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Lisa Albritton

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Good Records Are the Key to Tax Deductions and Trouble-free IRS Audits

Posted by Lisa Albritton on Jun 15, 2020

If you operate a small business, or you’re starting a new one, you probably know you need to keep records of your income and expenses. In particular, you should carefully record your expenses in order to claim the full amount of the tax deductions to which you’re entitled. And you want to make sure you can defend the amounts reported on your tax returns if you’re ever audited by the IRS or state tax agencies.

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Posted in Accounting & Outsourcing

IRS Releases 2021 Amounts for Health Savings Accounts

Posted by Lisa Albritton on May 26, 2020

The IRS recently released the 2021 inflation-adjusted amounts for Health Savings Accounts (HSAs). 

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Posted in Individual Tax

Avoid These Financial Hoaxes

Posted by Lisa Albritton on Apr 23, 2020

Crises can bring out the best in many people — but perversely, they can also bring out the worst. Many scammers are trying to take advantage of the complex bailout provisions for individuals and businesses. Be on the lookout for a surge of calls and emails from scammers trying to cheat you with promises of financial relief, just when you may be feeling desperate. Tax-related fraud and identity theft scammers are out and about looking to make a quick — and crooked — buck.

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Posted in Alerts

Stop Tax Id Theft!

Posted by Lisa Albritton on Feb 14, 2020

Tax season is here and so are the fraudsters. Tax ID fraudsters are using stolen Social Security numbers to file phony tax returns and steal tax refunds.

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Posted in Individual Tax

Wayfair Revisited - It's Time to Review Your Sales Tax Obligations

Posted by Lisa Albritton on Jan 03, 2020

In its 2018 decision in South Dakota v. Wayfair, the U.S. Supreme Court upheld South Dakota’s “economic nexus” statute, expanding the power of states to collect sales tax from remote sellers. Today, nearly every state with a sales tax has enacted a similar law, so if your company does business across state lines, it’s a good idea to reexamine your sales tax obligations.

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Posted in Business Tax

Accrual-Based Businesses: 5 Ways to Reduce Your 2019 Taxes

Posted by Lisa Albritton on Nov 18, 2019

There may still be opportunities to reduce your company’s 2019 tax bill.

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Posted in Business Tax

The Chances of an IRS Audit Are Low, but Business Owners Should Be Prepared

Posted by Lisa Albritton on Oct 02, 2019

Many business owners ask: How can I avoid an IRS audit? The good news is that the odds against being audited are in your favor. In the fiscal year 2018, the IRS audited approximately 0.6% of individuals. Businesses, large corporations, and high-income individuals are more likely to be audited but, overall, audit rates are historically low.

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Posted in Business Tax

Businesses Can Utilize the Same Information IRS Auditors Use to Examine Tax Returns

Posted by Lisa Albritton on Jul 22, 2019

The IRS uses Audit Techniques Guides (ATGs) to help IRS examiners get ready for audits. Your business can use the same guides to gain insight into what the IRS is looking for in terms of compliance with tax laws and regulations.

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Posted in Business Tax

Back to School Sales Tax Holiday Weekend 2019

Posted by Lisa Albritton on Jul 11, 2019

Alabama's 14th annual sales tax holiday for back-to-school items will be Friday, July 19, 2019, through Sunday, July 21, 2019.

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Posted in Alerts

Personal Property Tax Compliance: Eight Frequently Missed Issues That Can Lead to Overpayments

Posted by Lisa Albritton on May 14, 2019

Understanding and adhering to the multitude of personal property tax compliance obligations throughout the thousands of jurisdictions that assess personal property taxes can be administratively burdensome. A company’s personal property tax liabilities can be impacted if a company is not equipped to navigate the differing rules and opportunities in the jurisdictions in which its personal property is located. The following summarizes the most often overlooked items that result in overpayments of personal property taxes by any organization.

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Posted in Business Tax

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