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IRS is Using Data Analytics to Track the Use of Cryptocurrency for Tax Evasion

by Steven J Weil, PhD, EA, LCAM | Jun 29, 2021 | Blog, Business Tax, Personal Tax

Internal Revenue Service is focusing on tax evasion done with virtual currencies like Bitcoin and nonfungible tokens. This is done by using data analytics to uncover transactions that crypto users assumed are hidden. As crypto and other virtual currencies have become...

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by Steven J Weil, PhD, EA, LCAM | Jun 23, 2021 | Blog, Personal Tax

Beginning July 15, the IRS will start sending taxpayers that filed 2019 or 2020 returns with qualifying children and advance payment of the Child Tax Credit. The payment will amount to ½ of the Child Tax Credit for 2021. The American Rescue Plan Act increased the...

Don’t mess with the Department of Labor and the Overtime Rules!

by Steven J Weil, PhD, EA, LCAM | Jun 11, 2021 | Blog, Payroll Preparation

Some Key West Restaurants recently found out that the Department of Labor means business when they were assessed $162,000 is back wages for overtime violations. Employers need to keep good records of hours worked, comply with wage and hour regulations and properly pay...

Bills from the Hill

by Steven J Weil, PhD, EA, LCAM | Jun 11, 2021 | Blog, Business Tax, Personal Tax

Below is a list tax bills introduced in Congress for which bill text became available between June 3 and June 10, 2021. The bill text for each bill can be accessed by clicking on the bill number. Individuals:  H.R.2304 – Save Social Security Act of 2021. To...

Uh Oh — Why did I get a letter from the IRS?!?

by Steven J Weil, PhD, EA, LCAM | Jun 2, 2021 | Blog, Personal Tax

You open your mailbox and see a “scary” looking letter addressed to you from the IRS. It’s a notice of payment due. What should you do? Do not automatically assume the letter is correct and submit payment to make it “go away”. There have been many recent tax law...
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Blog

How To Properly Use Your Accounting System

May 19, 2023 | Blog

Proper use of your accounting systems requires the system to be set-up properly. Set-up is a little different for each kind of business. Set-up starts with having a chart of accounts that is designed for your business. The kinds of revenue and expenses that a...

Accounting Systems

May 17, 2023 | Blog

4 Things You Should Get From Your Accounting System Business accounting is about more than just getting information to do your taxes. It should provide you with useful information that helps you understand how you are doing, provide a way to manage cash flow, prevent...

Garbage In Garbage Out

May 15, 2023 | Blog

Accounting System Input Determines Accounting System Output The first thing I learned about computers back in the days when programs were written on punch cards, was garbage in garbage out. This old adage is even truer today than it was when I learned over 40 years...

FICA Tax — An Explanation

May 13, 2023 | Blog

Who the heck is FICA, and why is he getting my money? That is the question my kids asked when they received their first paycheck. As I explained to them, and they will have to explain someday to their children, FICA is the money the government uses to pay older people...

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