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How to choose the right tax accountant for your BusinessHaving the right accountant to work with is extremely important for any businesses. This directly leads to one of the most frequently asked questions to all business owner; How to choose the right tax accountant for your business.Henry R. Liu,BBA, EA, CFE, CTRS | 01/20/2020
What to do When an EDD Auditor requesting an Extension of your Audit Statue [Form DE 1977]It is very common for EDD auditor to request a wavier of the statue from Taxpayer. Understanding how to deal with this situation is extremely important to the outcome of an EDD audit. This article provides taxpayers with insight information on the topic of an EDD audit.Henry R. Liu,BBA, EA, CFE, CTRS | 08/28/2019
EDD Audit Process SummaryPut it in simple words, the main objective of an EDD audit is not only to review the accuracy of the payroll tax return filed but also exanimate the employer records for the compliance requirements listed below:Henry R. Liu,BBA, EA, CFE, CTRS | 08/11/2019
Reasonable Causes for IRS Penalty AbatementOne of the most frequently asked questions from troubled taxpayers is, what qualify as reasonable causes for IRS Penalty Abatement. In this article, we are going to dive into the detail of the reason causes of IRS Penalty abatement.Henry R. Liu,BBA, EA, CFE, CTRS | 08/04/2019
If you received an assessment from a recent IRS audit, do you have to report this information to the California franchise tax board?This article will answer one of the most frequently asked questions after taxpayer receives an assessment from an IRS audit.Henry R. Liu,BBA, EA, CFE, CTRS | 07/03/2019
Right to representation in IRS audit, what does it mean?In the previous article published on 06/26/2019, I detailed some of the important things you should know on choosing a qualified tax representative. I would highly recommend you go back and read the previous article if you think hiring a representative for your audit is the next thing for you. This article, we will be focusing on understanding your right to representation.Henry R. Liu,BBA, EA, CFE, CTRS | 07/01/2019
Important things every taxpayer should know on choosing a qualified tax representative when dealing with the IRSchoosing a qualified tax representative is an extremely important in resolving your tax issues successfully. An inexperienced tax representative could easily cause inaccurate assessments, unfair interest charges, and both civil and criminal penalties.Henry R. Liu,BBA, EA, CFE, CTRS | 06/26/2019
How to Appeal an IRS audit assessment?When dealing with an IRS audit, it is very important for the taxpayer to understand their appeal rights to ensure a fair assessment could be reached.Henry R. Liu,BBA, EA, CFE, CTRS | 06/19/2019
Will the IRS Take your Home when you owe back taxes?This article will answer One of the most frequently asked questions from Taxpayers who owe back taxes to the IRS is âÂÂWill the IRS take my personal residence as the payment of my tax debt?âÂÂHenry R. Liu,BBA, EA, CFE, CTRS | 06/14/2019
IRS procedure and Taxpayer's solution to Non-Filed Tax ReturnsThis section discusses the procedures involved in handling nonfiled tax returns.Henry R. Liu,BBA, EA, CFE, CTRS | 01/12/2019
2018 Tax Law Update on S-Corporation Business Credit and Reasonable CompensationThis article helps to explain the 2018 tax law updated on S-corporation business credit and reasonable compensationHenry R. Liu,BBA, EA, CFE, CTRS | 01/02/2019
Tax Audit/Examination 1.1- IRS Individual Income Tax Examination [Form 1040]IRS Tax Audit/Examination, what Taxpayers should know.Henry R. Liu,BBA, EA, CFE, CTRS | 10/08/2018
Tax Audit/Examination [Series 1]What you need to know and what you need to do when you encounter a tax audit by tax agencies including the IRS, CDTFA formerly known as BOE, and EDD?Henry R. Liu,BBA, EA, CFE, CTRS | 07/13/2018
2018 Tax Updates [IMPORTANT INFORMATION]As the New Year rolls around, it's always a sure bet that there will be changes to current tax law and 2018 is no different now that many of the tax provisions pursuant to the Tax Cuts and Jobs Act of 2017 (TCJA) are in full effect. From health savings accounts to tax rate schedules and standard deductions, here's a checklist of tax changes to help you plan the year ahead.Henry R. Liu,BBA, EA, CFE, CTRS | 01/07/2018
2018 Tax Season due dates and 2018 IRS updated information2018 Tax Filing Season Begins on Monday, January 29, 2018. Individual Tax Returns Due date is on April 17. Several IRS tools are Available to help Taxpayers during 2018 tax filing season.Henry R. Liu,BBA, EA, CFE, CTRS | 01/07/2018
Authorities of an Internal Revenue Service (IRS) Revenue OfficerA summary of the authorities of an IRS revenue officer.Henry R. Liu,BBA, EA, CFE, CTRS | 08/30/2016
methods by which the IRS selects tax returns for examination (How does IRS select Returns for examination)By understanding the process of how IRS selects tax returns for audit or examination, it could help taxpayers and tax practitioners to prepare tax returns using favorable presentation techniques and to understand the likely issues if an examination ensues.Henry R. Liu,BBA, EA, CFE, CTRS | 02/15/2016
2016 IRS IRA Contribution LimitsIRS Individual Retirement Account Deduction Limit (Retirement Topics - IRA Contribution Limits)Henry R. Liu,BBA, EA, CFE, CTRS | 01/10/2016
How to approach IRS Appeals for your tax assessment? Ways to Resolve IRS tax debt collection.After experiencing years of devastating economic conditions, many individuals are finding that they are unable to keep up with their income tax obligations. So, how does a person recover from the economic crisis when the IRS is beating on the door with notices on a daily basis?Henry R. Liu,BBA, EA, CFE, CTRS | 12/14/2015
IRS Automated Collection System (ACS) vs. Revenue Officer: What is the Difference?What is the difference between IRS automated collection system and IRS revenue officer? My blog contains all the necessary information which trouble taxpayers should know before making any contact with IRS collections.Henry R. Liu,BBA, EA, CFE, CTRS | 09/18/2015
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