Check out the links below to examples of time the media has turned to us as their experts.
What tax implications should someone consider if they are moving from one state to another?
Moving expenses for employees are no longer deductible (except for members of the U.S. Armed Services). Before agreeing with an employer on the transfer of a new position as an employee in another state, one should consider the state and local taxes of the state they would be moving to as well as the cost of living in the state and the local area they are considering moving to. Read details
Everything You Need To Know About Taxes Leading Up to the Extension Deadline
The federal income tax extension filing deadline is Oct. 15. Those filers who needed more time to complete their returns had to file Form 4868 with the IRS earlier in the year to request an extension to file until Oct. 15, said Linda O’Brien, a legal analyst with Wolters Kluwer Legal and Regulatory U.S. Read details
Is Turbo Tax Audit Defense Worth It? The Short Guide To Audit Defense Policies
The short answer is TurboTax’s Audit Defense (or any of the audit defense policies like it) is not worth it for most people. I say that as someone who uses TurboTax every year. I love its design, workflow, and convenient access to CPAs. Of course, TurboTax is also pricier than most other tax preparation companies, but the extra money is well worth it. Read details
What Is the American Rescue Plan?
With the COVID-19 vaccination program well underway, the United States economy is starting to bounce back. However, employers still need help. That’s why the government passed the American Rescue Plan with more support for individuals and employers throughout 2021. Read details
Small Business Tax Rates 2021, Explained
Figuring out your taxes as a small business owner can feel like a guessing game. Not only do you need to plan around your future uncertain income — you also need to keep track of changing federal laws. As you get ready for another year, these strategies can help you determine your small business tax rate. Read details
Financial Statements for the Non-CFO
For the non-CFO, financial statements can seem like a puzzle best left for the pros. But crucial insights may be hiding between the numbers that, if discovered, can help business owners see their company from a different perspective. While you don’t need to be an expert on financial statements or financial reporting, having a basic understanding of how they work can help you make better. Read details
How to Take 401(k) Hardship Withdrawals
Consider your eligibility and the impact of removing retirement dollars before dipping into your 401(k) plan.IF YOU’RE SHORT ON funds and looking for resources to get through an emergency situation, you may have considered taking money out of your 401(k) plan. There are several specific circumstances when current employees can take 401(k) withdrawals to cover sudden costs. Read details
Everything You Need to Know About the New Tax Form, US News and World Report
The size of the form is bigger than an actual postcard. “There is no postcard, just a shorter Form 1040,” says Steven Weil, an enrolled agent, president and tax manager at RMS Accounting in Fort Lauderdale, Florida. He adds that while the form is shorter, it requires a taxpayer to use extensive schedules, or forms the IRS requires filers to prepare, along with the tax return when they have certain types of income or deductions. Read details
The Wackiest Things Small Business Owners Try to Deduct, The Huffington Post
Firearms was a popular response mentioned by several experts asked to share some of the unique items for which they’ve seen business owners try to get a tax break. “A client tried to deduct the cost of a shotgun,” says Steven J. Weil, Ph.D., EA, president and partner of Fort Lauderdale firm RMS Accounting. “The reason given was, ‘I am a pharmacist and I need to protect myself in case someone wants to break into my house looking for drugs’.” Read details
6 Insane Tax Deductions Clients Thought Were Legit, Forbes
The Sharp Shooter. Enrolled Agent Steven J. Weil, Ph.D. and president and tax manager of RMS Accounting in Fort Lauderdale, Florida says one of his clients tried to deduct the cost of practicing at the firing range to increase his firing accuracy. “When asked just how this was business related, he said ‘Well, when you [tick] off as many people as I do every day at work, you need to be prepared.’”
No word on the profession of Dr. Weil’s client. I’m hoping he wasn’t an IRS auditor. Read details
4 tax reforms that can reinvigorate Main Street — and boost the economy, CNBC
In fact, many “new businesses” created in recent years are really just one-person shops set up by individuals who have lost their jobs, says Enrolled Agent Steven J. Weil, president of RMS Accounting in Fort Lauderdale, Florida. With no employees, they’re not helping to build employment. “While these independent contractors are, in effect, in business for themselves, they are not truly in (a growing) business, since their primary interest is merely replacing the employment income they can’t seem to find in a job,” Weil says. Read details
Tax Fraud: What You Need to Know, Lifelock
Steven J. Weil knows the tax fraud problem. He’s president of RMS Accounting in Fort Lauderdale, Florida. “Tax-related identity theft has been an increasing problem for our clients,” Weil says. “As accountants, we have seen clients with identity theft issues, clients who don’t discover a fraudulent tax return was filed for them until we try to transmit their actual return to the IRS.” Abuse of Social Security numbers is a big part of the problem. Read details
Use Independent Contractor or Employee?, Tax Professionals Resource
By: Steven J. Weil, Ph.D., EA,
If I had to identify the single most important decision a business must make regarding how an individual is to be paid for the services he or she provides it would be classification of the individual as an employee or as an independent contractor.
Improperly classifying employees as independent contractors can create serious long-term liabilities for a business. If an individual that the business treated as an independent contractor is later determined to have been an employee by the IRS or the state of Florida, the employer can be held responsible for the payroll taxes that should have been withheld from the individual along with the employer taxes that would have been due, and the penalties for failure to pay these taxes. Read details