Jerry Jones CPA
Wouldn’t it be nice to have a CPA that you deal directly with, that knows the Self Storage business, that works in all 50 states and is there for you when you need him?
In addition to being the best tax advisor I have had the pleasure of working with, Jerry is first and foremost a wonderful person. Building my first storage facility and being a rookie to the industry, I was nervous on what I could expect in my first year of development. With all of the ups and downs of this first year all I can say is I had absolutely no worries when it came to the the most important part of our business - the numbers. Jerry Jones took the time to answer every question or concern we had when going though this process. If you are in the storage business give yourself a leg up and apply Jerry’s experience and expertise of this expanding and ever changing industry. You will be thankful you did.
Bill Pederson
Lock it and Leave it storage

Beware of Fake IRS Tax Bill Notices

Fake-IRS-tax-forms-Jerry-Jones

The Internal Revenue Service and its Security Summit partners are warning taxpayers and tax professionals of fake IRS tax bills related to the Affordable Care Act.

The IRS has received numerous reports of scammers sending a fraudulent version of a notice- labeled CP2000 - for tax year 2015. The issue has been reported to the Treasury Inspector General for Tax Administration for investigation.

New Private Debt Collection Program to Begin Next Spring; IRS to Contract with Four Agencies; Taxpayer Rights Protected

jerry jones debt collectioinWASHINGTON - The Internal Revenue Service announced today that it plans to begin private collection of certain overdue federal tax debts next spring and has selected four contractors to implement the new program.

The new program, authorized under a federal law enacted by Congress last December, enables these designated contractors to collect, on the government’s behalf, outstanding inactive tax receivables. As a condition of receiving a contract, these agencies must respect taxpayer rights including, among other things, abiding by the consumer protection provisions of the Fair Debt Collection Practices Act.

Co-signing a Student Loan is Serious Business, with Consequences

student-loan-blindsided-parentDear Pete,

While establishing a home equity line, my wife and I discovered that my son had actually defaulted on two college loans that we were the cosigners on. We hadn't seen any correspondence from the bank in over a year, so we assumed he was current. Long story short, we couldn't close till these notes were paid. I called the lender and negotiated a payoff. We paid it, problem solved, so I thought. We just got two 1099C IRS filings from the lender. The lender NEVER mentioned to me during the negotiations that there would be a tax consequence. I assumed it was just a give and take negotiated settlement.

Is there anything I can do?

stamp audit partnership law cpa Jerry jonesNew Partnership Audit Procedures Will Have a Profound Impact

The biggest change to partnership tax audits since TEFRA is going to be effective soon.

By Todd Radde, CPA, J.D., LL.M.
October 6, 2016

On Nov. 2, 2015, President Barack Obama signed the Bipartisan Budget Act of 2015 (the Act), P.L. 114-74. The Act contained several significant changes to the procedural rules for federal income tax audits and the judicial process applicable to partnerships and other entities classified as partnerships for federal income tax purposes, such as limited liability companies. The changes are a departure from how partnerships have been treated for federal income tax purposes.

In the past, partnerships were treated as flowthrough entities and were not subject to federal income tax. Under the new rules, partnerships are still flowthrough entities, but any taxes due after an audit can be collected from the partnership, saving the IRS from pursuing individual partners. This change was achieved when the Act repealed the current federal audit procedures for partnerships enacted by the Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA) and replaced them with the following rules. The new rules will have a profound impact on existing and new partnerships.

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