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

Tax preparation season can often feel overwhelming. Knowing exactly what to bring to your accountant can streamline the process and ensure a more accurate and efficient handling of your taxes. Understanding the Essentials: What Tax Forms Do I Need? An essential question is, “What tax forms do I need?” for tax preparation? The answer varies depending on your circumstances, but generally, you’ll need to gather all forms that reflect your income, including W-2s from employers, 1099 forms for independent contractors, and other relevant income statements. Compiling the Necessary Documents Tax prep ..read more

When it comes to tax planning for business owners, few strategies are as foundational and impactful as those offered by 401k retirement plans. In this guide, we’ll explore the key differences between a Traditional 401k and a Roth 401k, helping you make informed decisions to optimize your tax planning strategy. Traditional 401k vs. Roth 401k: Understanding the Basics A Traditional 401k is a retirement savings plan that allows employees, including business owners, to save and invest a portion of their paychecks before taxes are deducted. The primary advantage of a Traditional 401k is that contri ..read more

In an increasingly complex and fast-paced financial landscape, individuals and businesses need an accounting partner that does more than just crunch the numbers. They need a partner with comprehensive financial insight, personalized service, and industry-specific expertise. This is precisely where Fricke & Associates shines. When you work with Fricke & Associates, you’re not just gaining access to accountants near Peachtree Corners; you’re partnering with a team that views every client relationship as a strategic alliance. This partnership-based approach enables the team to provide tai ..read more

At Fricke & Associates, sustainable growth in today’s dynamic business world hinges on resource optimization. It’s why we advocate for outsourcing non-core activities like taxes and accounting. But what exactly can your business gain from outsourced tax and accounting services? Here’s our take: Cost Efficiency Employing full-time, in-house accountants can be a considerable financial burden, especially for small to medium enterprises. When you outsource with us, you pay only for the services you need when you need them, translating to significant cost savings. You also save on the recruitme ..read more

The glittering lights of the film and television industry often mask a maze of financial complexities. Beyond creativity and artistic brilliance, the industry presents unique tax challenges that, if not properly managed, can quickly become a nightmare. This is where professional accounting services like ours can provide much-needed relief. One of the main areas of complexity is in production tax incentives. Several states, including Georgia, offer lucrative tax credits to attract film and television productions. However, securing and managing these benefits is a demanding task! To qualify, eve ..read more

Independent contractors in the film and TV industry face unique tax liabilities that can be complex and confusing. Understanding these liabilities is essential to ensuring that your finances are in order and that you comply with all applicable laws and regulations. At Fricke & Associates in Peachtree Corners, GA, we have extensive experience working with independent contractors in the film and TV industry and can help you navigate these liabilities effectively. Here are a few things that independent contractors in the film and TV industry should be aware of when it comes to tax liabilities ..read more