NoCo CPAs

03/04/2026

You know that feeling of digging in wet sand? You know the one where the hole fills with sand faster than you are making progress with the hole? That’s March for tax returns… more come in the door every day than I can get out the door. 😭. March = my least favorite month of the year.

10/02/2025

Guess who did a podcast?

The Big Beautiful Bill has been making headlines, but what does it really mean for everyday people?
Today on The About Podcast, Jeremy & Roy welcome back Leasa Magnuson of NoCo CPAs to break it all down.

▶️ New episode out now—don’t miss it!
https://shows.acast.com/the-about-podcast/big-beautiful-bill

08/11/2025

You need to be careful of those ‘seminars’ teaching you how to save taxes. Check with your trusted CPA to see if the idea is legal….

Timothy McPhee has pleaded guilty to promoting a fraudulent tax shelter to taxpayers across the country for the purpose of evading federal income taxes.

01/15/2025

The IRS expects more than 140 million individual tax returns to be filed by Tax Day, April 15, 2025.

12/27/2024

12/04/2024

It’s a little late for those of us not willing to risk the penalty but at least someone is finally making some sense.

The Corporate Transparency Act and its implementing regulations, which require US business entities to report stakeholder information to the Treasury Department, were preliminarily blocked nationwide by a Texas federal court on Tuesday.

08/22/2024

When a new law is enacted there is ALWAYS those that want to work around it. Take the new one both candidates are proposing to not tax tips. On the surface it gets rid of the nightmare of trying to track tips and include them on the W2 and tax them but all ready those creative people are beginning to think of ways to use it......

From Accounting Today "The Pros and Cons of tax-free tips" ....."Perhaps most consequentially, depending on how circumscribed this proposal might be worded if enacted, it could incentivize nontipped, highly compensated and hugely creative employees and nonemployee personnel and their companies, funds, and other entities to try and restructure compensation to qualify as tax-exempt 'tips' income," Kushner predicted. "For private equity, venture capital and hedge fund managers, general partners, this could prove to be an even bigger boon than the taxation of 'carried interest' income at the reduced long-term capital gains tax rate," he concluded.

Basically pay a CFO a smaller salary and then instead of a bonus give them a tip......

11/21/2023

The IRS announced that it would delay the new $600 Form 1099-K reporting threshold for third-party settlement organizations for 2023.

11/15/2023

I'm not sure why the media hasn't informed the public yet but as of 1/1/24 every business needs to file a form with Fincen providing them with a list of owners names, SSN, addresses and picture ID. The list is to be used by fed/state/local/foreign law enforcement. The penalty is $500/ day with a $10k max and 2 year jail time. So it's not to be ignored. Current businesses will need to file the form by 12/31/24 and any new businesses formed in 2024 will have 90 days to file the form. The government in true government fashion do not have the form ready. You also are not able to register for a unique identifier instead of giving them the SSN yet. They've been sitting on this gem for 2 years and are still not ready......

11/07/2023

Those ROTH IRAs just got more interesting....

Start The Clock: Planning for Taxpayers - https://mailchi.mp/taxspeaker.com/bonus-letter-security-621457

08/16/2023

The Augusta rule works but don’t be greedy….

A recent Tax Court examined what taxpayers need to know about business expenses that they're not hearing on social media—including that they must be ordinary & necessary.