5 Tax Planning Ideas to Consider Before Year-End
5 Tax Planning Ideas to Consider Before Year-End Do you only think about taxes after the year’s over and/or when you start gathering the data for the prior year’s tax return? If you want to save on taxes, it helps to plan. Tax planning means thinking ahead. This week’s blog suggests five tax planning ideas […]
The IRS just called me! (protect yourself from financial fraud)
The IRS just called me! (protect yourself from financial fraud) Financial and tax fraud scams are increasing and becoming more sophisticated. No doubt you or someone you know has received some correspondence, whether by phone, email, or regular mail, that has been fraudulent in nature. Continue reading to learn how you can take proactive steps […]
PPP Extended-Act Fast or Miss Out
https://bit.ly/Gerlach_PPP2 Good news. The PPP Extension Act of 2021 makes Paycheck Protection Program (PPP) monies available until the earlier of May 31, 2021, or when the money runs out. If you are looking for first- or second-draw PPP money, make sure to saddle up on that horse now. Don’t wait. Also, make sure that your […]
Secrets to IRS Penalty Forgiveness Using Reasonable Cause Uh-oh!
Blog In your mailbox you found that dreaded envelope—the one from the IRS. Inside the envelope, you find a notice from the IRS informing you that it assessed additional tax, penalties, and interest on your tax return from two years ago! After you recover from the shock, you review your tax records for that year […]
10 Things to Consider if You Have an Inherited IRA
10 Things to Consider if You Have Inherited an IRA The COVID-19 pandemic has forced many families to unexpectedly settle an estate after the untimely death of a loved one. If you have recently inherited an individual retirement account (IRA), you may not know what rules apply. The rules for inherited IRAs are different than […]
COVID-19: The IRS Goes Easy on Taxpayers Who Owe Back Taxes
Many taxpayers are struggling to pay their taxes due to the coronavirus (COVID-19) pandemic. Some 11.23 million Americans owe a total of more than $125 billion in back taxes to the IRS. This number is likely to grow. During the first wave of the pandemic in March, the IRS implemented the People First Initiative, which […]
If the SBA Made Six Loan Payments on Your Behalf, Are You Taxed?
Since the arrival of the COVID-19 pandemic, the Small Business Administration (SBA) Paycheck Protection Program (PPP) loans and Economic Injury Disaster Loans (EIDLs) have gotten the most attention from businesses seeking a quick cash infusion. But the SBA has several other loan programs that pre-date the pandemic and don’t require a disaster for eligibility. These […]
What Is the Unpardonable Sin in an IRS Audit?
Suppose you just received that lovely letter from the IRS telling you that you are the subject of an IRS audit. What one record receives special attention? What one record can create a nightmare for you? What one record makes the IRS suspect that you are the keeper of lousy records? Think of the record […]