ONeill & Bergado, Inc.

12/12/2023

When you're in debt, one simple thing you can do right away that will automatically position you better is to proactively contact your creditors.

Open communication about what you owe will almost certainly open doors with those you owe -- including the government.

Usually, credit card companies get ignored and they end up sending your delinquent files to a collections agency. So they'll actually appreciate your openness in contacting them and may be more understanding of your situation.

Proactively dealing with your debt, rather than hiding, will not only help your financial problem but will also give you a sense of relief as you make moves to get that burden off your shoulders.

This same principle applies to tax debt and the IRS, too.

12/11/2023

Here's what happens when you allow AI to do your work for you.

This movie script was the result when we asked ChatGPT to write a Hallmark-esque Christmas movie script of its own.

True to Hallmark style? YES.
Believable or compelling? Only for Hallmark fans.
Original? No.
Good enough? Depends on who you ask.

With that in mind...

Are you content with "good enough" when it comes to your tax bill or tax refund?

12/09/2023

How San Francisco Bay Area Businesses Can Navigate Mistaken ERC Claims https://oneillbergadocpas.com/how-san-francisco-bay-area-businesses-can-navigate-mistaken-erc-claims/?utm_source=rss&utm_medium=rss&utm_campaign=how-san-francisco-bay-area-businesses-can-navigate-mistaken-erc-claims&utm_source=rss&utm_medium=Sendible&utm_campaign=RSS

If you’re a business owner who claimed the Employee Retention Credit, here’s how to know if you should withdraw your claim and how to go about it.

12/08/2023

The plusses and minuses in your company ledger tell a story about the state of your business.

What are yours telling YOU?

In our experience, it’s often a company’s financial system (or lack of one) that makes the answer easy to discover... or downright difficult.

Have you looked at your business’s financial system lately?

Would you know how to read between the lines to interpret what you see there?

12/07/2023

The IRS issued some warnings about scams to the public during Tax Security Awareness Week.

We'll keep speaking into this as tax season approaches, but you'll especially want to keep an eye out for...

Phishing scams -- Scammers send deceptive emails claiming to be from trusted sources like the IRS or financial institutions. They use tricks to lure victims, offering fake tax refunds or threatening them with baseless legal charges for tax fraud.

Smishing scams -- Scammers send text messages on smartphones that use alarming language, like account suspension warnings or "Unusual Activity Reports," along with deceptive links. Even expected tax refunds can become targets for these scams.

This is our friendly reminder that the IRS will only contact you by mail to alert you about refunds or balances owed, and their letters never use threatening language.

IR-2023-229, Dec. 1, 2023 — To wrap up National Tax Security Awareness Week, the Internal Revenue Service and the Security Summit partners today reminded taxpayers and tax professionals to stay alert against emerging scams during the upcoming filing season and throughout the year.

12/06/2023

Often, when you're faced with IRS debt, there are other nasty little financial problems that can crop up. But you can fight your way -- successfully -- out of debt that would crush others.

Here are a few things you can do to manage your debt:
1. Pay more than the minimum due.
2. Automate payments and use software to keep track of what's being paid when.
3. Open communication and negotiation go a long way.

12/05/2023

Today the Supreme Court will hear the case of Moore v. United States. The case questions whether the federal government can tax unrealized gains. A ruling in favor of the plaintiff could:
- Open the door to lawsuits challenging the tax code
- Cost the government $340 billion over a decade
- Eliminate up to 1/3 of the tax code
- Affect wealth taxes and international tax regulations, with broad implications
- Billionaires might become more untouchable by tax regulations on their investments

It will be interesting to see the outcome of this case.

The Supreme Court will hear oral arguments in early December on a case that has the potential to broadly reshape the U.S. tax code and cost the government hundreds of billions of dollars in revenue…

12/04/2023

In the midst of bankruptcy, not all is lost: Your forgiven debt could fall into the not taxable category... something to consider in your financial planning.

12/02/2023

Practicing Thankfulness in Your San Francisco Bay Area Business

Thankfulness goes a long way when incorporated into a business team culture. The Thanksgiving holiday is the perfect time to practice it.

12/01/2023

Have you, for whatever reason, found yourself with a pile of tax debt and keep putting off taking care of it?

If you don’t pay your taxes or arrange to settle your debt, the IRS or a state taxing authority can in extreme cases seize and sell any type of your real or personal property.

They can also garner wages and freeze bank accounts.

But, as a taxpayer, you’re entitled to advance warning and a fair hearing before the IRS can slap you with any penalties or extreme measures.

Of course, waiting for notice, won't make the problem go away.

11/30/2023

We all are trying to figure out this new tipping culture we're living in.

Here's a fun, interactive way to see how you compare to other tippers.

Compare your tipping habits with those of the overall public by visiting Tipping Point, the small town with a big-city feel.

11/29/2023

One thing that should be on your radar: Year-end moves that will affect your 2023 tax positions. Whether it's spending, saving, asset structure, etc ... we only have one more month (or so) before the books close.

After 12/31/23 ... we're mostly confined to "historical" work on your tax files.

Reach out to talk about it.