For most contractors and construction-related businesses—particularly for those structured as pass-through entities—the 2018 tax season is anything but business as usual. With the Tax Cuts and Jobs Act (TCJA) on the books, there are several tax law changes that could impact your tax filing this year. Here are a few things to consider as you […]
States Respond to Supreme Court Sales Tax Decision
By Todd J. Koch, CPA, MBT, CFP® Since the decision in the South Dakota v. Wayfair case, states are continuing to determine their position. Many states already had economic laws in place and others introduced hard to understand requirements which includes noncompliance penalties. There are several different factors states are considering and it is important […]
What To Do If You’re Facing an IRS Audit
By Matt Luckmann, CPA Receiving an audit request from the IRS can, understandably, cause your blood pressure to spike. But there’s no need to panic—it doesn’t necessarily mean you did something wrong. Here’s a quick look at why you might be selected, and what you should know if you are. First, let’s talk about why […]
Will a Nigerian Prince be Your Next Client?
By Todd Koch, CPA, MBT, CFP® Introduction Many clients are looking for a new CPA, so receiving email requests for proposals is getting more common. Recently, I received an email request from a Nigerian prince offering me a million dollars to review his tax return. He conveniently attached his return to the email. So, all […]
7 Ways to Avoid Worker Classification Mistakes
By Jason J. Loven, CPA, CCIFP® While distinctly different definitions exist for “employee” and “independent contractor,” the line between the two is often blurred. This often happens as part of an organization’s efforts to minimize obligations related to payroll taxes, workers compensation, and benefits. Not surprisingly, this rarely goes over well with the Internal Revenue […]