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Keeping Track.
Learn how current news and events could impact your bottom line.
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Charitable Contribution Recordkeeping and Substantiation Requirements
One of the oldest deductions in the US tax code is the charitable contribution. It has been modified over time and like many deductions it has been abused. The Internal Revenue Code provides specific requirements for recordkeeping and proof of the value of...
Where does the IRS Get Income Information
Have you ever wondered just where the IRS gets the information to conduct audits or go after taxpayers that may not have reported all their income? Beyond that, what is reportable? In my experience, I have had numerous taxpayers ask me these two questions,...
Latest Changes in the Tax Code
The President recently signed a spending bill. Contained in this bill were some very significant changes to the tax code that affect both personal and business returns and, in some situations, may justify an amended 2018 return. Among these changes include:...
The Dangers of Not Understanding the Definition of Filing Status
I recently had a casual conversation with a taxpayer about filing statuses. The simplest definition of filing statuses is contained in IRS Publication 17, which states “In general, your filing status depends on whether you are considered unmarried or...
Year End Tax Planning
Welcome to December! Where has 2019 gone? Now is the time to start preparing for year end closing and the 2019 tax return. Here are a few steps to take now to be prepared to meet your tax professional. If you have competent accounting...
Latest Scam Report by the IRS
We always need to be on the lookout for scams. We get hit by phone calls so often it is almost routine. The IRS often alerts subscribers to their newsletters of the latest scam. One scam on the rise involves gift cards. These scammers are...
Tax Treatment for Family Members Working in the Family Business
Many business owners choose to hire family members to help with the business. They do this for any number of reasons. This can work very well if the family members are qualified and willing. Family members generally lower cost labor. I won’t get into all the potential...
IRS Releases New Guidance on Cryptocurrency Trading
Those in the cryptocurrency world have been anxiously awaiting definitive guidance regarding the taxation of virtual currency and until recently there has only been one document and it was pretty limited at best. There have been debates throughout the tax...
The Many Roads the IRS uses to Asses Penalties
Most taxpayers are well aware of the IRS’s power to assess penalties and interest for non-payment of taxes due. What most taxpayers don’t understand is all the potential penalties that may be imposed, nor do they know how these penalties may be abated. The...
Planning for the End of the Year
Those who make quarterly tax payments should know that a payment is due September 15. This is because of the end of the Federal fiscal year on September 30th. This is also a significant time for short-range planning. We will soon be entering the...
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What Clients Say
Understands small business challenges
~ Bill Head, Auto Radio
A business partner who works magic
I have had a wonderful partner in Steve Perry of Books, Taxes & More, LLC allowing me to focus on what I do best. He is the one person I trust to advise me on all tax matters. Over the past several years, Steve has guided my company on a myriad of tax issues. He has consistently helped me document and prepare returns to minimize my tax liability….Read More
~ Stevee Ashlock , President StoneyBrook Productions
Honest and straightforward
This man is a beast when helping people with their taxes. Especially when they put themselves in a bind. His efficiency, knowledge and understanding is what is helping me now. He breaks it down in details for things I don’t understand about IRS. He basically holds my hand and walks me through the process to help me through this difficult time….Read More
~ DeMoris Harper