The pandemic has hit the IRS hard over the last couple of years. From budget cuts to staff shortages, the 2020 and 2021 backlog of returns means that the IRS will face a major uphill battle this tax season. According to the National Taxpayer Advocate’s report to Congress, there are….
As a business owner, choosing how to handle your finances is one of the biggest, if not the biggest, decisions you can make. There are many things to consider when choosing between hiring an accounting firm versus using an accounting software. There are benefits of both options so here are….
At Ellrich, Neal, Smith & Stohlman, P.A., we deal with a variety of self-employed individuals. We often hear them talk about the tax deductions available for a corporation as opposed to a sole proprietorship. First of all, any deductions you can take on a corporate tax return are available on your….
The estate of the “King of Pop”, the late Michael Jackson, was part of one of the most anticipated United States Tax Court decisions in recent memory. In a 271 page opinion, Estate of Michael Jackson v. Commissioner, T.C. Memo 2021-48, the court sided with Jackson’s estate, offering a big….
While the pandemic still carries on, Tax Day in the United States has return to its traditional deadline of April 15th. Those who remember filing federal income taxes later last year (it was pushed to July 15th in 2020) will need to prepare accordingly. Like in all other years past,….
The act of giving to charity is something has been at the forefront of many American’s minds lately. From dealing with the pandemic fallout to grappling with the social issues that have plagued the nation, thinking about those struggling often inspires giving. COVID-19 has had a major impact on the….
While the world grapples with the coronavirus outbreak, Ellrich, Neal, Smith & Stohlman, P.A. is steadfast in banding together to make sure that we are handling things to the best of our ability. From our internal team to our valued clients, we are taking every measure possible to maintain a….
Tax season is just a couple of weeks away and that means that it is time for taxpayers to start preparing. The Internal Revenue Service (IRS) has officially announced that come Monday, January 27, 2020, they will be ready to process 2019 tax returns. Tax filers must file by the….
Over 600,000 new businesses are formed each and every year. Whether financed with personal funds, bank loans, or even borrowing from family and friends, starting a business is no easy feat. The success of new businesses varies significantly with fluctuations in the economy, but there are certain inevitabilities that remain…..
It is true. There are inescapable certainties in life: death, and taxes. These issues are not local…people all over the world must deal with them. From a cohesive standpoint, these two concerns bind us all together. Looking to find common ground with a stranger? Look no further than the topics….