Anthony Sykes & Company

     The Internal Revenue Service ( IRS ) is working very hard to make sure that as many as possible are able to receive their Economic Impact Payments ( EIP ). This would include Taxpayers who have not filed in the past 3 years. This is the primary way to determine eligibility for a payment. So many filed this year to make sure they received a payment.            However, there was a good chance that they owed some taxes to the IRS . When the bill is sent in the mail, it now comes with a QR code. It can simply be scanned with any mobile device. This process takes the Taxpayer securely to IRS.gov where they can find out the status of their EIP . In addition they will be able to create or access their account. While this is a step forward for the IRS , these tools are not available 24 hours.

     A tax professional is entrusted with the most sensitive personal data of the Taxpayer, so it is critical to select the right preparer. Most are honest and provide high-quality service. However, there are some who are intent on committing fraud, harming others, and talking Taxpayers into making choices that they will regret later. These activities have earned a place on the Internal Revenue Service ( IRS ) Dirty Dozen list of 2020.      This year Taxpayers should be especially vigilant because of the COVID-19 pandemic possibly making it more difficult to get in contact with their tax professional. This can leave them vulnerable to “ghost” preparers. They make serious mistakes, expose their clients to tax fraud, and then disappear. They never sign the tax returns they work on. By law they must sign and use their Preparer Tax Identification Number ( PTIN).      They may make promises of large refunds, often by using tax credits that do ...

         It has been well documented that there is a lot of confusion and chaos in the world today. Even as the government does its best to provide support, there are still more questions than answers. That is especially true for Small Business owners. There are a variety of programs available for Coronavirus relief. Do you know about them? Do you know how to apply for them? We are working remotely so that we can support you and be a guide through the process. Please fill out our simple form so we can show you the options available.

     When thinking of a Trust, most people feel that it is a tool used only by the very rich. That can be true, but a Trust is also a very useful option for all no matter what your financial standing. There are a variety of Trusts that can be created for different reasons. The options can be a little overwhelming. Before making a decision, it is necessary to discuss with your Qualified Tax Professional what your goals are. When you clearly have in mind what you want the outcome to be, then it will become easier to make the right choice.       This post will give a brief overview of what Trusts are and how they work. In general, there are 2 types of trusts. A living trust is created while the person who created it is alive. It can be cancelled or changed while they are still living. A testamentary trust goes into effect when its creator dies. At that point it cannot be changed. The basic idea behind a trust is to put any assets (cash, property, stock...