IRS: Don’t be victim to a ‘ghost’ tax return preparer Today, towards the end of the second full week of the 2019 tax filing season, the Internal Revenue Service warned taxpayers to avoid unethical tax return preparers, known as ghost preparers. By law, anyone who is paid to prepare or assist in preparing federal tax…

If you have not yet scheduled your appointment, I encourage you to book the time slot that works best for you early. Tax Season office hours are 8am to 8pm Monday through Friday and 8am to 5pm on Saturdays. Appointment times are available on the hour at 9, 10 and 11 in the mornings. Afternoon…

Most real estate professionals operate their business as a sole proprietorship. This means that you are not someone’s employee, you haven’t formed a partnership with anyone, and you have not incorporated your business. Statutory Nonemployees Licensed real estate agents are statutory nonemployees and are treated as self-employed for all Federal tax purposes, including income and…

2019 is getting off to a great start with improvements and upgrades in our Data Center! The back-end technology we utilize to accomplish our mission is out of sight (downstairs) and out of mind, but it really is the backbone and driving force behind our day-to-day operations. Without it we could not process the volume…

Safe harbor enables many rental real estate owners to claim deduction. The Treasury Department and the Internal Revenue Service issued final regulations and three related pieces of guidance, implementing the new qualified business income (QBI) deduction (section 199A deduction). The new QBI deduction, created by the 2017 Tax Cuts and Jobs Act (TCJA) allows many…

As we have every year since 1995, our office will be closed for two weeks in order to upgrade equipment and prepare for Tax Season. We will return on Monday January 7th. HAPPY HOLIDAYS EVERYONE! If you have an urgent need during this two week period, you can email greg@bara.net. Greg Cook is an Enrolled…

This week, the IRS issued the 2019 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2019, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 58 cents per mile…

Retirees born before July 1, 1948,  usually must take distributions from their individual retirement arrangements (IRAs) and workplace retirement plans by Dec. 31. The payments, called required minimum distributions (RMDs), are normally made by the end of the year. Those who reached age 70½ during 2018 are covered by a special rule that allows them…

The Internal Revenue Service today issued Notice 2018-97 offering guidance on a recent tax law change that allows qualified employees of privately-held corporations to defer paying income tax, for up to five years, on the value of qualified stock options and restricted stock units (RSUs) granted to them by their employers. The tax law change…