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2017 marks the 20th anniversary of Berger & O’Toole, LLC. To help us mark two decades of accounting services in the Omaha area, we have the top 20 reasons why you should be working with a Tax Accountant:

1.       You will save money! You may think you can’t afford an accountant, but consider the amount of time that tasks such as filing taxes would take if you did it on your own – time that could be better spent running your business!

2.       Risk of making mistakes on tax documents and tax returns that can be costly.

3.       An accountant will ensure that deadlines for tax filings will be met.

4.       Accountants can help with business finances and make sure you stay on track.

5.       Payroll can be completely managed by an accountant. 

6.       They can handle every aspect of bookkeeping and small business accounting. They can manage complex financial work.

7.       Hand over your bills and invoices to be paid.

8.       Can offer advice on practical business issues.

9.       Accountants know the tax laws that have changed and how they may effect you.

10.   An experienced accountant can help with business loan applications.

11.   An experienced accountant can explain the different business structures that are available and help you choose the correct one for your business.

12.   An accountant can help when you are writing your business plan so you design a realistic and successful plan.

13.   Working with an accountant as you are starting your business gives you the benefit of their expertise right from the start, setting you on a path for success.

14.    Incorporating an accounting software that can quickly produce tables and graphs will help you understand your financial situation at a glance.

15.   An accountant can help you put together a financial plan that will allow you to take advantage of tax breaks.

16.   Experienced accountants can help with retirement planning.

17.   Accountants will take advantage of all the available tax deductions.

18.   Can help you manage unexpected life changes – divorce, death, inheritance, birth of a child, etc.

19.   Track gains and losses on taxable investments

20.   Peace of mind that comes with working with an accountant is priceless!

There are many reasons to work with an accountant, and you don’t necessarily need a full-time accountant. As little as a few hours a month can put you or your business on track to being financially stable and successful.

The experienced team of accountants at Berger & O’Toole, LLC have been providing quality, trusted accounting service in the Omaha area for two decades, and we look forward to many more years. Call us today to schedule an appointment with one of our experienced accountants.

 

Tax Alerts
Tax Briefing(s)

We value the loyal, long-standing clients that we have had the pleasure of working with for many years. Kevin Malick of Appreciated Advertising is one of those clients, and he recently shared some thoughts on his experience of working with us for nearly a decade.


Working for home can have many benefits, and while it may not be for everyone, many employees prefer a home office over a commute to a traditional office. According to Global Workplace Analytics, regular work-at-home employment among the non-self-employed population has increased 100% since 2005.


One thing we hear all the time from small business owners is that they never expected all the paperwork! Budgets, payroll, tax forms – it can all be very overwhelming! The Bookkeeping Company can help you wade through all the paperwork, and determine if you need the help of a bookkeeper or if an accountant is what you need.


According to Webster’s Dictionary, an entrepreneur is a person who starts a business and is willing to risk loss in order to make money. It is exciting to turn your dream and hard work into reality in the form of a successful business; but failing to take the proper steps to ensure your business is financially healthy can be disastrous.


It’s tax season, the time of year when we are reminded of how much paper we collect and save. Many financial institutions are moving towards electronic records, which is a good solution to help cut down on the growing piles of paper. But it’s important to save and file some of documents.


The gap between taxes owed and taxes collected by the Internal Revenue Service could be approaching $1 trillion, IRS Commissioner Charles Rettig told members of the House Committee on Oversight and Reform’s Government Operations Subcommittee as he advocated for more funding for the agency.


Internal Revenue Service Commissioner Charles Rettig remained positive that the agency will be able to return to a normal backlog of unprocessed returns and other mail correspondence by the end of the year and noted progress on hiring more people to help clear the backlog.


The IRS addressed the following common myths about tax refunds:


The IRS has informed taxpayers that the agency issues most refunds in less than 21 days for taxpayers who filed electronically and chose direct deposit. However, some refunds may take longer. The IRS listed several factors that can affect the timing of a refund after the agency receives a return.


The IRS reminded educators that they will be able to deduct up to $300 of out-of-pocket classroom expenses when they file their federal income tax return for tax year 2022. This is the first time the annual limit has increased since 2002.


Taxpayers who may need to take additional actions related to Qualified Opportunity Funds (QOFs) should begin receiving letters from the IRS in April. Taxpayers who attached Form 8996, Qualified Opportunity Fund, to their return may receive Letter 6501, Qualified Opportunity Fund (QOF) Investment Standard. This letter lets them know that information needed to support the annual certification of investment standard is missing, invalid or the calculation isn’t supported by the amounts reported. If they intend to maintain their certification as a QOF, they may need to take additional action to meet the annual self-certification of the investment standard requirement.


The IRS informed taxpayers that it will send Notices CP2100 and CP2100A notices to financial institutions, businesses, or payers who filed certain types of information returns that do not match IRS records, beginning mid-April 2022.


The IRS has issued a guidance stating that government employees who receive returns or return information pursuant to disclosures under Code Sect. 6103(c), are subject to the disclosure restrictions, like all designees who receive returns or return information pursuant to taxpayer consent. Further, government employees who receive returns or return information pursuant to disclosures under Code Sec. 6103(k)(6) or (e), other than Code Sec. 6103(e)(1)(D)(iii) (relating to certain shareholders), are not subject to the disclosure restrictions with regard to the returns or return information received.


The IRS has provided a waiver for any individual who failed to meet the foreign earned income or deduction eligibility requirements of Code Sec. 911(d)(1) because adverse conditions in a foreign country precluded the individual from meeting the requirements for the 2021 tax year. Qualified individuals may exempt from taxation their foreign earned income and housing cost amounts.


The Supreme Court reversed and remanded a Court of Appeals decision and held that Code Sec. 6330(d)(1)’s 30-day time limit to file a petition for review of a collection due process (CDP) determination is an ordinary, nonjurisdictional deadline subject to equitable tolling in appropriate cases. The taxpayer had requested and received a CDP hearing before the IRS’s Independent Office of Appeals pursuant to Code Sec. 6330(b), but the Office sustained the proposed levy. Under Code Sec. 6330(d)(1), the taxpayer had 30 days to petition the Tax Court for review. However, the taxpayer filed its petition one day late. The Tax Court dismissed the petition for lack of jurisdiction and the Court of Appeals for the Eighth Circuit affirmed, agreeing that Code Sec. 6330(d)(1)’s 30- day filing deadline is jurisdictional and thus cannot be equitably tolled.


The Government Accountability Office (GAO) has issued a report on IRS’ performance during the 2021 tax filing season. The report assessed IRS’ performance during the 2021 filing season on: (1) processing individual and business income tax returns; and (2) providing customer service to taxpayers. GAO analyzed IRS documents and data on filing season performance, refund interest payments, hiring and employee overtime. GAO also interviewed cognizant officials.