The AB&P journal
Useful answers for the decisions owners make every week.
Clear guidance on the financial, payroll, and people questions that tend to become urgent when no one explains them early.
Taxes · 2 min read ·
Reporting Cash Payments to the IRS
Have you received a large sum of cash this year in a recent business deal? According to Federal Law, all persons who are given over $10,000 cash in one or more related transactions, are required to report the sum to t…
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Taxes · 2 min read ·
IRS Audits of Millionaires is Decreasing
In an all time low, statistics by Syracuse University’s Transactional Records Access Clearinghouse (TRAC) found that out of every 100 millionaires, only 3 were audited by the IRS last year, while less than half of the…
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Taxes · 3 min read ·
The Tax Saving “Don’ts”
From claiming deductions, to claiming tax credits, everybody knows there’s an abundance of ways you can save when it comes to your small business’ taxes – and if you don’t know them personally, you can always find an…
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Taxes · 2 min read ·
5 Tax Tips for the Sharing Economy
From Airbnb, to Snapgoods, to bike rentals, in a modern, digitized world, the sharing economy is taking over the marketplace and giving us multiple choices for services. Nowadays, anything and everything you can think…
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Business · 1 min read ·
EIN Application Process Has Been Revised by the IRS
Are you planning on starting a business or changing entity types and needing an Employment Identification Number (EIN)? The process is being changed by the IRS and taking effect May 13, 2019. An EIN is a nine-digit ta…
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Taxes · 4 min read ·
2019’s “Dirty Dozen” Tax Scams
In what’s now an annual tradition, every year around tax filing season, the IRS releases a briefing on the latest tax scams taxpayers should lookout for, as well as modern developments in the strategies used by frauds…
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Taxes · 2 min read ·
The Tax Tip That Could Save You Hundreds
The IRS has been trying to spread the word lately on a tax deduction that could save millions of American’s hundreds – if not thousands – of dollars this tax year. So, if you haven’t filed your 2018 tax return, or eve…
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Taxes · 2 min read ·
IRS Bans Travel for Serious Tax Debtors
Thinking of leaving the country, but have a large tax debt weighing on your finances? Your passport may be denied at the gate due to an IRS travel ban on serious tax offenders. Detailed under the Fixing America’s Surf…
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Taxes · 3 min read ·
All About IRS Payment Plans (Part Two)
With so many tax changes coming into effect this year, countless taxpayers are projected to owe far more taxes than initially expected. But just because your tax due is high doesn’t mean your stress level has to be to…
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Taxes · 3 min read ·
All About IRS Payment Plans (Part One)
With so many tax changes coming into effect this year, it may come as a surprise to many taxpayers just how much they owe in taxes this filing season, versus receiving money on their returns. And if you’re one of the…
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Taxes · 2 min read ·
New 1040 Form and Schedules Are Released
After much talk and a few revisions, the IRS has at last released their final, shorter version of next year’s Form 1040 , and while it’s not quite as small as the boasted “ postcard size ”, it is a considerable simpli…
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News · 3 min read ·
Senator Pled for IRS to Waive This Year’s Under-Withholding
In a recent letter addressed to IRS Commissioner Charles Rettig, Senator Ron Wyden, D-Ore., the Senate Finance Committee’s leading Democrat has shown himself to be for the people by asking the IRS to waive all under-w…
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