Brian Borawski CPA, PC

Real estate can be a great way to both build wealth and shield the money you make from your investment from taxes.  Of course the down side is, if you have a tax loss from your real estate investment, you can’t always use those losses especially against income you may receive from your job.  You’re [...]

The IRS is once again revamping it’s innocent spouse relief rules and they’re looking for some feedback.  Earlier this month, the IRS issued a notice that both revises the threshold requirements for requesting equitable relief and revises the factors used by the IRS in evaluating these requests.  This is a meaty 25 page document that [...]

You should be getting your tax forms in the mail if you haven’t already.  The deadline for most forms we’re used to is January 31 so there could be some stragglers but I’ve also heard that some people already had their forms last week.  One form you may not recognize is the new Form 1099-K. [...]

The IRS launched electronic filing for the 2011 tax year today.  The IRS is touting that if you efile and have a refund and elect direct deposit, you’ll get your money in about ten days.  If you have to pay, you can efile now and pay later (by April 17). Of course the big problem [...]

Here it is, January 15 and we’re about a quarter way through the two month payroll tax cut extension with no word as to whether it’s going to be extended or not.  We have a lot of news on the Republican nominee for president and if you head over to C-Span, I’m not seeing much [...]

This is a twist on my New Forms series because while Schedule D (the form where you report capital gains) has changed, they’ve also modified Form 1099-B as well as added a new form.  First off, just by looking at the new Schedule D, you notice the form has changed quite a bit and there’s [...]

Last week we talked about Schedule E and this week it’s Schedule C.  Yes, Schedule C has some changes and they look a lot like the changes on the new Schedule E. First up is Lines I and J.  This is the IRS’ trap to get more Form 1099 compliance.  Be very careful how you [...]

Let’s get right to it.  Taxgirl is one of the first places to go.  She’s been penning her “My Best Tax Advice Ever” pieces and she’s up to Part 2.  And in case you missed it, here’s Part 1. Good news for procrastinators out there.  With it being Emancipation Day, tax returns won’t be due [...]

I’ll get to how in a second, but this post ties in nicely with yesterday’s piece on Form 1099-MISC.  The IRS revamped their Schedule E, that’s attached to your Form 1040 if you have either rental properties or you own an interest in a flow through entity (LLC and S-Corporations are the big two) where [...]

For a tax professional, the beginning of year tax season is broken up into stages.  The one that not a lot of people know about (especially if they don’t own their business) is that first month of the year.  If you do payroll, W-2s have to go out as do 1099s.  If you’re small business [...]