Dear Client & Perspective Client: Year-end tax planning is especially challenging this year because Congress has yet to act on a host of tax breaks that expired at the end of 2013. Some of these tax breaks may be retroactively reinstated and extended, but Congress may not decide the fate…
I came across this good article, and I wanted to share with you. Checking Up on the Affordable Care Act By Rande Spiegelman SOURCE: SCHWAB With all the commentary and debate surrounding the Patient Protection and Affordable Care Act, or “Obamacare,” it can be difficult to figure out what to…
It is crucial for your business that you hire a tax professional in order to get proper assistance with your tax audit. Mike Habib EA, the right tax professional, will be able to help you protect and generate more money for your business. Professional tax audit assistance can help you…
Tax preparation can be a very difficult task, especially when you are not good with numbers. Many people try their hands in doing their own taxes but end up in even more confusion and frustration. Seeking professional help is a better idea when it comes to tax preparation. Mike Habib…
Once you come to know that your tax return is to be audited by the IRS, panicking will be your first instinct. There will be no need for panicking if you seek professional help. Mike Habib is a tax professional and will help you in preparing for the IRS tax audit…
Taxation is the area in which there can’t be any error, especially if it’s a business. There are so many mistakes an individual can possibly make like penalties, interest and additional taxes. Poor record keeping can result in an audit which is quite an expensive and time consuming procedure. An…
Did your business incur and report a loss for tax year 2013? By now, you’ve probably made the decision of whether to carry the loss forward to future tax years or back to a prior tax year. Here’s a quick overview of carrybacks and carryforwards. Carryback: As a general rule, you…
Every year we add new clients to our Whittier, Los Angeles, CA firm, usually the client is looking for a change because their taxman, tax preparer, bookkeeper, CPA (Certified Public Accountant) or EA (Enrolled Agent), has retired, or passed away, or sold their practice / business or just need…
The United States Court of Appeals for the DC Circuit, today rejected the IRS appeal in the case of Loving v. IRS in which three independent tax return preparers argued that the IRS had overstepped its authority when implementing the Registered Tax Return Preparer (RTRP) program. The RTRP program was…
I want to discuss the difference between a CPA and an EA. Most people refer to any accountant, tax preparer, bookkeeper, etc as a CPA. However there are differences between a CPA, an EA and a tax attorney. All 3 are regulated by the IRS’ circular 230. The distinction between…