Posts by Jody H. Chesnov CPA

GET IN TOUCH GET IN TOUCH Tax returns can be confusing, especially for business owners reporting income from multiple sources. But whether you are a business owner or individual, understanding the difference between “cash flow” and “income” is crucial to managing your finances successfully. It’s easy to see why people confuse or mistake the two…

GET IN TOUCH GET IN TOUCH Almost any type of company has the potential to generate unclaimed property (UP) during day-to-day operations. Overpayments, rebates, gift cards, payroll, accounts payable, certain types of securities and retirement accounts, mineral proceeds, and more — are just a few ways your company might be creating UP liability now. The…

GET IN TOUCH GET IN TOUCH With 2022’s momentous Inflation Reduction Act (IRA) now law, taxpayers have various new opportunities to take advantage of renewable energy incentives that could significantly reduce their tax liability. Saving money on your energy and tax bills while simultaneously benefiting the environment may sound great…but, of course, nothing about the…

GET IN TOUCH GET IN TOUCH Tax planning can be daunting for anyone, but for LGBTQIA+ individuals, there can be unique challenges and considerations to navigate. From estate planning to retirement savings to healthcare, trying to make sense of it all can be complex and lead to missed opportunities for tax benefits, instances of discrimination,…

GET IN TOUCH GET IN TOUCH Since the 2017 passage of the Tax Cuts and Jobs Act (TCJA), the U.S. tax code has seen dramatic changes impacting taxpayers and businesses. Likewise, the TCJA has implemented plenty of procedural and regulatory changes, which have led to complex alterations in accounting methods that can be challenging to…

GET IN TOUCH GET IN TOUCH With the filing season for the 2022 tax year officially underway, many Americans are already looking ahead to tax planning for the 2023 tax year. After a year in which the most extreme inflation in decades drove prices sky-high for expenses like rent, gas, and groceries, the IRS’ annual…

GET IN TOUCH GET IN TOUCH All eyes are on the IRS this year, with interim Commissioner Douglas O’Donnell (Charles Rettig’s term ended in November of 2022) assuming leadership of a long cash-strapped agency now flush with billions of dollars of new funding and eager to crack down on tax evaders. As the IRS kicks…

GET IN TOUCH GET IN TOUCH Understanding the tax implications of rental income is essential to being successful as a landlord. Whether you own a single rental unit or a portfolio of properties, you must know how to properly report your rental income and expenses to the IRS to maximize your tax savings and ensure…

GET IN TOUCH GET IN TOUCH For many taxpayers, the word “audit” alone triggers anxiety and stress. In fact, as this survey reveals, 47% of Americans feel anxious when they receive any correspondence from the IRS, with nearly a third worrying they will be audited despite feeling very confident that their tax returns are error-free.…