So, You’ve Been Audited: Should You Go It Alone or Hire a CPA?
![](https://pas.service2client.com/assets/contentimages/2024_07/2024_07tax.jpg)
I sincerely hope you have never had to go through an IRS audit – and never have to in the future. But what if that dark day does arrive? Should you go it alone and defend yourself or hire a CPA to be on your side? The temptation to handle this alone is usually prompted […]
Marrying a Non-U.S. Citizen? No Tax Honeymoon for You
![](https://pas.service2client.com/assets/contentimages/2024_06/2024_06tax.jpg)
Marriage is a major life event. One that comes with all kinds of change, including financial. After getting married, there is so much to consider, from merging bank and brokerage accounts to setting up a will; from changing your withholding to updating retirement account beneficiary forms. If this seems like a lot to consider, it’s […]
‘Master’ The Augusta Rule and Save Money on Your Taxes
![](https://pas.service2client.com/assets/contentimages/2024_05/2024_05tax.jpg)
Anyone who lives in a highly seasonal tourist destination knows you can make money on short-term rentals during events and festivities in your city or town. Think high concentration, short-term, tourist-driven events such as horse racing season in Saratoga Springs, N.Y., or The Masters Tournament in Augusta, Ga. As a result, it is common for […]
Reduce Your Taxes by Putting the Right Assets in Your IRA
![](https://pas.service2client.com/assets/contentimages/2024_04/2024_04tax.jpg)
Most people know the basic concept that certain types of investment accounts are tax sheltered while others are not. Think 401(k), 403(b), IRA and Roth IRA accounts, for example. What most people are not aware of is how you split your investment positions between your taxable and non-taxable accounts can result in major tax savings. […]
U.S. Beneficial Ownership Information Reporting Begins
![](https://www.fincen.gov/sites/default/files/images/news-releases/insignia%20320%20x%20213.jpg)
The U.S. Treasury recently enacted a new reporting requirement aimed at quashing illicit financial transactions. The agency believes that corporate anonymity is enabling money laundering, terrorism, and drug trafficking. As part of the 2021 Corporate Transparency Act (CTA), certain companies are now required to report information about their beneficial owners. The goal of the new […]
How to be Your Tax Pro’s Favorite Client this Tax Season
![](https://pas.service2client.com/assets/contentimages/2024_02/2024_02tax.jpg)
Why on earth, you may ask yourself, would I care about being a good client to my tax prep professional? I mean, you are a paying client, and aside from treating them with the same decency and respect that you would show any other random person, who cares – right? Wrong! What’s in it for […]
IRS Plans to Shake Up Leadership
![](https://pas.service2client.com/assets/contentimages/2024_01/2024_01tax.jpg)
The top leadership in the IRS is set to change. IRS Commissioner Daniel Werfel believes the changes are needed for the agency to meet its new goals. He aims to create greater flexibility and efficiency over the agency by streamlining internal processes. The changes also are needed, in his view, to adapt to the evolving […]
The 2023 Tax Planning Guide
![](https://pas.service2client.com/assets/contentimages/2023_12/2023_12tax.jpg)
It’s that time of year again: time for year-end tax planning. With the end of 2023 coming fast, the time to act is now. In this article, we’ll look at the moves you can make to optimize your tax situation in 2023 as an individual taxpayer. Itemized Deductions Flexing your timing on itemized deductions is […]
New Business Travel Per Diem Rates Announced for 2023-2024
![](https://pas.service2client.com/assets/contentimages/2023_11/2023_11tax.jpg)
New per diem rates were recently announced by the IRS and are effective for per diem allowances on or after Oct. 1, 2023. These updated rates include changes for the transportation industry, incidental expenses as well as the high-low substantiation method. Before we dive into the detailed changes impacting per diem rates, let’s revisit the […]
IRS Plans to Use AI and Ramp Up Enforcement on Millionaires, Partnerships and Crypto
![](https://pas.service2client.com/assets/contentimages/2023_10/2023_10tax.jpg)
Recently, IRS Commissioner Danny Werfel spoke of changes within the IRS, announcing several initiatives focusing on high-income earners and partnerships, as well as integrating the use of AI within the agency’s work. According to the commissioner, the initiatives were made possible by additional IRS funding provided by the Inflation Reduction Act. Without the funding from […]