Author Archives: William A Olson, CPA

Most Common Bookkeeping Mistakes

1. USING THE WRONG ACCOUNTING METHOD There are two main business accounting methods: cash and accrual. Cash accounting is the simpler method because it’s based on the actual flow of cash in and out of a business. The cash method … Continue reading

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5 Overlooked Tax Deductions from the USA Today

There’s a lot of talk right now regarding Americans paying their “fair share” to the tax man. While many issues are up for debate, most parties agree the tax code needs some work. But as you gather documentation to do … Continue reading

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What to expect for refunds in 2013 (from IRS.gov)

Click here for the full posting on the IRS website.

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Local CPA suspected of running a Ponzi Scheme

See here from Channel 7 in Detroit… a reminder to be careful who you pick to do your taxes.

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Court Strikes Down IRS Tax Preparer Registration Program

Here’s an article from the Journal of Accountancy explaining what happened to the tax return preparer registration program. It was always important to be careful who you get to do your taxes… make sure they’re qualified. This article from About.com … Continue reading

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USA Today: The importance of sending 1099s

If you don’t file 1099s for your contractors, you lose protections from the federal government. (Photo: USA TODAY illustration) STORY HIGHLIGHTS IRS is vigilant on misuse of contractor status Businesses incur no tax obligations for independent contractors But you have … Continue reading

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QuickBooks Online: A review from the CPA Practice Advisor

QuickBooks Online is a product more and more of my clients are using. It’s accounting in the “cloud” which allows you to access your accounting records from anywhere you can access the internet. You can give your accountant access to … Continue reading

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USA Today: Start of 2012 Tax Filing Season Delayed

As previously posted, the start of the 2012 tax filing season has been delayed. See here.

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Start of Tax Filing Season Delayed (AICPA Article)

The IRS announced on Tuesday that it plans to open the 2013 filing season and begin processing many individual income tax returns on Jan. 30 (IR-2013-2). However, not all taxpayers will be able to start filing tax returns on that … Continue reading

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A summary of the Fiscal Cliff deal

From the American Institute of Certified Public Accountants (AICPA): Congress passes fiscal cliff act BY PAUL BONNER AND ALISTAIR M. NEVIUS JANUARY 1, 2013 Pulling back from the “fiscal cliff” at the 13th hour, Congress on Tuesday preserved most of … Continue reading

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