How to Clean Up QuickBooks for 2020

The new year is here, and you may still have a lengthy to-do list full of tasks from 2019. There’s one task, or rather, a series of tasks that you should definitely add to that list: QuickBooks cleanup for 2020. Following the guidelines provided here will do three things. It will:  Ensure that you’ve processed […]

Did You Just Get an IRS Notice of Deficiency? Here’s What to Do Next

Nobody likes getting mail from the IRS, especially when it’s something you weren’t expecting.  One minute, you’re minding your own business and aren’t even thinking about that return you filed months ago. The next minute you open your mailbox and see something called a “Notice of Deficiency” — and your anxiety immediately goes through the […]

The IRS Is Hot on the Trail of Unreported Virtual Currency

Back in 2018, Coinbase, a company handling virtual currency (also referred to as cryptocurrency) transactions, released the data of 14,000 of its users to the IRS after the information was subpoenaed, and virtual currency traders held their breath about what the IRS would do with the information related to those 14,000 users.  Although it took […]

Tax Benefits for People with Disabilities

Individuals with disabilities as well as parents of disabled children are eligible for a number of income tax benefits. This article explains some of these tax breaks.  ABLE Accounts – A federal law allows states to offer specially designed, tax-favored ABLE accounts to people with disabilities. Qualified ABLE programs provide the means for individuals and […]