Archive for 2010


The Difference Between Preparing a Tax Return and Filing a Tax Return

Recently, a client was in the process of refinancing their existing mortgage with their current mortgage company.  He was supposed to close two months ago.  The mortgage company continues to ask for more information from our client.


The Difference Between an IRS Field, Office and Correspondence Audit

If you are audited by the IRS, the audit will either be a field, office or correspondence audit.  You should not represent yourself in an audit; you should hire a CPA, Tax Attorney or Tax Preparer to represent you.  Remember…the IRS has the right to audit a return within three years from the due date or filing date.


1099 Reporting Guidelines

January 31, 2011 is the deadline to furnish Form 1099-MISC to recipients.  The 1099-MISC form is used to report more than two dozen types of payments that must be claimed as income by the recipient.  This category includes payments made by businesses as fees to attorneys, service providers, and freelancers.  Other types of payments covered by the 1099-MISC include reimbursement for auto expenses, awards and bonuses, commissions, prizes, and vacation allowances for nonemployees.  A payer of rents and royalties must also … Continue reading »


Why Parents Should Not Give Their House to Their Children

Frequently, parents will be encouraged to give their home to their children so the government won’t take it to pay any nursing home bills.  This is usually very bad advice.  Why is this not an appropriate strategy?


Borgida's 5th Annual Food Drive a Success!

Partners & staff of Borgida & Company wish to thank all clients, friends and family who donated to this year’s 5th Annual Food Drive.  By your generosity, this year’s donations surpassed our expectations!  All items were donated to MACC Food Pantry.


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