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Profit Statements: The P&R Blog

Social Security Not Enough? Uncle Sam Still Wants His if You Earn More

If you receive Social Security income but just can’t seem to make your budget planning work, you may be considering a part- or full-time job to supplement your check each month. Earn all you can, but beware: if you haven’t reached full retirement age, and you earn above a certain amount, some benefits may need …read more.


Show Me the Money!

When filing your tax return electronically, direct deposit ensures the fastest way to a refund. With advances in technology enabling paperless tax return options, it’s no wonder that more than 80 percent of taxpayers now file electronically. Five reasons you should too: Speed: Filing electronically with the direct deposit option leads to a quick turnaround …read more.


Problems with the IRS: Do You Agree?

(Part two of two)   As we discussed in our previous blog, Taxpayer Advocate Nina Olson recently released her 2016 Annual Report to Congress. Here are the next nine of the report’s 19 Most Serious IRS Problems: Payment cards: Payment cards serve as a viable option for refund delivery to the unbanked and underbanked, but …read more.


Problems with the IRS: Do You Agree?

(First of two parts)   Taxpayer Advocate Nina Olson recently released her 2016 Annual Report to Congress. The following list discusses the first 10 of the report’s 19 Most Serious IRS Problems: Voluntary compliance: The IRS focuses heavily on so-called enforcement revenue and productivity, rather than relying on behavioral insights to increase voluntary tax compliance. …read more.


Wondering about reporting your health care on your tax return?

Recent news reports highlight the likely repeal of the Affordable Care Act (ACA; i.e., “Obamacare”) with the inauguration of President Trump. Whatever changes occur will likely not affect your need to report your health care coverage on your 2016 tax return. The IRS provided an easy-to-understand If/Then chart for reference: IF YOU… Are a U.S. citizen …read more.

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He has the gift of being able to know in depth matters financial, including IRS details and changes, and being able to translate the CPA world and its requirements and value to laity and clergy alike.
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Frequently Asked Questions

Q.

Do I really need to pay a CPA to prepare my financial statements? Couldn’t I save money doing it myself?

A.

You could…but how valuable is your time? What could you be doing to build your business with that time? Could you earn more than what a CPA would cost? Also,...

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