September 26, 2022

IRS Business tax forms

The necessary tax forms are easily accessible, and instructions on how to fill them out are readily available on the IRS website. Finding the form or publication you need is as easy as using the search box on the IRS’s
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September 26, 2022 No Comments

LLCs and C Corps: Changing Legal Structures

It wouldn’t be strange if your clients thought about changing their legal arrangements at some time given how frequently businesses change. Your clients might decide to change from an LLC to a C Corp or vice versa for a number
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September 26, 2022 No Comments

Revocation of S-Corporation

When tax season rolls around, we have all had that conversation with our S-Corporation clients. Why should they have to pay tax, when they claim to never receive any payments from their S-Corporation? It’s important to treat the cancellation of
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September 26, 2022 No Comments

Unenrolled Preparers (PTIN Holders)

Unenrolled preparers can opt into the IRS Annual Filing Season Program (AFSP). The AFSP provides tax practitioners who meet the standards with limited representation rights. Participants in the AFSP earn a completion certificate that permits them to represent clients in
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September 26, 2022 2 Comments

Certified Public Accountants

CPAs are licensed by a state licensing authority (for example, a state board of accountancy), and many states recognize licenses from other jurisdictions. A CPA must normally have a degree in accounting and spend an apprenticeship at a firm before
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September 26, 2022 39 Comments

Enrolled Agents

The US Treasury Department licenses EAs. The exam they take to get the credential is completely tax-related and written by the IRS. Before electing to get the EA credential, an EA would often have one or more years of experience
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September 26, 2022 2 Comments

Wealth Tax

Wealth taxes are often levied on an individual’s net wealth (total assets minus any debts payable) that exceeds a specific threshold each year. For instance, a person with a net worth of $2 million would have $2.5 million in assets
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September 26, 2022 1 Comment

Estate and Inheritance Tax

The worth of a person’s possessions at the time of their death is subject to both estate and inheritance taxes. In contrast to inheritance taxes, which are paid by persons who inherit property, estate taxes are paid by the estate
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September 26, 2022 No Comments

Tangible Personal Property (TPP) Taxes

Property that can be moved or touched is referred to as tangible personal property (TPP), and examples include commercial machinery, merchandise, furniture, and automobiles. TPP taxes account for a small portion of all state and local tax revenues, but they
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September 26, 2022 No Comments

Property Tax

In the United States, property taxes, which are generally assessed on immovable assets like land and buildings. They are a crucial source of funding for state and municipal governments. In the United States, property taxes account for more than 30%
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September 26, 2022 1 Comment
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