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...
by ABIP | Jun 6, 2023 | Individuals, News, Newsletter, Taxes
Are you approaching retirement age and wondering where you can retire to make your retirement nest egg last longer? Retiring abroad may be the answer. But first, it’s important to look at the tax implications — because not all retirement country destinations are...
by ABIP | May 4, 2023 | Accounting, Business, Individuals, News, Newsletter, Taxes
Many parents are looking for ways to save for their child’s education, and a 529 Plan is an excellent way to do so. Even better is that thanks to the passage of tax reform legislation in 2017, 529 plans are now available to parents wishing to save for their...
by ABIP | May 3, 2023 | Accounting, Individuals, News, Newsletter, Taxes
Tuesday, April 18, 2023, was the deadline for most taxpayers to file their tax returns. If you haven’t filed a 2022 tax return yet, it’s not too late. First, gather any information related to income and deductions for the tax years for which a return is...
