Showing posts from June, 2018

A Security Warning for Tax Professionals

          The world we live in continues to change in a variety of ways. This constant change also applies to the way criminals try to steal sensitive information. In the newest wave of scam attempts, they are going after tax professionals directly.           In certain states, there have been reports of phishing emails that look like they are from state accounting or professional associations. In reality, they are only an attempt to gain usernames and passwords. This is just another step for cybercriminals to reach their ultimate goal of client data. These tactics change so often, it can be hard to keep up. With that said, there are certain patterns that we can train ourselves to recognize. This vigilance, in addition to basic security practices will help to keep us from falling prey to their tactics.

The Tax Cuts and Jobs Act: The Myths

       In the time before the Tax Cuts and Jobs Act (TCJA) was passed, many were unsure about what this major law would mean for them. It might be hard to believe, but it now has been in effect for 6 months. Now is a good time to discuss certain myths surrounding the TCJA. It’s better to know now than find out when it’s too late. Filing a tax return will be easy. The goal was never to make it easier to file a Tax Return. In fact, as a direct result of passing this law, the IRS has set aside around $300 million dollars for new training, forms, and to upgrade their systems. However, it has given a 20% tax break to certain businesses, which will be much appreciated by small business owners. Federal tax reform does not affect state taxes. In most cases, state income taxes are in some way based on the Federal tax code. Many Taxpayers are likely to see an increase in the state income taxes they are responsible to pay, even if they receive a tax break at the Federal level. Some sta

Small Business Guidance: Know Your Limitations

      It’s very hard to run a business. Most people feel that the first year in the life of a business is the most difficult. This is because there are a variety of new responsibilities and demands that are being placed on the owner as they start this venture. Here are a few tips to help minimize the stress for a new business owner.       Even if it seems like you have everything under control, have a team that you can trust to help you make wise choices. We can’t be everywhere at all times. This group should help you to focus on what is important . A business can’t be run as a hobby. They should also help you understand that just because you think it’s possible, doesn’t mean it’s realistic. The team of supporters you have should help you to know when you have spread yourself too thin. It’s OK to say “no” when it is necessary. It’s better to keep focus on the big picture, than get lost in a relatively small detail. These are all qualities that come with time, but have a positive