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Tax Year 2016  Corporate/Individual Tax Returns

Client Story: Home Sale Not Recorded on Individual Tax Return

Posted by Ann Irons, CPA

Mar 1, 2017 2:04:13 PM

Just because you don't see form 1099-S, it doesn't mean it wasn't submitted to the government.

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Topics: Client Stories

How To Avoid Getting Scammed This Tax Season

Posted by Ann Irons, CPA

Feb 1, 2017 11:33:53 AM


There are so many phishing scams out there, some hilariously obvious and others frighteningly real-looking.  CPA firms are not immune to receiving these emails (and phone calls).  Here are a couple of examples:

  • I have received "account update" emails from the "IRS" almost daily, telling me that my IRS e-services account will be suspended if I don't update it. I never got these in past years.  Why is this happening now?  Because the IRS is now requiring certain information from that account to be provided annually to software providers who serve as an electronic filing "back office" for tax preparers like me.  Without this information, the scammers will not be able to set up their fake e-file credentials, and they will be out of business (for now).  These emails look pretty real until you scroll over the hyperlink and see where they are actually sending you.
  • Today I got a beauty from "Intuit' about my TurboTax account.  Um, I have no use for one of those, but maybe you do.  This one was also pretty real-looking and said my 2016 refund would be delayed if I didn't click the link and update the information. Again, the hyperlink said I would be directed to TurboTax.com but the actual web address was different (although the long string did reference Intuit) when I scrolled over it.
  • Bank accounts have also been popular targets for this type of scam. I can't tell you how many times Bank of (insert bank name here) has told me there is a problem with my account that required immediate action.  Exactly zero times it was true.

The best action to take when you receive one of these emails is to delete it and move on with your life.  But if you are remotely worried about your account, access your account ON YOUR OWN through the website you normally use and know to be legitimate.  DO NOT click the link!  Then you can check the account status and delete the email. 

The same rule applies for any emails that tell you to call a phone number to verify your account...call the number you normally use and know to be legitimate, and verify that way.  Do not call the number on the email!  

One final note:  The IRS will not call you.  They will not email you.  99.9% of the time they will write to you via snail mail as a first line of communication (the other .1% they will show up in person, but that's a topic for another blog post).  The only people who will call you from the IRS will already have an established relationship with you, like in the case of an IRS agent working with you on an ongoing collections matter.

As always, we are here to help if you have questions!

 

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Topics: Words of Wisdom

Investor in U.S. Holdings: Tax Liability Turned to Tax Refund

Posted by Ann Irons, CPA

Jan 27, 2016 8:45:37 AM

A client story about how an incorrect tax filing resulting in a tax liability that should have been a tax refund.

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Topics: Client Stories

ALTA Best Practices: Escrow Account Reconciliation

Posted by Ann Irons, CPA

Dec 14, 2015 10:08:12 AM

For ALTA best practices, it often helps to have a third pair of eyes to spot problems as they arise. 

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Topics: Client Stories

What is going on in the world of Financial Literacy?

Posted by Ann Irons, CPA

Nov 18, 2015 12:40:15 PM

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Brian Tannebaum on Making Money as a Lawyer

Posted by Ann Irons, CPA

Aug 26, 2015 10:04:00 AM

If you are practicing law, and you want to, or already do own your own law firm, it will help your practice flourish if you understand some basic principles about money.

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Topics: Starting Your Own Law Firm

What Should You Do if Your Law Firm Accountant Goes Out of Business?

Posted by Ann Irons, CPA

Jul 29, 2015 5:04:00 PM

Be prepared for the worst case scenario, no matter how remote the possibility of it happening.

Starting and running a law practice is a tough thing to do. There are many hats you need to wear as you are not only the person running your practice, you are likely the person delivering your legal services.

As such, you need to surround yourself with the right team of outside professionals to ensure your long term success.

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Topics: Accounting for Lawyers

Things You Need to Know When You Start Your Law Firm

Posted by Ann Irons, CPA

Mar 18, 2015 8:15:03 AM

Starting your own law firm can be exciting. It can also be a bit overwhelming.

In this article I will review a few of the things you need to keep in mind, or actually do, when you start your law firm.

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Topics: Accounting for Lawyers

5 Things Everyone Should Make Sure Their Accountant is Doing

Posted by Ann Irons, CPA

Jan 15, 2015 2:50:00 PM

Keep your eye on the Accountant who is keeping an eye on your business.

Accountants are among the most trusted professionals out there. There is a strict code of conduct that we are supposed to adhere to as it pertains to the work we do for our clients, particularly when we are licensed as a CPA.

Providing accounting services is an enormous responsibility, and should be treated as such. You rely on us to do the job of making sure your business and personal tax, payroll and bookkeeping affairs are in order. That is the job we do.

So what should you expect from your accountant?

There are many things you should expect from your accountant, and things that you should really be making sure they do.

In this article I will cover 5 of the more important things that you should be making sure your accountant does on your behalf,

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Topics: Small Business Accounting, Small Business Tax

Tax Tips for Small Business Owners

Posted by Ann Irons, CPA

Dec 31, 2014 11:20:00 AM

For a small business, tax time can present a number of challenges - particularly if you don’t employ an accountant, and you decide that your business is small enough that you can file its taxes yourself.

The advisable thing to do is to seek the assistance of an expert CPA, preferably one who specializes in taxes, to make sure that yours are filed properly and precisely. Besides the complexity of tracking your business’ income and expenses throughout the year, the intricacies of a constantly-changing tax code can also make the process more difficult than you might imagine.

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Topics: Small Business Tax

About Ann M. Irons, CPA LLC

ann_irons_head_shotAnn spent over 25 years in the financial service industry, gaining knowledge and experience that allows her to provide an array of tax, bookkeeping, and accounting services for her clients. Relying on a stringent code of ethics and a dedication to maintaining the highest industry standards, Ann works hard to ensure her clients receive the quality service they’ve come to expect. A member of AICPA and MSCPA, Ann has also had an article featured in the renowned publication, Banker and Tradesman. 

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