Jerry Jones CPA
Wouldn’t it be nice to have a CPA that you deal directly with, that understands your business, that works in all 50 states and is there for you when you need him?

You paid off that debt — or did you?

debt fixed jerry jonesYou buy a washing machine on credit and make the loan payments until the debt is paid off. Then you receive a call from someone claiming to be a debt collector for the appliance store. The caller alleges that you still owe a hefty balance on your loan. When you insist you've paid the loan in full, you're bullied and harassed. The caller says if you don't pay up, you'll be charged additional interest and might even be thrown in jail.

Is the call legitimate? Or is this a scam? Three red flags can help you determine the answer.

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 This change was achieved when the Act repealed the current federal audit procedures for partnerships enacted by the Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA) and replaced them with the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.

Why Every LLC Needs an Operating Agreement

llc operating agreement financial planningMany business owners make the choice to operate as a limited liability company (LLC) for the personal liability protection this business entity provides. Beyond that, they may not give much thought to creating an LLC operating agreement since most states have LLC laws with default provisions that dictate how the LLC will be managed.

However, your state’s default provisions may not be the right fit for how you want your company to operate.

apple vs fbi 4th amendmentThe FBI’s Warrant To Apple And Apple’s Security Concerns

So nearly everyone is talking about Apple and security, but almost no one is providing the facts in the conversation. On the one side you have SECURITY, PRIVACY, GOVERNMENT OVERREACH, on the other side you have NATIONAL SECURITY and SAFETY OF ALL AMERICANS. But around the hype what are the actual facts?

The Holiday Facebook Scam That's Already Making the Rounds

By Christine DiGangi

If you haven't yet heard of the "secret sister" gift exchange that's all over social media, here's what you need to know: It's a scam. Specifically, it's a pyramid scheme.

Scam-alert site Snopes first posted about the secret sister scheme after people started reporting the posts in late October. The first person makes a post on some social media platform inviting six friends to take part in a gift exchange: You send one person a $10 gift, and in return, you could get between six and 36 gifts, depending how many people participate. You're instructed to send the gift to "sister number 1" on the list provided by the person who invited you, move "sister number 2" to number 1, put your name as number 2 and, finally, invite six friends to participate. Each of those friends would theoretically invite six additional friends, hence the potential for 36 gifts — and the name "pyramid scheme."

Designed by NJ Designs