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by Eric Lasch, Senior Tax Manager
 Eric Lasch, Senior Tax Manager Taxpayers and tax professionals alike find very little enjoyment in enduring an IRS income tax audit. While only 1% of taxpayers are actually audited each year, there’s no good reason to be included in that statistic. Therefore, it’s important to be aware of the red flags that give rise to receiving an IRS letter in your mailbox. What exactly is an audit red flag? Most tax returns are processed by IRS computers. The computers are programmed to look out for unreported income and certain deductions and credits that stray too far from statistical norms. Audit flags don’t mean you will be audited, but they do mean that the IRS will probably take a closer look at your return. So here are 12 of the more common audit red flags: (more…) |
Archive for November, 2011
Tax Audit Red Flags
Tuesday, November 22nd, 2011IRS Break on Independent Contractors – Good Deal or Risky Business
Friday, November 18th, 2011|
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| by Eric Lasch, Senior Tax Manager
The IRS has launched a new Voluntary Classification Settlement Program (VCSP) for employees that have been misclassified as independent contractors (or as other non-employees). The VCSP is available to taxpayers who are currently treating their workers (or as class or group of workers) as independent contractors or other non-employees and want to prospectively treat the workers as employees. To be eligible, a taxpayer: (more…) |
QuickBooks 2012: Better Financial Management
Monday, November 14th, 2011|
Chris Blach, QuickBooks ProAdvisor |
 As it usually does this time of year, Intuit has introduced new versions of its Pro and Premier products. QuickBooks 2012 promises to help you get better organized, save steps, and acquire more in-depth financial insights.
The new Express Start is designed for businesses that want to blast through setup and start entering customers and invoices. You have two other options though. Advanced Setup is the old EasyStep interview that solicits more details. You can also open an existing file or convert data from Quicken or other accounting software. (more…) |
Client Spotlight: R&P Oak Hill Development
Friday, November 11th, 2011|
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Clients are winners with the R&P Oak Hill Development teamPlaying fantasy football means that you get to pick your best players and eagerly watch and brag as the points add up for your team. A little over five years ago, Melissa Baumgart, Gary Bichler and Christopher Hogan made their fantasy team a working reality. Bringing their strengths together as developer, construction manager and general contractor give the three critical areas of construction/development a synergy that pays off in successfully managed and completed projects. (more…) |
Three Most Common Budgeting Errors
Thursday, November 10th, 2011|
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| When it comes to creating a budget, it’s essential to estimate your spending as realistically as possible. Here are three budget-related errors commonly made by small businesses, and some tips for avoiding them. |
Broker Requirements to Report Customer’s Adjusted Basis
Tuesday, November 8th, 2011|
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| by Eric Lasch
Eric Lasch, Senior Tax Manager After Dec. 31, 2010, every broker that is required to file an information return reporting the gross proceeds of a “covered security”must include in the return the customer’s adjusted basis in the security and whether any gain or loss with respect to the security is short term or long term. Congress believes that there may be significant underreporting of capital gain income as a result of misreporting of basis. Requiring brokers to report basis to IRS and taxpayers may reduce capital gain underreporting. When coupled with the requirement to report gross proceeds, mandatory basis reporting will give both taxpayers and IRS information needed to compute gain (or loss) from securities sales. (more…) |
Retirement Contributions Limits and Other Tax Benefits for 2012
Friday, November 4th, 2011|
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| The IRS has announced the maximum contribution limits for your 401(k) and other retirement plans for 2012. In general, many of the pension plan limitations will change for 2012 because the increase in the cost-of-living index met the statutory thresholds that trigger their adjustment. However, other limitations will remain unchanged. Highlights include: (more…) |
Year-End Tax Planning Ideas for Businesses
Friday, November 4th, 2011|
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Compiled by
Carolyn Valenti, CPA, Tax Partner There are a number of end of year tax strategies businesses can use to reduce their tax burden for 2011. Here’s the lowdown on some of the best options. |
Year End Tax Saving Ideas for Individuals
Thursday, November 3rd, 2011|
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| Compiled by
Carolyn Valenti, CPA, Tax Partner There are a number of steps you might take by year-end to cut your 2011 tax bill, such as deferring income, accelerating deductions and capital gains planning. (more…) |
Financial Tips for November 2011
Tuesday, November 1st, 2011|
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| Make Gifts to Minimize Estate Taxes Consider making gifts before year-end to minimize estate taxes. For example, you can give away $13,000 a year to a donee ($26,000 if you are married and your spouse elects to participate) without having to pay the gift tax, thereby reducing your estate tax liability. Year-End Tax Review Meeting Review October’s Budget vs. Actuals |
