As an Authorized ERO (Electronic Return Originator), we receive notification from the IRS on a Form 9325. IRS Publication 1345 is periodically updated but no changes have been made in over 4 years. The latest IRS Revenue Procedures (rev procs) refer to it: “The ERO must, at the request of the taxpayer, provide the Declaration […]
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HOME OFFICE DEDUCTION Do you have an area of the home you use exclusively for business? If so, the following information is needed: Square footage of area used exclusively for business Total square footage (excluding garage) Electric, gas (not water) Maid service if it includes the office Home insurance or Renters insurance Portion of DSL used for business If you […]
Welcome to IRSTaxTalk.com, our blogging website. Please visit our main website www.USATaxHelp.com Thank you and please feel free to comment. […]
Owners of LLC’s are called members. The person in charge is called the manager or managing member (if it is a multiple member LLC). […]
Read More… from If I’m doing business as an LCC, what am I called?
COST SEGREATION = TAX SAVINGS Cost Segregation is a VERY BENEFICIAL tax angle used by real estate owners to ACCELERATE DEPRECIATION deductions. In the past it was primarily used by large accounting firms and larger clients. The ability for smaller building owners to utilize these techniques is now becoming popular. It takes an engineering study and […]
Download Form SSA-4004 – to obtain Earnings History (you create an account.. easy to do) […]
How Long Do I Keep Records Our standard answers… 3 years is the Statute of Limitations for audit purposes (from the due date of the return or the filing, whichever is later). 4 years for Employee Records 6 years if there is a 25% understatement of income (accidental, misinterpretation of tax law, bookkeeping error, involved in one […]
Click here for discussion of Independent Contractors (or not) versus Employee […]
In the Simpliest Terms……. CASH BASIS REVENUE means you declare it when you RECEIVE the money. ACCRUAL BASIS REVENUE means you declare it when you EARN the money (usually that is when the invoice is generated whether you receive a portion of the money or none at all at the time the invoice is generated). CASH BASIS EXPENSE means you expense it when you PAY it. […]
We have the latest Quickbooks editions. We recommend you have the online version… give us permission and we can go online to assist. Additionally, we can come to your place of business for personalized instruction. […]
