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Latest News & Articles
IRS Letter 1058: The Final Notice of Intent to Levy
If you received the IRS letter 1058, this is the final notice to your unpaid taxes. This letter is serious, so you should take immediate action. If you do not respond to the IRS letter 1058 within 30 days, the…
Dental CPA Services
My CPA, PA, has been providing dental CPA services for dental practices in Pembroke Pines, Miami, and Fort Lauderdale. Keeping your financial books in order is very crucial to the success and growth of your dental practice but we know…
Understanding Your CP501 and CP502 IRS Notices
To those who owe the IRS, you are not alone, approximately 30 million taxpayers are in the same position. Having said that, sooner or later, the IRS will reach out to you and you must be prepared. Whatever you do,…
You’ve Got Mail: Don’t Ignore a CP71C IRS Letter
If you received a stack of IRS mail and have enough courage to open it, you can’t miss those extra bold letters with the amount you owe. Now, you are making progress. The next step is to figure out what to…
Five Things You Need to Know About Form 5471
United States citizens or residents who are shareholders, directors, or officers in some foreign corporations are required to file Form 5471. For those who own more than 10% of the shares of a foreign corporation, Form 5471 is filed with…
The Extended Individual Tax Deadline Is Approaching Fast…
It’s hard to believe that we are already into July. Even with the tax deadline for filing your return and making a payment to the IRS (if you owe) being extended to July 15, 2020, it still seemed like it…
Why File Your Tax Return Early? Lots of Good Reasons…
If April 15 always seems to sneak up on you, get out in front of this year’s tax deadline and file your tax return early. Here are a few top reasons why you should… 1. Reduce your stress. When you wait…
What You Need to Know About Changes to Retirement and 529 Plans
The new budget bill passed by Congress on December 20, 2019 impacted both retirement and 529 Plans. Many are still waiting for further guidance from the IRS on several details of the bill. However, we compiled a short list of…
Should My Business Pay Sales Tax
What Are The Consequences of Not Paying? As a business owner it is important to know if you should be paying sales tax and the consequences if you are not. These taxes can vary depending on the state. Overall a…
Tax Implications for Transferring Real Estate Property Between Family
Transferring ownership of your property to a family member is a fairly straightforward process. It can be achieved in three simple steps: Of course, certain tax implications and stipulations come with transferring your property. This is especially true via a…
What Taxes Should I Pay As A New Business Owner?
Defining Your Business & Paying Business Taxes If you are a new business owner there are various taxes that you may need to pay, but the first step is defining your business. There are many different taxes to take into consideration,…
S Corporation Shareholder Salary
As An Owner Of An S Corporation What Should My Salary Be? When trying to determine your S corporation shareholder salary, there should be one word that comes to mind: reasonable. If you want to avoid issues with the IRS be…