Think you pay too much in taxes?
The IRS recently released statistics for the 2016 filing year. See how you compare.
Nobody likes to pay penalties. Even the very word conjures negative images in our minds.
Payment of taxes feels like penalty enough. Failure to pay enough tax to the IRS can result in an underpayment penalty. But you can avoid the penalty.
I recently attended an education conference hosted by the Internal Revenue Service. I suffered through hours of classes each day, but was rewarded with San Diego evenings and a sunset on an ocean beach.
Tax return preparers are required to have a PTIN, or preparer tax identification number. Other than that, there aren't really any requirements to be a paid tax return preparer. That's kind of scary!
It is with mixed emotions that Next Step Advisors announces the departure of Josh Emett. He has accepted a position with a firm in North Carolina, and will be moving his young family across the country. Josh has been an important piece of our team, and replacing him will not be easy. We will miss him, but we are excited for his new adventure. We wish him the best of luck in this move, and with his new firm on the East coast!
Josh Emett and Doug Solstad partnered together to found Next Step Advisors with a shared vision and conviction: to help individuals and small business owners save money, time, and frustration on their taxes.
After working together for almost 10 years, Doug and Josh are like-minded in their employment of tax strategies and technology tools to assist you in your tax and accounting needs. All of Josh’s current projects have been transitioned to Doug. Your accounting services, QuickBooks subscriptions, and payroll services will all continue uninterrupted and without any price increases. Rest assured, we will get everything taken care of for you, but please reach out to us if you have any questions or concerns.
If you have been working with April or Noelle, they are still here! They will continue to assist with your needs, and can be reached just as before.
If you are one of the few who hasn’t yet had the opportunity to meet Doug, please reach out! Reply to this email or give him a call at 435-275-8400. He is eager to help!
All the best,
Josh & Doug
The Internal Revenue Service began a new private collection program of certain overdue federal tax debts selecting four contractors to implement it.
The new program, authorized under a federal law enacted by Congress, enables these designated contractors to collect, on the government’s behalf, outstanding inactive tax receivables. Authorized under a federal law enacted by Congress in December 2015, Section 32102 of the Fixing America’s Surface Transportation Act (FAST Act) requires the IRS to use private collection agencies for the collection of outstanding inactive tax receivables.
Last week the caller ID on my home phone displayed a call from Rochester, NY. It was an automated call which apparently started before my voicemail picked up. If I didn't know better, I might have been worried by what the computer voice told me.
The idea has been tossed around for years, and politicians love to suggest it would be a priority, but the postcard 1040 might finally become a reality.
As part of a larger effort to help taxpayers, the Internal Revenue Service plans to streamline the Form 1040 into a shorter, simpler form for the 2019 tax season.
In 1967 and again in 1992 the Supreme Court said a physical presence was required for retailers to be required to collect and remit sales tax. These two cases (National Bellas Hess, Inc. v. Department of Revenue of Ill., 386 U.S. 753 and Quill Corp. v. North Dakota, 504 U.S. 298) have now been overturned in a 5-4 verdict with what the Supreme Court says were "incorrect interpretation[s] of the Commerce Clause."
Without the physical presence requirement, states can now claim nexus for sales and use tax purposes, and sellers will have to deal with tax requirements at buyer locations.
Meals and entertainment expenses have a long history in business. They have been used to strengthen business relationships with colleagues, peers, and existing or potential clients. The deductions allowed have varied depending on the type of expenditure.
Under the new Tax Cuts & Jobs Act the amounts of deductions allowed have been updated effective January 1, 2018. Following is a quick analysis of the old and new rules.
Taxpayers need to be wary against scam groups masquerading as charitable organizations, luring people to make donations to groups or causes that don't actually qualify for a tax deduction. These ‘fake’ charities attempt to attract donations from unsuspecting contributors, using a charitable reason and a tax deduction as bait for taxpayers. Fake charities are one of the “Dirty Dozen” tax scams for the 2018 filing season.
Compiled annually, the “Dirty Dozen” lists a variety of common scams that taxpayers may encounter anytime, but many of these schemes peak during filing season as people prepare their tax returns or hire someone to prepare their taxes.
Next Step Blog
Our blog is intended as a tool to keep people informed about relevant tax and accounting issues. If you have a question or an idea for a post, let us know!