by ABIP | Jul 7, 2023 | Accounting, Individuals, Newsletter, Taxes
May 1 is the traditional deadline for undergraduate students to commit to their college of choice, which means tuition payments are not far behind. If you are wondering if your child’s scholarships are taxable, here is what you should know. What Is a...
by ABIP | Jun 13, 2023 | Business, Fraud, News
A recent cyber incident involving the City of Oakland serves as a poignant example of the potential consequences of inadequate cyber liability coverage. The incident significantly disrupted critical city services, leading to substantial downtime and financial losses....
by ABIP | Jun 9, 2023 | Accounting, Business, Individuals, News, Newsletter, Taxes
Many businesses hire part-time or full-time workers, especially in the summer. The IRS classifies these employees as seasonal workers, defined as employees performing labor or services on a seasonal basis (i.e., six months or less). Examples of this kind of work...
by ABIP | Jun 8, 2023 | Accounting, Individuals, News, Newsletter, Taxes
An IRS CP2000 notice is mailed to a taxpayer when income reported from third-party sources such as an employer, bank, or mortgage company does not match the income reported on the tax return. It is not a tax bill or a formal audit notification; it merely informs you...
by ABIP | Jun 7, 2023 | Individuals, News, Newsletter, Taxes
Teens and young adults often go into business for themselves over the summer or after school. This work can include babysitting, lawn mowing, dog walking, or other part-time or temporary work. When a teen or young adult is an employee of a business, their employer...
