Tax Smart Advisors Blog

Accounting and tax tips, updates and the latest news for small business owners and individuals.

Beware of Employee Retention Credit Scams

Have you been contacted by a third party and advised that your business is eligible for the Employee Retention Credit? If so, proceed with caution... Many businesses are being advised to claim the credit, but don't actually qualify for it. Often, these third parties...

Inflation Reduction Act

On August 16th, President Biden signed into law the Inflation Reduction Act (IRA). Among the many provisions within the IRA, the act establishes a new corporate minimum tax, an excise tax on corporate stock repurchases and an increase in research credit. The act also...

What is Fair Market Value?

The IRS defines Fair Market Value (FMV) as the price that property would sell for on the open market. It is the price that would be agreed on between a willing buyer and a willing seller, with neither being required to act, and both having reasonable knowledge of the...

Help, I’m being audited by the IRS!

Of the more than 145 million individual tax returns filed during 2021, less than 1% will be selected for an audit. Here are a few things to remember if you receive a notice from the IRS of an impending audit: IRS computers usually flag the tax returns for audits and...

Should You Incorporate Your Small Business?

As a sole proprietor, you may have wondered if it would be better for you to incorporate your business. Here are some things to consider... Incorporating a business limits the owner's liability. However, many small corporation stockholders are required to personally...

What You Need to Consider When Buying a Business

Thinking about buying an existing business? Make sure to take the time to investigate the business thoroughly before jumping in. Investigate possible issues. It can be tempting to get into the business first and then worry about any problems once they've developed....

Common Tax Increase Surprises

You've received a nice (but small) tax refund for the last few years. Imagine your surprise when you actually owe money this year... How could this be? Here are some situations that may increase your tax liability: New tax laws. The assistance you may have received...