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IRS has begun sending letters to taxpayers with virtual currency transactions that potentially failed to report income and pay the resulting tax from virtual currency transactions.
At the rate the company is going, you will end up with an $18,000 tax bill at the end of year.
We have changed the name of our firm to GP CPA, P.C. effective March 2019. “Gary M Prusiensky, CPA, P.C.” and “GMP CPA” had a substantial overlap on Google search with another CPA firm in Texas and we needed to act before Google acted for us.
Like you, GP CPA does not like IRS penalties. That’s why we keep you up to date on new ways you can beat the IRS at its penalty game.
We are approaching mid-year (for those of us on a calendar year…) and enough time has passed that we can reflect back on some of the technology that GP CPA has been using and is no longer using in 2019.
Before the Tax Cuts and Jobs Act (TCJA), your purchase of the vehicle you were leasing did not qualify for either Section 179 expensing or bonus depreciation. But times have changed.
As you likely know, the Roth IRA is a terrific way to grow your wealth with a minimum tax downside because you pay the taxes upfront and then, with the proper holding period, pay no taxes after that.
For clients that will use invoices as the primary method of billing, there are quite a few options for that are better than “the check is in the mail” (spoiler alert, it never is).
Dear Client: It was good seeing you both again. Each time we meet the numbers and growth are getting better and better.
This is what the GP CPA “takeout drawer” looks like after tax season ends…