News & Press

NOTE: This is a reprint of the article Greg Freyman wrote for Angie’s List.

Consider three criteria before hiring a CPA to file personal or business tax returns.

Maybe you’ve always completed your business returns by hand, or maybe you’ve used off-the-shelf tax preparation software to file your personal taxes. However, when your tax situation becomes too complicated for you to handle, it’s best to call a certified public accountant. How do you know what to look for, though?

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As a reminder during this tax season as well as throughout the year, it is important to keep in mind that the IRS will not contact you by phone or e-mail regarding tax liens or outstanding tax liabilities.  The IRS has strict protocols when contacting taxpayers regarding tax deficiencies, with letters of correspondence being their official method of first contact.

How to identify a tax scam:

• Demands immediate payment; extreme urgency to receive payments
• Tries to make you pay taxes without giving you the option to research the debt or file an appeal for the amount you allegedly owe
• Asks for payment using a credit or debit card especially over the phone
• Threatens to arrest you for not paying

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We understand that there are others in our industry that charge by the form.  At Freyman CPA, P.C., we go beyond the preparation of tax forms to find ways to reduce your tax burden and help plan for your financial future.  We take a holistic approach utilizing technology, experience, and knowledge to provide the best service for our clients.

When utilizing the services of a professional CPA firm, it is important to appreciate the values that are provided:

• Quality: Up-to-date knowledge of the most current tax regulations to provide and ensure their clients are receiving all the tax incentives available to them based on their unique tax situation.
• Consistency: Decades of experience in the industry
• Guidance: Provides advice, counsel, planning, and guidance for all of your tax needs
• Availability: Open year-round and are happy to help anytime
• Responsibility/Peace of Mind: Knowing that the firm and its staff will be available if you should run into issues later in the year

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On December 18^th, right before shutting down for the holidays, Congress has passed 50 major changes for the upcoming tax filing season. Some of the tax extenders will be quite important, while others may go by without much notice. We’re taking a look at the notable changes.

Permanent Tax Extenders

Some of the previously enacted temporary provisions, have been made permanent:

• State and local sales tax deduction, an alternative to claiming state tax withholdings on the Schedule A, Itemized deductions, is now a permanent line item. It benefits not only people in states with no income tax, but also taxpayers whose state tax withholdings are not large, or certain AMT taxpayers.
• The now permanent teacher’s expenses deduction of $250 is being enhanced to include professional development expenses, in addition to classroom supplies. But teachers will have to wait one more year before they can begin using this deduction for continuing education, as the enhancement is not effective until 2016.
• IRC Section 179 was made permanent, with an expanded definition of what property qualifies. This will affect many taxpayers, especially small business owners. Limits on expensing tangible depreciable property have been raised dramatically, and offer a good year-end tax planning strategy.
• 15-year cost recovery on qualified leasehold improvements is now permanent, and could mean big savings to small business owners.

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We recently spoke with Erik Sherman of the National Association of Realtors to discuss the biggest homeowner tax mistakes. Below is an except from the article.

6 Homeowner Tax Mistakes Accountants Say to Watch For
4. Understanding Rental Income

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Freyman CPA was featured in Crain’s New York discussing how our firm utilizes technology when working with clients. The article entitled, “The New Accounting Firm,” specifically highlights Freyman CPA as well as some of the larger firms such as PwC, EisnerAmper, WeiserMazars & others. As you may be aware, we have grown our business substantially over the past year as a result of our commitment to technology and to deploying the right resources to better serve our clients.

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We recently spoke with Bianca Wright of Nearshore Americas to discuss how best to navigate the murky waters of the Foreign Account Tax Compliance Act (FATCA). As you may be aware, U.S businesses and individuals transacting overseas need to adhere to the requirements and regulations imposed by the Act. Below is an excerpt from the article.

Four Things You Need To Know About FATCA

Differentiating Between Business and Contractors

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When most of us think about our accountant, filing taxes often comes to mind. However, accountants are trusted advisers that can offer much more to their clients than just preparing tax returns. Recently, we had a chance to speak with Greg Freyman, CPA to learn more about his Jacksonville Florida based accounting practice and the innovative ways he is able to offer value to his clients.

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