You’ve Got Mail: Responding to an IRS CP2000 Notice
Let’s face it, most individuals panic when a letter from the IRS arrives in the mail. Take a deep breathe, splash your face with cold water, and be prepared to respond within 30 days.
To Give or Not to Give, Part 2
Recently, Izabela Poludniak, a senior audit manager here at Sassetti LLC, put out a great blog post which delves deeply into the subject of how donors can be more conscious of where they direct their charitable dollars. I highly encourage you to go back and read her post. For part 2, I’d like to focus…
The Giving Season Is Right Around The Corner
Fall has always been one of my favorite times of year. The smells, the leaves, and a full docket of sports including football, hockey, basketball and baseball playoffs. It is also busy season for those of us who work with not-for-profit organizations. Most people probably assume that accountants will always be the busiest in the…
HSA’s for Retirement ???
While many people have heard of Health Savings Accounts (HSA’s) there are many who are eligible and yet have not set up an HSA. In the last few years, more and more people have become eligible for an HSA, as employers strive to shift the cost of health insurance to employees. To be eligible, you…
Do You Have A Business Or A Hobby?
Every now and then, as a CPA, you run into a person who tells you they want to start a business in order to sell say…old collectibles, creative photos they’ve taken, or their DIY crafts. While sometimes these endeavors can turn into a viable business, in some cases, these individuals are really expressing a greater…
How to Avoid the Tax Deadline Chaos by Creating an Organized System NOW
It is late March (or even early April for some…) and you are frantically trying to gather your tax documents for your accountant but you can’t find anything… Does this sound familiar? We have all been there at some point, even I, a tax professional. It is important to build an organized system that works…
Tax Season means Scam Season – Taxpayers Beware
It is the middle of February and your friend gives you a phone call. She explains how a nice man from the Internal Revenue Service (IRS) gave her a call last week and helped her dodge a potential fine. Your heart begins to sink as she tells you that she mailed the man a $250…
Fall Season is Tax Time
When most people think about “tax time”, their first thought would be the weeks preceding the April 15th tax filing deadline. This is, of course, the time when most (not all) taxpayers comply with the annual requirement to file tax returns with the federal and state governments. It is also the time in which we…
Thoughts on Organizational Excellence
Another tax season is behind us now and the color green has returned to the Chicago area. It is this great transformation of nature that makes so many of us love living in the Midwest. The baseball organization that is headquartered at Wrigley Field has also gone through a transformation; one that would have seemed…
The Threat Is Real… Identity Theft
On May 26, 2015, the IRS admitted that the information of more than 100,000 taxpayers was compromised by hackers using their ‘Get Transcript’ application. In 2016, the IRS revised that number up to 700,000 taxpayers. Data breaches of JP Morgan Chase, eBay, Home Depot, and Target have made headlines over the past few years. Millions…