Tax Season Is Long Over, but Tax Scams Are Thriving

by ABIP | Sep 8, 2023 | Fraud, News, Newsletter, Taxes

The IRS is warning taxpayers about emails and text messages that promise refunds and credits, but that actually result in identity theft. Many current schemes involve the third Economic Impact Payment (originally made in 2021). Messages may also reference the Employee...

An “Innocent Spouse” May Be Able to Escape Tax Liability

by ABIP | Sep 6, 2023 | Individuals, Newsletter, Taxes

When a married couple files a joint tax return, each spouse is “jointly and severally” liable for the full amount of tax on the couple’s combined income. That means the IRS can pursue either spouse to collect the entire tax, not just the part that’s attributed to one...

Tax Implications to Be Aware of After a Job Loss

by ABIP | Sep 5, 2023 | Individuals, News, Newsletter, Taxes

Despite the generally robust job market, some people are still losing their jobs. If you’re laid off or terminated from employment, taxes are probably the last thing on your mind. However, you may face tax implications due to your changed personal and professional...

Buy-Sell agreements Require Careful Planning

by ABIP | Sep 1, 2023 | Business, News, Newsletter, Taxes

Does your business have multiple owners? If so, you need a buy-sell agreement. This type of binding contract determines how (and at what price) ownership shares of a privately held business will change hands should an owner depart. There are also potential tax...

Employee Retention Tax Credit (ERTC) Scams and Fraud

by ABIP | Aug 10, 2023 | Accounting, Business, Newsletter, Taxes

The rise of “ERTC Mills” has caused widespread confusion and increased the potential for fraud. These entities exploit the system, intensifying the risk of deception. While these mills charge for basic clerical duties, their agreements often specify that...

Minimizing Capital Gains Tax on Sale of a Home

by ABIP | Aug 3, 2023 | Accounting, Individuals, News, Newsletter, Real Estate, Taxes

If you’re looking to sell your home this year, then it may be time to take a closer look at the exclusion rules and cost basis of your home to reduce your taxable gain on the sale. The IRS home sale gain exclusion rule allows an exclusion of gain up to $250,000...