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?
“Working with Jerry has literally taken a load off my back. He explains what you can and cannot do with clarity and makes “year end” a painless concept and not the nightmare we are all expecting to face. Jerry truly listens to our problems and concerns and customizes a product to our needs. He has put us “in control” of our business. You can’t go wrong when Jerry has your back”!
Shirley & Jack S., Owner, Apex Grading

National Tax Security Awareness Week No. 2: Don’t Take the Bait; Avoid Phishing Emails by Data Thieves

avoid phishing data thieves Jerry jones cpaWith the approach of the holidays and the 2018 filing season, the IRS, state tax agencies and the nation’s tax industry urge people to be on the lookout for new, sophisticated email phishing scams that could endanger their personal information and next year’s tax refund.

The most common way for cybercriminals to steal bank account information, passwords, credit cards or Social Security numbers is to simply ask for them. Every day, people fall victim to phishing scams that cost them their time and their money.

Those emails urgently warning users to update their online financial accounts – they’re fake. That email directing users to download a document from a cloud-storage provider? Fake. Those other emails suggesting the recipients have a $64 tax refund waiting at the IRS or that the IRS needs information about insurance policies – also fake. So are many new and evolving variations of these schemes.

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.

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?

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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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.

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