Why You Should Never Take on the IRS Alone

It’s another normal day at the office, until you receive a letter from the IRS. You’re being audited. What do you do now? The first thing you should do is call your tax advisor! While you might be up to navigating an audit on your own, there are many reasons why utilizing a professional’s help will make or break the outcome of your audit.

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5 Lessons Learned from the 2018 Tax Season

We’ve worked hard all fall and winter to help our clients prepare for April 15th, but how will our collective efforts pan out? While the work of tax season is fresh in our minds, we wanted to share our insights into the lessons learned during Cray Kaiser’s 47th tax season.

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How to Protect Yourself from Tax Scams

Identity theft is a real threat, but it is often downplayed because not everyone has witnessed or experienced it firsthand. Having a false sense of security can leave you exposed, especially during tax season. Here are some tips to keep your identity safe from scammers:

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IRS Announces Updated 2019 Mileage Rates

The updated mileage rates for travel for 2019 have been confirmed by the IRS. The standard business mileage rate is increasing by 3.5 cents to 58 cents per mile. The medical and moving mileage rates are also increasing by 2 cents to 20 cents per mile. Charitable mileage rates remain unchanged at 14 cents per mile.

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The Wayfair Case’s Impact on State Income Tax

Wayfair” is the new buzzword in sales tax reporting, and for good reason. You have likely heard that the Supreme Court’s decision in South Dakota v. Wayfair, Inc. has resulted in businesses being required to collect and remit sales tax to certain states in which they have no physical presence. Have you wondered how this change affects your requirements for income tax filing?

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Business Tax Developments Affecting 2018 Tax Filings

Although it’s already tax filing season, it seems as if tax law changes are still being ironed out. Even with the IRS shutdown, there were funds made available to the IRS agencies tasked with implementing tax reform. As a result, we are seeing new developments on an almost daily basis. Here are a few highlights we would like to share as we begin to file 2018 business tax returns.

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UPDATED: How Will the 2019 IRS Shutdown Impact Taxpayers?

The government shutdown that began on December 22, 2018 is causing many concerns as the days add up without any resolution in sight.  The shutdown has now affected the IRS, which is currently operating with only 12% of its workforce. Here’s what this means for taxpayers:

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The Tax Benefits of Investing in Opportunity Zones

One of the interesting items coming out of the Tax Cut and Jobs Act of 2017 (TCJA) was the inclusion of specified tax breaks for taxpayers investing in low-income communities. Known as Opportunity Zones, the idea is to encourage long-term investments in low-income communities nationwide through property (real estate or equipment) or business operations.

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