REI Tax Firm - Michael Plaks, EA

April 15th for procrastinators. Yes, you.

Short guide to April 15th for procrastinators Judging by the many recent posts on this forum, my title should attract a wide audience :) Is April 15th the last day to file my taxes? No. You can

From a new client we just started working with...

Michael sets the record straight on IRS audits

IRS Audits: Fears, Myths & Reality At Quest Trust Company, we believe to truly take control, you should invest in what you know best! So, what do you do if you want to invest in a private asse...

This is why we do what we do

The IRS cracks down on the fraudulent claims of ERC - Employee Retention Credit

To protect taxpayers from scams, IRS orders immediate stop to new Employee Retention Credit processing amid surge of questionable claims; concerns from tax pros | Internal Revenue Service IR-2023-169, Sept. 14, 2023 — Amid rising concerns about a flood of improper Employee Retention Credit claims, the Internal Revenue Service today announced an immediate moratorium through at least the end of the year on processing new claims for the pandemic-era relief program to protect honest sm...

Reminder: Sept 15th is the extended IRS deadline for Partnerships and S-corporation

This is something our firm has never done and never will

Today Michael will be discussing the Real Estate Professional status - free event.

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URGENT REMINDER: January 31st is the deadline to issue 1099s

Sending 1099-NEC (formerly 1099-MISC) to contractors and vendors – Michael Plaks, EA Sending 1099-NEC (formerly 1099-MISC) to contractors and vendorsBusiness taxes / January 13, 2022 January 27, 2023 REMINDER: Since 2021, NEW form 1099-NEC replaced the old 1099-MISC for contractor payments! 2023 update: The IRS (finally!) created a free eFiling option for 1099s directly with the IRS...

In a much welcome development, the IRS will not lower 1099-K reporting threshold from $20,000 to $600 for the current year

IRS announces delay for implementation of $600 reporting threshold for third-party payment platforms’ Forms 1099-K | Internal Revenue Service IR-2022-226, December 23, 2022 — The Internal Revenue Service today announced a delay in reporting thresholds for third-party settlement organizations set to take effect for the upcoming tax filing season.

Addressing some common misunderstandings

Five common MYTHS of cost segregation and 100% bonus depreciation Cost segregation is the 2022 version of