Contemporary Tax Specialists LLC

07/17/2026

Providing a gift of stock can make sense if handled properly. Read more.

Providing a gift of stock (or other property) to a friend or loved one can be a powerful tax planning tool. However, it is not without its complications.

07/10/2026

Pass-through entities such as S corporations and certain partnerships offer legal protections and avoid double taxation. Does it make sense for your business?

Given the popularity of this business format, it continues to drive tax policy. Here is what you need to know.

07/05/2026

Did you know that while the standard audit window is 3 years, a 6-year period applies if you underreport income by more than 25%? There is no statute of limitations in some scenarios. That's why proactive transcript monitoring matters. We stay one step ahead by tracking changes to our clients' accounts and alerting them before surprises land in the mailbox. Contact us today.

07/05/2026

Happy Independence Day! As we celebrate this 4th of July weekend, we honor all of those who protect our freedom with their service to the nation. Enjoy the fireworks!

07/03/2026

To ensure you're ready for an audit, tax returns should be kept indefinitely and supporting documents should be kept a minimum of three years.

After filing your tax return, do not close the book on your taxes until you have set up next year's files, purged unneeded old records, and prepared your records in case of an audit. Here are some tips.

07/01/2026

Side hustle income, tax tips, smarter food budgeting, and the growing trend of unplugging from screens. This month's insights can help you keep more money and spend more time on what matters.

Many Americans are taking on side hustles and part-time jobs to boost their income. While earning extra money can help pay for vacations or provide a financial cushion for your family, it can also increase your tax bill. In this month's newsletter, learn how additional income may affect your tax sit...

06/26/2026

It's not always a good idea to amend a tax return. Do you know how to choose?

Oops! You find an error or omission on last year's tax return. What should you do? Is it always a good idea to file an amended tax return? Here are some things to consider.

06/25/2026

IRS activity doesn’t slow down in the summer. Notices, updates, and deadlines continue year-round. We are here to help you stay informed, prepared, and in control. Schedule your consult today!

https://www.contemporarytaxspecialists.com/

06/24/2026

Summer is officially here ☀ While you’re enjoying longer days and warmer weather, it’s a great time to check in on your tax and financial to-dos. A little planning now can help you avoid surprises later in the year.

06/19/2026

Looking for tax-free income? Here's a list of the more common types.

There's a lot of income the IRS doesn't tax. Here are a few of the more common types.