Accounting Blog

Scam Alert: QuickBooks & Intuit Phishing Emails

Posted on Thu, Mar 01, 2018

Recently there has been a rise in the number of phishing emails that appear to be sent by QuickBooks and Intuit. These messages state that the customer has a payment due on an open invoice. The balance due on the fake email is a higher amount than the typical cost of the software and any subscriptions offered by Intuit.

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Tags: accounting firm, Scam Alert, phishing scam, Quickbooks

Protect Yourself Against The New Tax Refund Scam

Posted on Mon, Feb 19, 2018

The IRS has reported that the number of potential victims impacted by a tax scam has increased from a few hundred to several thousand in just a few days. Putting a new twist on an old scam, criminals are taking taxpayer information, filing fraudulent returns, and depositing erroneous refunds into real taxpayers’ bank accounts. The criminals then contact the victim and use a variety of tactics to attempt to claim the refund.

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Tags: tax services, tax preparation, tax, Scam Alert, tax scam, fraud

The Goodwill Rule for SBA Has Changed:  What You Need To Know

Posted on Tue, Jan 02, 2018

As of January 1, 2018 SBA has changed the Business Acquisition Equity Requirements (Commonly Referred to as the “Goodwill” Rule) as follows:

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Tags: SBA Lending, The Goodwill Rule

Bitcoin:  What is it and How is it Reported for Tax Purposes?

Posted on Mon, Dec 18, 2017

Bitcoin has been all over the news recently. Although we hear a lot about it, we are still left with numerous questions about what it is, how it works, and how we deal with it from a tax reporting perspective. And now, other cryptocurrencies are hitting the mainstream. All of this makes us wonder, will these cryptocurrencies continue to shape our future or is all of this a fad that will die down within a year? Jamie Dimon, chairman and CEO of JPMorgan Chase stated in October that “If you’re stupid enough to buy bitcoin, you’ll pay the price one day.” More recently, on December 12th, he stated: “Look, everyone has a personal opinion about Bitcoin. I remain highly skeptical of it. But as I’ve said previously, I’m open-minded to uses of cryptocurrencies if properly controlled and regulated.”

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Tags: tax, tax reporting, Cryptocurrency, Bitcoin, Bitcoin tax

Charitable Contributions from Your IRA: What You Need To Know

Posted on Tue, Nov 28, 2017

Taxpayers that are age 70 and a half may direct their IRA to make a direct contribution to a qualified charity of up to $100,000.  This contribution counts toward the required minimum distribution.  The advantage to this is that the distribution to the charity is not included in the taxpayer's adjusted gross income (AGI).  This could further reduce their tax since certain taxes, income and deduction items are directly affected by AGI.  Only an IRA is eligible to make this contribution.  SEP IRA's and other qualified retirement plans are not eligible.

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Tags: tax rate, IRA, tax code, tax deduction

What Changes Are Coming To Your Social Security and Retirement Plans in 2018?

Posted on Mon, Oct 30, 2017

The Internal Revenue Service (IRS) recently released cost of living (COLA) changes for 2018.  From 401(k) plans to individual retirement accounts to Social Security, the federal government has been busy in recent weeks adjusting numbers for 2018. Whether you're an employee or business owner, senior management or nonexempt staff, these changes may affect how you approach retirement in the coming months and years.

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Tags: 401K, retirement plan, IRS, Social Security

Fake Accounting Invoices Used to Steal Credentials

Posted on Mon, Sep 11, 2017

A recently resurfaced banking Trojan is now being used in a malware/phishing campaign targeting users of accounting services provider Xero. Similar attacks have also been used against users of Intuit and QuickBooks. The goal of these attacks is to gather login details for banking and financial accounts. Here's how it works, what it looks like, and what do if you get this message:

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Tags: Accounting, Scam Alert, fraud alert, fraud prevention

Tax Deductions to Keep in Mind When Traveling for Charity

Posted on Tue, Sep 05, 2017

It’s almost that time again…Tax Season!  We want to make sure that you are taking advantage of all the tax deductions that are available to you when you are traveling for charity.  There are a few things that you want to make sure you are doing to make sure the deductions qualify.  A few tips to remember are:

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Tags: tax, IRS, deductions, tax deductions

NC Tax Law Updates - NCACPA in Action

Posted on Wed, Aug 16, 2017

At LBA Haynes Strand, we’re proud to be members of the NCACPA.  In North Carolina, the NCACPA is working to modernize and improve our state tax code.  This year they have made a few changes and have recently announced those changes. 

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Tags: LBA Haynes Strand, tax, New law, tax alert

5 Tips to Prepare for a General Contractor's License Audit

Posted on Wed, Jul 05, 2017

Tip 1: Know Which Type of License you are Seeking: 

The dollar amount of the project you are bidding on will likely be the determining factor of which license type is right for your company.  See the chart at the bottom of the post for the license thresholds, financial requirements and whether an audit is required to be performed by an independent CPA.

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Tags: certified public accountant, LBA Haynes Strand, general contractor, GC license audit, General contractor audit