The Importance of Filing Your Taxes: A Guide for Unfiled Tax Returns 01 June 2024 by Mitch Helfer

Why Filing Your Taxes Matters Stop IRS penalties for late filing and late payments. The longer you delay, the more these penalties can add up. In addition, interest accrues on any unpaid tax from the due date of the return until the date of payment. File as soon as possible to minimize these extra costs. Protecting Your Refund If you’re... Read More

Choosing Your Tax Representative 19 January 2017 by Mitch Helfer

This year, choosing the “right” Tax Preparer is perhaps one of the most important decisions you’ll make when preparing your taxes. Tax preparers see a lot of personal information from their clients. Each year we see more and more taxpayers who suffer financially because they made a “poor” choice in choosing a tax preparer. Now, more than ever, the IRS... Read More

12 Things You Need to Know About the IRS Audit 31 July 2016 by Mitch Helfer

This year we compiled a list of perhaps the most important things you need to know about getting audited by the IRS. The “good news” is that IRS office examinations are perhaps at an all time low. The “bad news” is that there are perhaps more examinations than ever but most of the examinations are done by getting a letter from... Read More

IRS Form 1099 MISC Filing Due Date February 1st 25 January 2016 by Mitch Helfer

Are you a business owner? Did you engage the services of an independent contractor and pay him or her more than $599 in 2015? Are you paying rent? Have you paid an attorney? You may need to prepare and send Form 1099-MISC before February 1st.The due date for filing the return with the IRS is February 29, 2016. The IRS... Read More

Property Management Tax Reporting for Foreign Investors 02 March 2014 by Mitch Helfer

Property Management Tax Reporting for Foreign Investors. Before agreeing to manage U.S. real property for a foreign taxpayer, a real estate professional or rental agent should discuss with the foreign client whether the rental income will be taxed as investment income (subject to withholding) or net income received as effectively connected with a U.S. trade or business (not subject to... Read More

Foreign Bank Account Reporting 04 January 2014 by Mitch Helfer

Perhaps, the number one IRS audit risk for many taxpayers will be the failure to report foreign bank accounts. There it is. I said it. Plain and simple. If you have a foreign bank account and you’re not reporting it to the IRS, you’re taking a huge risk, and I believe that sooner or later, you’re going to get caught.... Read More

S Corporation Tax Returns – Nine Things You Really Need to Know 02 September 2013 by Mitch Helfer

Here’s Nine Things You Really Need to Know Regarding S Corporations and Income Taxes What is an S-Corporation? An S-corporation is a corporation that makes a federal election to have the federal income taxes paid by its shareholders rather than to the Company. In most cases, S corporations do not pay any federal income taxes. Instead, all items of business... Read More

The IRS Fresh Start Initiative and IRS Tax Liens 02 August 2013 by Mitch Helfer

Recent changes to tax collection procedure established by the Internal Revenue Service (IRS) “Fresh Start” Initiative have now made it possible to often prevent federal tax liens or have existing tax liens by the IRS withdrawn. What is a Federal Tax Lien? The federal tax lien is one of many tools used by the IRS to help secure your tax... Read More

Get the Best Price for Tax Preparation, Get Your Biggest Income Tax Refund, Pay the Least Amount of Income Taxes – Its What You’re Searching For 07 April 2013 by Mitch Helfer

Or is it? These are the 3 main reasons people get in trouble with the IRS. Best Price Tax Preparation In the last three days, we acquired three new clients, for each of the three biggest reasons they got in trouble with the IRS. When I asked why they chose to have their taxes prepared by the tax preparer they... Read More