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Profit Statements: The P&R Blog

Avoid Scammers Who Demand Phony Healthcare Tax Payments

If you’re seeking help completing your business or individual tax return this year, choose your tax professional carefully. Last year, taxpayers reported several unscrupulous preparers to the IRS, according to its periodic “alerts.” We recently posted a blog to help you select a knowledgeable preparer, and this IRS news only heightens the need to choose …read more.


Many ‘Small’ Businesses Not Exempt from Imminent ACA Reporting Deadline

Does your company need to report health care coverage as part of its business tax return process? Depending on your size, yes. The IRS requires all applicable large employers (ALE’s) to file health coverage information returns each year and the due dates are almost here. By the way, don’t assume an ALE is a big, …read more.


On YOUR Side at the IRS: the Taxpayer Advocate

If you’re experiencing tax-related difficulties and can’t resolve them with the IRS, you may find the Taxpayer Advocate Service’s (TAS) free service very helpful.  The TAS is an independent organization within the IRS specifically charged to represent taxpayers. Along with the IRS, the TAS is understaffed and underfunded so don’t expect it to accept frivolous …read more.


IRS Aggressively Monitors Off-Shore Financial Activity

Trying to save money on your individual income or business tax return? Be careful about harboring funds in undeclared foreign accounts. The IRS began cracking down on U.S. citizens who don’t report their off-shore accounts to avoid paying taxes. Learning this news, more than 54,000 U.S. taxpayers participated in IRS limited-amnesty programs over the past …read more.


IRS Extends Due Dates for 2015 ACA Information Forms

If you’re scrambling to submit the newly mandated health insurance coverage information forms, take a breath. The IRS succumbed to public pressure from panicked employers and payroll service providers by pushing those deadlines back. But some taxpayers’ ability to file a complete individual tax return early will be affected. The new due date—originally February 1—for …read more.

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Frequently Asked Questions

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What is the difference between certified public accountants (CPAs) and other accountants?

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CPAs achieve high standards of education and then pass rigorous examinations. In addition, they’re regulated by their resident state, must meet strict continuing education requirements, submit to peer review, and...

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