FM TAX Professionals, LLC

03/06/2026

Just a reminder that you are required to report all income - no matter whether you get a form or not. Don't risk the chance - thinking you will never get caught. One never knows. If you are unsure, reach out to a tax professional who is trained and educated in these and all tax related issues.

The IRS is stepping up enforcement on unreported side hustle income. Here's what gig workers and freelancers should know to avoid penalties and audits.

09/04/2025

All year long there are scammers out there in every industry.

Protecting yourself from shady tax prep (see story below)
When it comes to tax preparation, the biggest red flag is a company that promises you a sky-high refund. A legitimate preparer will explain deductions and credits clearly — not guarantee results.

If someone tells you not to worry about the details, that’s exactly when you should worry. Inflated returns don’t just attract scammers — they also raise your risk of an IRS audit [3], where the agency line-by-line through your records to make sure everything adds up.

Before handing over your finances for the year, do a little homework:

Check whether the preparer has a valid IRS Preparer Tax Identification Number (PTIN).
Look up reviews online.
Use the IRS website, which offers a directory to help you find the right preparer, whether you’re filing a simple return or running a business.

Someone else had their hands in taxpayer pockets, and it wasn't Uncle Sam.

12/10/2024

https://www.msn.com/en-us/money/other/end-of-trump-tax-cuts-would-see-62-pay-more-how-congress-may-respond/ar-AA1vAYGV?ocid=msedgntp&pc=U531&cvid=304e975bd46f4e7291517ae446feb04a&ei=26

From lower federal rates to the cap on state and local property tax deductions, there is much at stake.

12/09/2024

https://www.msn.com/en-us/money/markets/treasury-department-may-fine-small-businesses-up-to-10-000-if-they-don-t-file-this-new-report/ar-AA1vx99U?ocid=msedgntp&pc=U531&cvid=bcd4d17d8a854724aea14f767f164965&ei=12

The Corporate Transparency Act requires many businesses to file data about their "beneficial owners" by Jan. 1. But the rule may be scrapped in court.

12/08/2024

The Primary Residence Credit for North Dakota homeowners online application is ready.

It has to be filed to online and if you have the same address as last year, it is really simple and easy it fills that information in. If you moved, you will need your new parcel ID from your tax statement or you can get that online from your county tax department

Like last year. It’s not money you’re physically not going to be paid. It’s just going to be a reduction of $500 on your property taxes and it has to be done online.

The Primary Residence Credit page.

09/05/2024

https://www.msn.com/en-us/money/smallbusiness/6-things-too-many-small-business-owners-don-t-know-about-taxes/ar-AA1ieO2x?ocid=msedgntp&pc=U531&cvid=4dde58bb43714faf847a3be55695ab1b&ei=98

Starting a business involves a huge learning curve. Take a look at six tax considerations for business owners.

06/12/2024

NO - NO - NO - THERE ARE NOT ANY STIMLUS CHECKS COMING IN 2024 - DON'T FALL FOR THE RUMORS.

Questionable websites have been raising false hopes about new government payments for years. Lately, the volume of such reports seems to have increased. Who wouldn’t want another stimulus check? The government checks were a big help to many families during the early years of the COVID-19 pandemic.

04/30/2024

Have you wanted to go out on your own and start your own business? Here are some tips from the IRS on how to start your own business. Tax accountants are also a good resource for you if you have questions.

Tax Tip 2024-41, April 30, 2024 — The IRS knows that understanding and meeting tax obligations is vital to the success of all businesses, especially a new one. IRS.gov has the resources and information to help people through the process of starting a new business.

03/30/2024

I am asked several times during the tax season what an EA (Enrolled Agent) is. Here is a very good reference:

Enrolled Agents
©Provided by Young and the Invested

An enrolled agent is actually credentialed by the IRS. You generally have to pass a three-part test on individual and business taxes to become an enrolled agent. However, certain former IRS employees can bypass the test and become an enrolled agent based on their past experience with the IRS.

Enrolled agents must be recertified every three years. Taking continuing education classes (some of which must cover ethics) is required as part of the recertification process.

In addition to preparing tax returns, enrolled agents can represent taxpayers in disputes before the IRS (e.g., audits and administrative appeals). They’re generally regarded as experts in tax preparation and planning.

To verify whether someone is an enrolled agent, email the IRS at [email protected]. Include the enrolled agents first and last name and, if known, his or her complete address and enrolled agent number.

03/18/2024

Elections and who you vote for have consequences.

As we enter the final stretch of the tax filing season, I remind people that the current tax laws are set to expire in 2025. Here are some of the potential implications of your vote!

Vote however you want but be informed on all issues including what impact that vote may have on your taxes.

The Tax Cuts and Jobs Act of 2017 lowered individual income tax rates, boosted standard deductions and eliminated personal exemptions, among other changes. However, the Trump tax cuts are due to...

03/14/2024

As Sgt. Phil Esterhaus on "Hill Street Blues" said, "Let's be careful out there."

Even if you think you've filed correctly, these are the reasons finance experts say the IRS might mistakenly audit you.