If you’re planning to sell capital assets at a loss to offset gains you realized during the year, beware of the “wash sale” rule. Under this tax rule, selling stock or securities for a loss and buying back substantially identical stock shares or securities within 30 days before or after the sale date means the [...]
Have You Explored QuickBooks' Insights and Snapshots Pages? QuickBooks is good at finding information quickly. The software’s Insights and Snapshots pages can provide fast, thorough overviews of your finances. There’s more than one way to get where you’re going in QuickBooks. The software was designed to make similar information available by taking multiple paths. This [...]
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 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 [...]