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  If you're using payment apps like PayPal, Venmo, or Cash App, you need to pay close attention. As you probably know, the IRS has made some major changes to the new 1099K reporting rules, and it could have serious... Read more
Published on: 2024-06-15
Author: Noel Lorenzana, CPA
  Hey, everyone. It's June 2024. I wanted to let you know about what's going on with the IRS as far as them sending out incorrect CP14 notices. Now, if you don't know what that is, it's an IRS notice... Read more
Published on: 2024-06-13
Author: Noel Lorenzana, CPA
  Introduction: Is Your Tax Information Being Outsourced Overseas? Is the accountant shortage in the U.S. real, or is it just an excuse to outsource American jobs to other countries like India or the Philippines? Amid the ongoing accountant shortage... Read more
Published on: 2024-06-01
Author: Noel Lorenzana, CPA
  Have you ever wished you could avoid financial mistakes that many other people make? What if I told you that 10 simple lessons could transform your approach to money and life, saving you from years of frustration and regret?... Read more
Published on: 2024-05-25
Author: Noel Lorenzana, CPA
  Introduction: 2024 Tax Season Wrap Up Tax season has finally wrapped up and I can finally relax a bit. This was my ninth tax season working for myself, and I have to say it was the most successful tax... Read more
Published on: 2024-05-18
Author: Noel Lorenzana, CPA
  My family emigrated to this great country of America in the 1970s. My dad had $70 in his wallet, a wife and kids in tow. He was very smart, educated as a CPA in the Philippines. He had a... Read more
Published on: 2024-05-08
Author: Noel Lorenzana, CPA
  Could we be on the path towards another Great Depression? Right now, signs in our economy might be pointing - to yes. Despite what you hear about our strong economy and robust financial systems, there are echoes of the... Read more
Published on: 2024-04-30
Author: Noel Lorenzana, CPA
  Tax season just ended and one of the number one questions that I've been getting is with people who end up owing the IRS when they get the results of their tax return back. And the reason they owe... Read more
Published on: 2024-04-23
Author: Noel Lorenzana, CPA
  So you have a side hustle and you're probably confused about how to pay taxes on your side hustle income. Am I right? Navigating the tax landscape with a side hustle can be confusing, but you've come to the... Read more
Published on: 2024-04-19
Author: Noel Lorenzana, CPA
  So you have a side hustle and you're probably confused about how to pay taxes on your side hustle income. Am I right? Navigating the tax landscape with a side hustle can be confusing, but you've come to the... Read more
Published on: 2024-04-19
Author: Noel Lorenzana, CPA
  So you have a side hustle and you're probably confused about how to pay taxes on your side hustle income. Am I right? Navigating the tax landscape with a side hustle can be confusing, but you've come to the... Read more
Published on: 2024-04-19
Author: Noel Lorenzana, CPA
  Here's how you can legally pay zero or no taxes on your side hustle income. Now, I know what you might be thinking – the idea of paying little to no taxes on your side business income might seem... Read more
Published on: 2024-04-10
Author: Noel Lorenzana, CPA
  Today, I wanted to address a common mistake with S Corporations, and how owners/shareholders often incorrectly deduct their health insurance premiums. I'll give you a high-level overview of how this works within an S Corporation structure – no deep... Read more
Published on: 2024-04-09
Author: Noel Lorenzana, CPA
  If you owe any amount of money to the IRS, I'm pretty certain there would be penalties included in the tax-due amount. These penalties can add up, sometimes even doubling the amount due. In this blog post, I'm going... Read more
Published on: 2024-04-09
Author: Noel Lorenzana, CPA
  Did you know that some of the most common things people believe about taxes is actually wrong? I'm a CPA and I've been unraveling the complexities of taxes for decades. Today, I'm going to share my top five misconceptions... Read more
Published on: 2024-03-19
Author: Noel Lorenzana, CPA
  When it comes to taxes, you're probably doing it all wrong. Hiring a Tax Professional vs. DIY Imagine this... We often find ourselves at a crossroads. One path involves your tax documents and do-it-yourself tax software; The other, an experienced... Read more
Published on: 2024-03-07
Author: Noel Lorenzana, CPA
  Filing your taxes shouldn't be difficult, and unless it's complicated, it shouldn't be too expensive either. If you think tax filing is a hassle and expensive, I've got some good news for you. There are some free and user-friendly... Read more
Published on: 2024-02-20
Author: Noel Lorenzana, CPA
  If you're reading this blog post, you've probably received an IRS Form 1099-K, and you want to know what to do with it. Can you ignore it, or do you need to report it on your tax return? Short... Read more
Published on: 2024-02-15
Author: Noel Lorenzana, CPA
  Tax day is right around the corner and suddenly you realize you're not quite ready to do your taxes. So the idea of filing a tax extension comes into consideration. It's a very common scenario, but is that the best... Read more
Published on: 2024-02-01
Author: Noel Lorenzana, CPA
  Are you handling an S Corporation tax return on your own? You might want to think twice. It may seem like a cost-effective choice, but the reality can be quite different. In our latest video, we're going to dissect a self-prepared... Read more
Published on: 2024-02-01
Author: Noel Lorenzana, CPA
  You're probably here because you need to file your BOI report. As a CPA, I understand the frustration and complexity of tax filings, but I'm here to simplify the process for you. So I've prepared and recorded a quick step-by-step video tutorial... Read more
Published on: 2024-01-30
Author: Noel Lorenzana, CPA
  In today's blog post, I've got something special for you -- a YouTube video where I'm sitting down with Michael Sullivan, who's not just any tax expert. He's a former IRS Agent and a familiar face on News Maxx,... Read more
Published on: 2024-01-17
Author: Noel Lorenzana, CPA
  Want to Open a ROTH IRA for Your Kids? Opening a Roth IRA for them might just be the unfair advantage you need! In this blog post, I'll walk you through the savvy process of setting up a Roth... Read more
Published on: 2024-01-09
Author: Noel Lorenzana, CPA
  Business owners know tax season can be a bit of a drag. But I've got something that will make it a whole lot better! I'm excited to introduce you track1099.com in today’s blog—a real lifesaver for filing your 1099 tax forms.... Read more
Published on: 2023-12-26
Author: Noel Lorenzana, CPA
  In today's blog post, I've got something special for you -- a YouTube video where I'm sitting down with Michael Sullivan, who's not just any tax expert. He's a former IRS Agent and a familiar face on News Maxx, Fox... Read more
Published on: 2023-12-12
Author: Noel Lorenzana, CPA
  Anthony Farrer of the Timepiece Gentleman, the disgraced grey market luxury watch dealer. As you may know, he was arrested by the FBI for wire fraud, for stealing at least 3 million dollars of luxury watches. I’m going to... Read more
Published on: 2023-12-05
Author: Noel Lorenzana, CPA
  Today, we're talking about the New Corporate Transparency Act, which affects most small business owners. It's also referred to as, BOI Reporting, which stands for Beneficial Ownership Information. The stakes are very high with compliance as overlooking these regulations... Read more
Published on: 2023-11-28
Author: Noel Lorenzana, CPA
  Breaking news! The IRS just announced they're delaying and revising the 1099K reporting changes that were supposed to go into effect starting this year 2023.As you probably know, payment settlement entities were planning on issuing 1099K tax forms to individuals... Read more
Published on: 2023-11-22
Author: Noel Lorenzana, CPA
  Today, I’m summarizing what you absolutely must know about the new $600 form 1099-K rules. Now if you’re thinking… wait a minute… the IRS delayed this last year, I’ve heard Congress is working on increasing the limit to say $5,000... Read more
Published on: 2023-11-21
Author: Noel Lorenzana, CPA
  Breaking News: Anthony Farrer of the Timepiece Gentleman has been arrested by the FBI and is currently held without bail. IRS Criminal Investigations and Beverly Hills Police Department are also involved.Here's a video where I share my thoughts and insights... Read more
Published on: 2023-11-17
Author: Noel Lorenzana, CPA
  Today, I have a good story for you. It’s about a young professional named, Karen, who thought she had taxes all figured out  until tax season rolled around. Her mistakes were a bit costly, but they're also incredibly common.... Read more
Published on: 2023-11-14
Author: Noel Lorenzana, CPA
  If you're a small business owner who's been caught up in the Employee Retention Credit, or ERC, debacle, today's video is a must-watch for you. The IRS has just announced a new process that allows you to withdraw incorrect... Read more
Published on: 2023-11-07
Author: Noel Lorenzana, CPA
  Today, we've got some exciting news that could make tax season a little less stressful for many Americans. The IRS is planning to test a free online tax system in 13 states this upcoming tax season. It’s called the... Read more
Published on: 2023-10-31
Author: Noel Lorenzana, CPA
  Hey there, small business owner! Do you dread tax season as much as I do? Even as a CPA, I've faced tax situations that made my head hurt.  Today I'm revealing the Top 3 Tax Questions every small business owner... Read more
Published on: 2023-10-10
Author: Noel Lorenzana, CPA
  The IRS just made an unprecedented announcement. They’re moving fast, to protect the American taxpayer from scams, from these so called ERC or employee retention tax credit promoters. If you didn’t know, this was the $26,000 tax credit for... Read more
Published on: 2023-10-03
Author: Noel Lorenzana, CPA
  So, you’re starting a business, and you’re probably overwhelmed by the choices from LLC, sole proprietorship, corporation, or partnership. I’m here as a CPA to explain to you, and break down the pros and cons of each of these... Read more
Published on: 2023-09-26
Author: Noel Lorenzana, CPA
  The IRS has been issuing warning after warning, on how ERC fraud is a huge problem. This is potentially a $2 trillion dollar fraud, according to Accounting Today! Think of it this way… If the IRS has been defrauded... Read more
Published on: 2023-09-19
Author: Noel Lorenzana, CPA
  Today, we're diving into something very important for all you business owners out there - the top 5 money mistakes small businesses make, and of course, how to avoid them. So, the first money mistake that small businesses make... Read more
Published on: 2023-09-14
Author: Noel Lorenzana, CPA
  Fake IRS letters are going around again. I want to arm you with the information you need so that you never get scammed by a fake IRS letter. I’ll provide a few examples, and after reading this blog post,... Read more
Published on: 2023-08-29
Author: Noel Lorenzana, CPA
  People are wondering about the ramifications of taxes with everything that’s going on with Anthony Farrer of the Timepiece Gentleman. I don’t know if he is or he isn’t filing his tax returns and paying his taxes, but he... Read more
Published on: 2023-08-29
Author: Noel Lorenzana, CPA
  Here's an updated video on the best way to call the IRS by telephone. I’ll give you two options to quickly navigate the IRS automated telephone maze. And this should allow you to quickly speak to a live person at... Read more
Published on: 2023-08-28
Author: Noel Lorenzana, CPA
  The new 1099-K rules are here to stay and will affect many people, like you and me, and not just those with a small business. The problem is, this year, you’ll probably receive a new IRS form 1099K tax... Read more
Published on: 2023-08-28
Author: Noel Lorenzana, CPA
  A user on Reddit asks a very good question... Why doesn't the IRS just send you a bill stating how much you owe? Now that’s a great question. Why doesn’t the IRS just send you a bill for what... Read more
Published on: 2023-08-01
Author: Noel Lorenzana, CPA
  A lot of people wonder about how to pay taxes as a result of doing side hustle work, or what some call "gig economy work." It might seem hard to understand at first, but don't worry. Today, we're going... Read more
Published on: 2023-07-25
Author: Noel Lorenzana, CPA
  Today, we're discussing why you might not want to become an 'accidental landlord', and that is when you decide to rent out a property you own, that you originally intended to sell - typically after you bought another, new home.... Read more
Published on: 2023-07-18
Author: Noel Lorenzana, CPA
  Today, we're diving into the fascinating topic of money laundering, but with a twist. We'll be examining the role luxury watches, like Rolex, and how they can be a part of the process. I’ll walk though a couple examples... Read more
Published on: 2023-07-04
Author: Noel Lorenzana, CPA
  Hunter Biden, the son of President Joe Biden, has been charged with tax and gun charges. According to the latest court documents, he’s expected to plead guilty to two misdemeanor tax charges as part of a plea deal. It’s... Read more
Published on: 2023-06-27
Author: Noel Lorenzana, CPA

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