It’s difficult enough to divide a marital estate. But when a divorcing spouse owns a private business and attempts to artificially deflate its profits or hide assets, it may be time to engage a forensic accountant to investigate. WHAT TO ASK When working on divorce cases, fraud experts ask several questions about private business [...]
If your business receives large amounts of cash or cash equivalents, you may be required to report these transactions to the IRS. Here are some details. THE REQUIREMENTS Each person who, while operating a trade or business, receives more than $10,000 in cash in one transaction (or at least two related transactions), must file Form [...]
If you have a parent entering a nursing home, taxes are probably the last thing on your mind. But you should know there may be several possible tax benefits. MEDICAL EXPENSE DEDUCTIONS The costs of qualified long-term care, including nursing home care, are deductible as medical expenses to the extent they, along with [...]
How Do You Deal with Payments and Deposits in QuickBooks? Depositing customer payments is one of your more pleasant business tasks. Here’s how it’s done in QuickBooks. If you’re still doing your accounting manually, depositing checks and cash that come in from customers takes a lot of work. You probably wait until you have several [...]
If you have a large unpaid federal tax bill, beware. A 2015 law allows the U.S. State Department to deny your passport application – or revoke or limit your current passport – if the IRS certifies that you have a seriously delinquent tax debt (SDTD). How large does the debt have to be to [...]
How to Use QuickBooks’ Doc Center QuickBooks can store more than records and transactions. It has lots of room for supporting documents you’ve uploaded. We’ve been hearing about the “paperless office” for many years. But if you look around your work area, you probably still see evidence of a lot of paper. We’re not there [...]