Partnership Agreement Issues

We deal with agreements on a daily basis — from the terms and conditions on a website to municipal regulations that guide public actions. These agreements are often forgotten, if not entirely ignored, which may only become apparent when an issue arises. Similarly, partnership agreements may be drafted and then ignored. Partnership agreements guide many […]

Tax Scams – What to Look Out For

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 […]

Value in Choosing a Professional CPA Firm

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 […]

Schedule C Hot Topics

With tax season upon us, we have compiled a list of hot topics the IRS has been known to closely examine with the filing of a Schedule C – Profit or Loss from Business. The IRS’s primary concerns revolves around the reliability/duplication of information provided on the Schedule C as well as the methods used […]

Does Itemizing Increase My Audit Risk?

Itemizing deductions in itself does not increase the chances of being audited. If we reference the latest IRS statistics, the taxpayer’s income is more of a factor than whether or not they itemized. Specifically: Most basic tax returns with less than $200,000 in income and without any business or investment income have a 0.3% chance […]

How Long Should You Save Receipts For Taxes?

Technically, it does not hurt to save every single receipt and there are tools available to easily convert hard copies to digital. However, that doesn’t mean you need to save receipts for taxes in every instance. Should I save my receipts? The answer is yes if you need to justify an expense on your tax […]