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How to Get an IRS Civil Penalty Waived and Keep Your Small Business

Posted in Tax News on September 21, 2011

Recently, we were able to get a $49,000 IRS civil penalty waived for one of our Connecticut business clients.  If we failed to get this penalty waived, this business would have closed its doors.

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Tom Scanlon's Interview with Steve Pedneault of Forensic Accounting Services, LLC in Glastonbury, CT

Posted in Tax News on September 14, 2011

How long have you been in business and how did you get started? My experience relating to criminal justice started when I was fourteen as a member of an organization affiliated with a local police department.   I continued my education…

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How to Double Your Estate Tax Exclusion by Using a Credit Shelter Trust

Posted in Tax News on July 8, 2011

For 2011 and 2012, the federal estate tax exclusion is $5 million.  For taxable estates in excess of $5 million, the highest federal tax rate is 35%.  If there are no changes to the law, the federal estate tax exclusion…

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The Importance of Beneficiary Designations

Posted in Tax News on April 28, 2011

When was the last time you checked your beneficiary designations for your retirement accounts that were established years ago?  Beneficiaries are the individuals or entities (such as a charity) that you name to receive these assets upon your death.  You…

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Can I Take a Home Office Deduction?

Posted in Tax News on March 17, 2011

The home office deduction is a confusing topic for many taxpayers.  Can I only take it if I am self-employed? What if you’re not self-employed, but work at home frequently?  And isn’t it true that the IRS is more likely…

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