Is the IRS really closed for business? 20 January 2018 by Mitch Helfer

The federal government shut down at midnight Friday (January 19) after the Senate failed to pass a continuing spending resolution that would have funded the government going forward.  The shutdown started nine days before the Jan. 29 scheduled start of tax season, and it is unclear how tax season will be affected. During the last federal government shutdown, in 2013, the... Read More

How to Deduct Meals, Travel and Entertainment Expenses 19 January 2017 by Mitch Helfer

You might be asking yourself, how do I deduct expenses for travel, meals and entertainment on my tax return? The answer to this question may not be as difficult as you may think. To begin, the rules simply say that you can take a tax deduction for any business related expense that is ordinary and necessary. In other words, the... 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

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

2013 IRS Audit Red Flags 01 January 2014 by Mitch Helfer

Have you ever known someone who had an income tax audit by the IRS or state taxing authority? They’ll tell you that once was enough and in most all cases, will do everything not to have that sort of problem ever again. It’s important to know how an audit is triggered and what you can do to prevent one from... Read More

Tax Planning: Tips and Strategies: Expiring Tax Deductions and Tax Credits 09 December 2013 by Mitch Helfer

With the year-end fast approaching, many individuals and business owners are often left scrambling to take actions to reduce or eliminate income taxes they may need to pay. There are many significant tax changes to consider in year-end tax planning tips and strategies to consider. Of significant importance are the many of the previous tax relief provisions that are set... Read More

New Simplified Rules for the Home Office Deduction 29 June 2013 by Mitch Helfer

In 2010 (the most recent year for which figures are available) nearly 3.4 million taxpayers claimed deductions for the business use of a home. In January 2013, the IRS issued new simplified rules for the deduction of the home office expense [Rev. Proc. 2013-13]. This revenue procedure provides an optional safe harbor method that individuals may use to determine the... Read More