At Fricke & Associates, we prioritize informing our clients about essential IRS regulations impacting their financial well-being. One critical regulation is the Collection Statute Expiration Date (CSED), which marks the end of the period when the IRS can collect taxes. What is the Collection Statute Expiration Date (CSED)? The CSED is typically ten years from the date of the tax assessment. This period applies to various tax assessments, including those from voluntarily filed returns, amended returns, Substitute for Return assessments made by the IRS, audit assessments, and civil penalty a ..read more

Small business owners are accustomed to wearing multiple hats, balancing myriad responsibilities to keep their operations running smoothly. Amidst these challenges, outsourced accounting emerges as a strategic solution, offering specialized expertise and time-saving advantages. Let’s explore why outsourced accounting is indispensable for small businesses. Benefits of Outsourced Accounting: Focus on Core Activities: Outsourced accounting is a game-changer for small business owners, allowing them to channel their energy into core business activities such as product development and customer serv ..read more

At Fricke & Associates, we’re excited to share important updates regarding recent legislative changes that could impact our clients’ financial landscape. On April 18, 2024, Georgia Governor Brian Kemp signed two significant bills into law, HB 1015 and HB 1023. Mainly, these bills are aimed at reducing both corporate and individual income tax rates in Georgia. These changes are designed to bolster economic growth and provide substantial financial relief to businesses and residents across the state. Let’s go over the other facets of these bills and how they’ll affect our community. Individua ..read more

At Fricke & Associates, we prioritize informing clients about crucial regulatory changes that could impact their businesses. One of the most significant recent developments is BOI (Beneficial Ownership Information) Reporting, a mandate requiring businesses to disclose beneficial ownership information. Let’s dive deeper into BOI Reporting, emphasizing its penalties for non-compliance and the importance of timely and accurate reporting. Understanding BOI Reporting: BOI Reporting is a regulatory requirement to enhance transparency and combat financial crimes like money laundering, terrorist f ..read more

Navigating the complexities of tax issues can be daunting. This is where tax resolution services come into play. Understanding what these services entail can be crucial when dealing with back taxes, tax disputes, or other IRS-related concerns. In this context, seeking advice from a tax consultant in Atlanta, GA, can be an invaluable first step. Understanding Tax Resolution Services Tax resolution services are specialized services offered by skilled professionals to help individuals and businesses resolve tax-related issues. These services can include negotiating with the IRS for settlements, s ..read more

When it comes to managing your taxes, the guidance of a skilled tax professional is invaluable, particularly in areas with complex economic landscapes like Atlanta. Whether you’re an individual or business owner seeking a business tax organizer in Atlanta, GA, choosing the right expert is crucial. Here are three key things to consider: 1. Comprehensive Knowledge and Experience In the ever-evolving field of tax laws, having a tax professional with comprehensive knowledge and experience is essential. Look for a tax consultant in Atlanta, GA, who has a deep understanding of federal and state tax ..read more

In 2024, the IRS reported a significant 30% rise in tax return identity theft, affecting the broader financial landscape. This increase has led to over 1 million tax returns being flagged for potential fraud. The IRS confirmed 12,617 fraudulent returns, preventing $105 million in fraudulent refunds. This situation, representing a 31% increase from the previous year, underlines the growing challenge in safeguarding personal financial information. To combat this, we’ve integrated SafeSend into our practice, recognizing its vital role in enhancing the security of our clients’ tax processes. SafeS ..read more

As we approach tax season, a topic of increasing interest among homeowners is the potential savings through residential energy credits. Recent updates from the IRS provide valuable insights into energy-efficient home improvements and residential clean energy property credits, offering a significant opportunity for those looking to enhance their home’s energy efficiency and reduce their tax liability. Understanding Residential Energy Credits The Inflation Reduction Act of 2022 (IRA) has brought significant changes to the credits available for energy-efficient home improvements (Section 25C of t ..read more

In the dynamic world of business, robust client accounting services are essential. This sphere goes beyond basic bookkeeping; it involves strategic financial planning, meticulous management, and compliance with ever-changing financial regulations—all crucial elements for driving business growth and maintaining legal conformity. A common question in client accounting is, “What financial statements are needed for comprehensive reporting?” These documents provide a detailed overview of financial performance, encompassing elements like revenue, expenses, assets, liabilities, and equity. Ensuring a ..read more

The Corporate Transparency Act (CTA) has introduced new reporting requirements for businesses across the United States, particularly affecting companies near Peachtree Corners and the greater Atlanta area. Fricke & Associates, a leading CPA firm in Peachtree Corners, GA, is at the forefront of assisting businesses in complying with these regulations. Who Needs to Report? All domestic and foreign entities registered with a U.S. State must adhere to these new mandates. Timely Compliance is Key For companies in Peachtree Corners Ga and the surrounding Atlanta areas, Fricke & Associates pr ..read more