Introduction Learn the ins and outs of the capital gains tax, which you may owe if you sell stocks, your home, cryptocurrency, a stamp collection, and much more. Billionaire business owner Warren Buffett once famously commented that his secretary paid taxes at a higher rate than he did. Although there are surely many factors atRead more…
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Capital Gains Tax 101: Basic Rules You Need to Know Blog Series
October 4, 2022Understanding How the IRS Contacts Taxpayers – Avoid Scams and How to Know it’s Really the IRS Reaching Out
September 20, 2022With continuing phone and in-person scams taking place across the country, the IRS wants to help you understand how and why agency representatives may contact you. In most instances, the IRS sends a letter or written notice to a taxpayer in advance, but not always. Depending on the situation, IRS employees may first call orRead more…
Back Up Your Data – The Invaluable Benefits of Remote Backups
September 6, 2022The Importance of Backing Up Your Data Hardware failures. Natural disasters. Theft. User error. Your data isn’t safe! All of these things are notorious for claiming massive amounts of valuable data at any given time. Thankfully, your data can be protected from all of these threats with a backup and disaster recovery plan. One ofRead more…
September is National Preparedness Month
September 1, 2022The IRS urges everyone to update and secure their records to prepare now for natural disasters. September is National Preparedness Month. With the height of hurricane season fast approaching and the ongoing threat of wildfires in many places, the Internal Revenue Service urges everyone to develop an emergency preparedness plan, or if they already haveRead more…
1099-K Changes: How Will This Affect Your Side Hustle?
August 9, 2022There are many different variations of the 1099 form, but the 1099-K is a tax form that shows all the payments you received through a credit or debit card or some other electronic payment system (these are also known as “third-party payment settlement entities” or PSEs . . . Yeah, that’s a mouthful). Some ofRead more…
5 Ways to Prepare for a Recession
August 2, 2022The signs seem to be pointing in one direction these days, so if you’re worried about being ready for a recession, consider taking these five measures. On paper, a recession is a fall in GDP for two consecutive quarters. Unfortunately, the actual GDP report lags the quarter-end by at least a month and is constantlyRead more…
Series 6: Miscellaneous
July 26, 2022If a taxpayer secures a low-interest disaster loan from the Small Business Administration, what effect will it have on calculating a casualty loss? A low-interest disaster loan from the Small Business Administration must be repaid and therefore does not reduce the casualty loss amount. However, any amounts of the loan which are cancelled or forgivenRead more…
Series 5: Property & Casualty Loss
July 13, 2022Casualty Loss Several concerns have been raised by taxpayers and tax professionals about casualty loss valuations. Will the IRS continue to research and develop specific answers to these issues? While we cannot address every question received about property valuation issues, the IRS wants to express to the public that we recognize the extraordinary damageRead more…
Series 4: Payments
June 28, 2022Penalty & Interest Is there any interest relief for taxpayers who have balances due that arise during the disaster relief period for prior year returns? No. The IRS will not abate interest on balances due on liabilities for prior years. However, the IRS will consider waiving late payment penalties when the reason for theRead more…
How to Download Documents from your PPL Client Portal
June 15, 2022A video guide on downloading your documents from the PPL Website’s secure client portal. These step by step instructions will get you from login to downloading your documents. We hope you find this video useful and informative.