What is innocent spouse tax relief, and how do you get it? If your spouse made mistakes or flat-out lied on a joint income tax return and you signed it, the IRS holds both of you jointly responsible for any unpaid taxes.1 Simply saying you didn’t understand or you didn’t ask when you signed the…
Avoid This S Corporation Health Insurance Deduction Mistake
If you have family members working for you in your S corporation, stop and read this article now. Think of this: You own 100 percent of your S corporation. Your 30-year-old daughter works for your S corporation. She owns no stock. Your S corporation covers her with a group health policy. Did your S corporation…
Hire your kids!!
When I meet with people who have small to medium sized businesses, I always talk to them about their family. I got my kid when she had just turned 10. She was a part of the package that came with my husband, the love of my life. I for one am so glad that I…
What Type of Hard Copy Documents Should Your Small Business Keep?
I help a lot of small business owners when they are starting up their business. Unfortunately, some have received advice from people who don’t give them sound information as to compliance requirements from local licensing to seller permits up to the structure of their entity and why they need or should pick one entity over another. …
Cannabis Tax Alert – 280E vs 199A
This article is written by Rachel Gillette, Partner & Chair, Cannabis Practice Group Owners of cannabis businesses that operate in pass-through form – LLCs, partnerships, sole proprietorships and S Corporations – need to consider if the new Section 199A deduction can partially offset deductions disallowed under Section 280E of the Internal Revenue Code. The Tax…
RANSOMWARE -What does this really mean? What to do if you have been affected. How to prevent it
As someone who personally was hit by ransomware I know just how violated and vulnerable you feel. You can compare it to an assault on your person. My work computers are very secure, my work network is very secure, I never thought about my personal computer becoming a target. It is not and was not…
Proving Identity Theft – Documentation is a key, and victims need to take action immediately
Previously I’ve blogged about Identity Theft with regard to your federal tax return, but there are differences with regard to ID Theft with the Franchise Tax Board and how to deal with it. Both entities need you to report it immediately and try to resolve it swiftly. If the thief earned wages using your social…
2018 Tax reform bill
2018 is swiftly coming to an end and I wanted to wish you all Happy Holidays. I look forward to hearing from you and working with you in 2018. I just came back from the Annual Federal Tax Update seminar with a book about 3 inches thick, with more pages coming. There have been so…
How long do I need to keep my records and returns
From the Desk of C.G. Johnson & Company: I subscribe to a few experts that prepare information for us to share with our client base. Their articles are clear, concise and most important, reliable. I get calls all the time from my clients and people just calling for this information. “What do I do with…