagine that you’re a screenwriter living in Arizona. While you perform all of your screenwriting business in your state of residency, some of your clients predictably reside in California, where most major studios operate. You file for taxes in your home state, only...
Residency Audits from High-Tax States

Residency Audits from High-Tax States

With the recent Tax Cuts and Jobs Act placing a $10,000 cap on state tax deductions, many people are seeking to establish residency in a lower-tax state. According to Accounting Today, while California, New York, New Jersey, Connecticut, and Rhode Island are...
IRS Announces New Ruling on Abbreviated Tax IDs

IRS Announces New Ruling on Abbreviated Tax IDs

The IRS recently announced that it will now allow truncated tax identification numbers (TTINs) on most payee statements, including the Wage and Tax Statement form (W2.) This new ruling is the latest in a series of measures that the IRS has taken in order to reduce...
Guide to The Tax Cuts and Jobs Act for Every Stage of Life

Guide to The Tax Cuts and Jobs Act for Every Stage of Life

The Tax Cuts and Jobs Act that was passed in 2017 made dramatic changes that affect nearly every taxpayer in every stage of life. Understanding what the TCJA means in regard to the season that you are in is essential for financial planning. According to CPA Journal,...

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