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?
“Jerry has been my CPA for several years now. When I came to Jerry I had a previous CPA that was not giving me the guidance needed. Jerry’s depth of business knowledge and experience in dealing with the IRS has been invaluable. My businesses are now organized properly and run very smoothly from a tax and accounting standpoint”.
Gary & Kathy D., Owner, WMAC, LLC

IRS Cautions Taxpayers to Watch for Summertime Scams

Summertime tax scam IRS Jerry Jones CPAWASHINGTON – The Internal Revenue Service today issued a warning that tax-related scams continue across the nation even though the tax filing season has ended for most taxpayers. People should remain on alert to new and emerging schemes involving the tax system that continue to claim victims.

“We continue to urge people to watch out for new and evolving schemes this summer,” said IRS Commissioner John Koskinen. “Many of these are variations of a theme, involving fictitious tax bills and demands to pay by purchasing and transferring information involving a gift card or iTunes card. Taxpayers can avoid these and other tricky financial scams by taking a few minutes to review the tell-tale signs of these schemes.”

Guide to Expensing Roofing Costs

Roofing costs can be significant expenses for businesses. Tax practitioners should know how to distinguish between deductible repairs and more extensive work that must be capitalized.

By Eddie Price and Gian Pazzia

Tax advice Jerry Jones Roof RepairEach year, tax professionals who deal with real estate must evaluate the most recent building expenditures and determine which items should be written off as a repair expense or capitalized. The most common, and often significant, item that is evaluated is roofing-related work. In many cases, only a portion of the roofing system is replaced, and depending on the facts, those costs may be deducted as repairs. When compared to the alternative option of depreciating the cost over a 27.5-year life for residential rental real estate or a 39-year life for commercial real estate under the modified accelerated cost recovery system, an incorrect conclusion may lead to a significant overpayment of tax liability.

Observation: For the tax professional who has only cryptic invoice descriptions and no direct knowledge of the roof work, assembling the facts and circumstances can be a challenge. The key to properly evaluating the character and nature of the work performed is having a basic understanding of roofing systems and asking insightful questions.

This guide to expensing roofing costs provides tax preparers an outline of questions to ask clients and includes tables to reference when evaluating roof repair costs.

Phone Scams a Serious Threat; Remain on the IRS “Dirty Dozen” List of Tax Scams for 2017

Jerry Jones Tax IRS scam fraudIRS YouTube Videos:

WASHINGTON —Aggressive and threatening phone calls by criminals impersonating IRS agents remain a major threat to taxpayers, remain on the annual "Dirty Dozen" list of tax scams for the 2017 filing season, the Internal Revenue Service announced today.

During filing season, the IRS generally sees a surge in scam phone calls that threaten police arrest, deportation, license revocation and other things. The IRS reminds taxpayers to guard against all sorts of con games that arise at any time and pick up during tax season.

How to Use/Get Transcript Online

Learn about the Get Transcript Online tool and its enhancements that protect you from fraud. Get started at https://www.irs.gov/transcript.

 

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?

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