by Brian Hare, CPA, CGMA | Sep 9, 2021 | Tax
How the IRS Communicates with Taxpayers: The first contact from the IRS is normally by letter or written notice delivered by the U.S. Postal Service to a taxpayer, but not always. Depending on the situation, IRS employees may first call or visit with a taxpayer. IRS...
by Brian Hare, CPA, CGMA | Sep 9, 2021 | Business
Commercial loans, particularly small business loans, have been in the news over the past year or so. The federal government’s Paycheck Protection Program has been helpful to many companies, though fraught with administrative challenges. As your business pushes...
by Brian Hare, CPA, CGMA | Sep 7, 2021 | Tax
A business may be able to claim a federal income tax deduction for a theft loss. But does embezzlement count as theft? In most cases it does but you’ll have to substantiate the loss. A recent U.S. Tax Court decision illustrates how that’s sometimes difficult to do....
by Brian Hare, CPA, CGMA | Sep 1, 2021 | Business
In order to prepare for a business audit, an IRS examiner generally does research about the specific industry and issues on the taxpayer’s return. Examiners may use IRS “Audit Techniques Guides (ATGs).” A little-known secret is that these guides are available to the...
by Brian Hare, CPA, CGMA | Sep 1, 2021 | Business
For many small to midsize businesses, spending money on marketing calls for a leap of faith that the benefits will outweigh the costs. Much of the planning process tends to focus on the initial expenses incurred rather than how to measure return on investment. Here...
