Fall is here! September 28, 2018
Hello, my fellow taxpayers, Now that it is officially Fall (actually, it began on the 21st), Autumn, or the Autumnal Equinox (“mid-autumn”) and if you are like me, you are wondering where the cooler weather is. Today, on the east coast, we reached the low 90’s while it feels like it is 100+ with the humidity. I was hoping to wear a “fallish” sports coat and suit for my two speaking engagements on the west coast of Florida this weekend. Alas,...
Crypto- September 21, 2018
Dear Fellow Taxpayers,
Cryptocurrency, virtual currency, bitcoin, etherium. What do these terms mean? They are part of the new world of paying for things or investing in the new millennium. So why is your friendly, neighborhood Enrolled Agent talking about this? Should this not be coming from a financial advisor? The answer, as with anything relating to investments, the answer is yes. A financial advisor should be always be consulted. However, like most anything, there are tax consequences to this new avenue of investing. I am a...Hurricanes and Taxes, Oh Joy!
Hello, Fellow Floridians (and those that are not).
We hope that all of our friends, family, business associates that live or have family and friends in the Carolinas are safe and that Hurricane Florence is not impacting them too severely. Though it was downgraded one level as of this writing on Thursday, the storm surges are expected to be robust and dangerous as Florence is now the size of both of the Carolinas. All of us at SFS are hoping you...Meet our new staff member Sam!
Good Afternoon to All,
It has been a short week and I just returned from attending IRSAC meetings in Washington D.C. However, I do want to take a moment to mention that Ali's assistant Carol has moved on and Samantha Braun has signed on as our new Marketing and Social Media Specialist. Sam is a great addition to the SFS Team and will serve as Ali's new right hand. She has been working in the design and marketing industries for about 10...Tax deadline coming up, do you have to file?
Hello Clients, Friends and Business Associates,
I am here in my office this entire week, can you believe it? This email is a final reminder to those businesses that have not filed their 2017 partnership or corporate (S or C) return. Your due date is September 15th. If you do not file that return, there are penalties for late filing a partnership or S-corporate return, even when there is no tax due. The same can be said for a C-corporation when there...Tax Cuts and Jobs Act- August 24th
Dear Clients and Friends,
In late 2017 Congress passed a significant tax bill called the TCJA, (Tax Cuts and Jobs Act) which resulted in lower total Federal income taxes for many Americans. Most Americans pay their Federal income tax through withholding taxes taken out of your check every pay period. At the end of the year, many people find that they have overpaid and receive a nice Federal tax refund. The law changed this year will result in less total...IRC §199A- August 10th
Hi, my friends, I am still alive and kicking. Why do I say that? It is because I have been in the office all week and my staff has not murdered me, yet. Also, I have been moaning and groaning the last 18 hours as the IRS issued three documents of 184 pages, 14 pages, and two pages respectively related to an important part of the Tax Cut and Jobs Act, which was 11,000+ pages itself. This part called IRC §199A relates to...
Ramblin’ Man- July 27
Hi Folks, "Lord, I was born a ramblin' man Tryin' to make a livin' and doin' the best I can And when it's time for leavin' I hope you'll understand Lord, I was born a ramblin' man" A great song from the Allman Brothers Band that you can watch here: Ramblin' Man. And that is just how I felt since May with all the traveling and teaching I have been doing. I want...
Education- July 20th
Hi Folks, As many of you know from chatting with me, or you have read my posts on social media, I have been traveling to various tax professional groups teaching and educating on a variety of subjects. The topics range from the new tax law, or ethics - how to pay less than what you owe, to how much the shareholder of an S-corp should pay themselves (I call this reasonable comp). Depending on the topic, I spend 2-4 hours researching...
