Tax Tips

a tax professional preparing her client for an audit
Tax Tips

IRS Audit Tips: How to Prepare your Client for an Audit

“Tax audit” is a term that strikes fear into the heart of even the toughest business person, but the truth is there’s plenty you can do to help your clients through an IRS investigation. The right support from you will go a long way towards helping your clients deal with the audit by providing the required accounting and tax information and minimizing difficulties,…
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Man checking on his stocks to determine his cost basis.
Tax Tips

Understanding Cost Basis

What is Cost Basis?Essentially, cost basis describes your client’s total investment in a particular asset. Cost basis begins with the original cost or value of an asset and adjusts it for factors such as stock splits, dividends and returns of capital distributions. It’s an indicator of whether an investment results in gains or losses, which is what your client…
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