Search Results

Understanding the Tax Implications of Personal Loans

Whether you’re consolidating debt, funding a major purchase or handling an emergency, personal loans can be a great tool for managing expenses. However, they do come with their own set of tax implications that borrowers should understand to avoid surprises come tax season.

Personal loans are not considered taxable income. Borrowers are not subject to income tax, since they are required to repay…

Embrace a Fresh Start: Welcome to the New Tax Season!

As the calendar resets and a new year is upon us, it’s time to gear up for the upcoming tax season.

This period brings proactive planning, organization and informed decision making to navigate tax obligations efficiently.

The IRS will begin accepting electronically filed returns mid-January and the deadline to file will follow on April 15th.

What to do when you receive a letter from the IRS

If you receive a letter from the IRS, it’s more than likely regarding your federal tax return.

Your notice will explain the reason for receiving it as well as necessary actions to take. You could have a balance due, or the IRS determined you are due a larger or smaller refund than anticipated. They may also need additional information, have questions or are making a change to your return. The IRS may also need to verify your identity.

Valuation of a Business

Similar to getting a real estate appraisal or checking the value of your stock, you can determine what your business is worth by having a valuation prepared by an accounting professional. A business valuation is the analytical process of determining the current or projected worth of a company. It can help determine where a company stands in the market.

There are a number of reasons why one would be interested in getting their business valuated…

The Cans and Cannots of Your CPA

Your CPA is your number one resource for filing your taxes, but there are some things they cannot do (we know, hard to believe!). The IRS protects your privacy and limits what CPAs can do after they’ve filed your taxes.

CPAs are different than accountants. While CPAs are always accountants, it’s not always the other way around. CPAs go through continuing education, are licensed by a governing body, and monitored to ensure they follow all codes of conduct.

© 2020 Murtha and Flischel, LLC. All Rights Reserved