At Incite Tax, we do our best to not use acronyms or industry jargon that others won’t understand. After all, we are tax geeky and we spend all day doing this stuff. Our clients spend all day running their business. When it comes to the type of business structure you should have, also known as entity type, there are some terms you need to know…
by Dustin Griffiths and John Briggs Stock Trades and the IRS At a quick glance, buying and selling stocks is pretty straight forward. If you dabble in options, it can be a little more complicated but still fairly straight forward. When it comes to tax implications however, it can be fairly complicated with the IRS. We will address three issues. Are reporting on the correct…
Accounting Today posted an article by Michael Cohn early July 2014. The article summarizes a report from the Treasury Inspector General for Tax Administration(TIGTA). (A position created in 1998 to provide independent oversight of IRS activities.) http://www.accountingtoday.com/news/irs_watch/irs-loses-billions-on-erroneous-amended-tax-returns-71263-1.html I have four major issues with this report. First – The title itself is a sign of everyone’s misunderstanding of the IRS. The IRS collects money for the…
The tax code is very complicated with thousands of rules and exceptions. Because of that, there is no such thing as a one size fits all solution. That being said, if you are a small business owner or an independent contractor (meaning you get a 1099-MISC) you should look into the benefits of an S Corporation. Benefit One: Payroll Tax Savings Ordinary income (that’s the…
You don’t have to believe the IRS The IRS mails millions of letters out to taxpayers every year. We kindly refer to these as nastygrams. There are around 76 different types of letters you could get. http://www.irs.gov/Individuals/Understanding-Your-IRS-Notice-or-Letter. Each has a notice number that only the IRS seems to know about. They tend to treat you like an idiot if you don’t know what notice number…
Incite Tax & Accounting is a Certified Public Accountant (CPA) firm with offices in Draper, Utah. With over 10 years of experience handling business taxes for large and small Utah companies, Incite Tax is one of the most qualified business CPA firms in all of Utah. No matter your tax needs, Incite Tax is the firm for the job.
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