The Blog

Every year within the independent tax and accounting business community here in Oklahoma City (and on various online channels), we have a little fun laughing at the newest TurboTax or Block commercials. Last year, it was “all people are tax people”. This year, they’re promoting their “live” feature with commercials of a floating desk answering various deduction questions. It’s clever, … Read More

It seems so long ago (it was only last week) that we were cueing the fireworks and celebrating leaving 2020 in the rearview. But after all of the events of the past week, it seems wise that we might adjust to the fact that the world around us is not what it might have been in the past. Honestly, it’s … Read More

Say it with me again: it’s a whole new year. 2020 is in the rearview… And 2021 is starting with some very nice treats for regular families in the clunkily-named “Coronavirus Response and Relief Supplemental Appropriations Act of 2021”, also known as the “Consolidated Appropriations Act” or CAA for short (the CAA is the entire bill … the clunky name … Read More

So, this is flying under the radar in the ending of 2020 … an IRS official just publicly stated that they are massively ramping up audits next year. It was at an event for the AICPA (American Institute of Certified Professional Accounts), and it happened Tuesday: “The IRS is focusing our efforts to increase compliance activity in this area of … Read More

These weeks are disjointed, these holiday weeks. As of this writing, there are only three days left in 2020, and this week contains New Year’s Eve and New Year’s Day. So if you want to make ANY 2020 moves (outside of IRA things, which can be retroactively applied after 12/31), time’s a wastin’. I hope that by the time you … Read More

This will be a different kind of note today than I normally post. Because the first thing to note is that a bona fide holiday miracle seems to have occurred: Congress agreed on another relief bill. Given this cultural climate, this might rank up there with the never-ending oil in the lamps of the Maccabees. (Obviously, I exaggerate … slightly.) … Read More

The clock is really ticking now on 2020. But before you celebrate, please — for the love of Pete — make SURE that you are getting whatever needs doing done NOW that might affect this year’s taxes. I’ve been banging this drum the last couple weeks, but I know how thick-headed I can sometimes be, so I’m just assuming you’re … Read More

Last month, I talked about [ENGBLOG]some potential moves Oklahoma City taxpayers could make by the end of the year. I wanted to remind you of those possibilities before I get to what else I want to talk with you about… (paying off debt) Those were: Look ahead to 2021 — project what your income might be, then make withholding and … Read More

One of my favorite pieces of reading every year is the IRS Criminal Investigations unit’s annual report. Yes, I’m a nerd. Here’s the link in case you are a similarly inclined Oklahoma City taxpayer(although I seriously doubt that). Oh, and yes, the IRS has their own cops. One of the particular focuses this year was all of the fraud related … Read More

Is there such a thing any more as “conventional wisdom”? It’s a fair question to consider as we retreat further and further into our ideological silos as a society — only reading “news” from the slant that makes us feel smartest (“See, if [smart person I read] says it’s true, and I already think it’s true then it must be!”). … Read More