McCollum Tax and Financial

Historians believe that the first abacus was used by the Babylonians as early as 2,400 B.C.

The electric vehicle (EV) and hydrogen vehicle revolution is well underway and every state is dealing with taxes differently. We've got you covered.

Electric Vehicle Charging Taxes: A State-By-State Overview The electric and hydrogen vehicle revolution is well underway and every state is dealing with taxes differently. Get the information you need in this guide.

U.S. citizens and resident aliens with financial interests in or authority over one or more foreign financial accounts (e.g., bank accounts or securities) may need to report these relationships to the U.S. Treasury's Financial Crimes Enforcement Network or face severe penalties.

Foreign Account Reporting for 2022 Due October 16 All United States entities (including citizens and resident aliens as well as corporations, partnerships, and trusts) with financial interests in or authority over one or more foreign financial accounts (e.g., bank accounts and securities) need to report these relationships to the U.S. Treasury if t...

There are proactive steps individuals can take to secure their financial future.

Navigating the Future of Social Security: Survey Reveals Concerns and Tax Implications

At its core, a term sheet is the initial handshake of a potential investment. Learn more.

Understanding Term Sheets: A Key Tool for Start-up Fundraising

Here is some midweek Wednesday Wisdom inspiration from your friends at McCollum Tax and Financial Services

If you could not complete your 2022 tax return by the original filing due date and are now on extension, that extension expires on October 16, 2023, and no additional extensions are available. Failure to file before the extension period ends can subject you to late-filing penalties.

October Extended Due Date Just Around the Corner If you could not complete your 2022 tax return by April 18, 2023 and are now on extension, that extension expires on October 16, 2023. Failure to file before the extension period runs out can subject you to late-filing penalties.

The tax ramifications of winning a charity hole-in-one.

The Curious Case of the Hole-in-One: Tax Ramifications and Legal Wranglings Unfold

The 2024 Presidential election could shape the U.S. tax code for decades to come. We've got the details you need to know now.

The Future of U.S. Tax Policy: Key Issues For 2024 Presidential Candidates As Presidential debates for the 2024 election cycle get underway, tax policy questions loom large. This is your guide to which tax issues you need to know.

McCollum Tax and Financial Services has the motivation you need to get going this Monday.

McCollum Tax and Financial Services - Some Saturday business knowledge for our friends and colleagues.

Let's get the weekend started. Friday from McCollum Tax and Financial Services

Despite warnings from the IRS, AICPA, and other professional tax organizations many business owners are being misled into filing for the Employee Retention Tax Credit for which they do not qualify. As a result, the IRS on Thursday, September 14 announced an immediate moratorium through at least the end of the year on processing new claims.

IRS Orders Immediate Stop to New Employee Retention Credit Processing Despite warnings from the IRS, AICPA, and other professional tax organizations many business owners are being misled into filing for the Employee Retention Tax Credit for which they do not qualify.

Breaking: IRS Commissioner Danny Werfel ordered the agency to immediately stop processing new claims for the employee retention credit. Story via

IRS halts processing of a small business tax break amid 'surge of questionable claims' The IRS will immediately stop processing new claims for the employee retention credit to protect filers from a "surge of questionable claims."

Increasingly complex tax laws make it more likely that errors are made or items are omitted on tax returns, but they can, and should be, corrected by amending the return, generally within 3 years of filing the original return. In some cases, the IRS will catch the mistake; don't delay in replying to the IRS if you receive a correction notice or other inquiry about your return.

Made a Mistake on Your Tax Return - What Happens Now? Generally speaking, tax return mistakes are a lot more common than you probably realize. Taxes have grown complicated and the paperwork required to file proper tax returns is often convoluted. This is especially true if you're filing your taxes yourself.

In this article, we'll explore the multifaceted impact of rising interest rates on start-up fundraising and delve into strategic approaches to navigate this shifting landscape.

Navigating the Challenge: How Rising Interest Rates Impact Start-up Fundraising

A little inspiration from McCollum Tax and Financial Services. Wednesday Wisdom

Unclaimed accounts from financial institutions, companies, and other sources are turned over to state unclaimed property departments if the owner can't be contacted and after a period of time as prescribed by state law. You may wish to check whether you have any lost accounts. Search "unclaimed property" on the Internet. The average claim is in excess of $800. Good luck!

Find Lost Money Unclaimed property refers to accounts in financial institutions and companies that have had no activity generated or contact with the owner for a period of one year or longer (depending upon state law). It is estimated that one out of ten Americans have unclaimed property or money floating around so...

McCollum Tax and Financial Services - Some Monday Motivation for our friends and colleagues.

Some insider small business knowledge from McCollum Tax and Financial Services.

Starting a business can seem daunting. A step-by-step plan to get started can alleviate some of the angst. Read more.

New Business Start-up Costs Starting a business can seem daunting to the prospective entrepreneur.

Empowering Physicians: 10 Proven Tax Strategies for Financial Security

Top 10 Legitimate Tax Strategies Every Physician Should Know to Safeguard Their Finance Recently, the Internal Revenue Service (IRS) has markedly intensified its efforts to uncover instances of tax evasion, leaving no room for tax dodgers to go unnoticed.

Midweek Wednesday Wisdom from McCollum Tax and Financial Services

Every business - large and small - needs a business succession plan. The main issues addressed by business succession planning relate to people and money. Read more.

Business Succession Planning Every business – large and small – needs a business succession plan.

Entrepreneurship: The harder the challenge you must solve in your work, the better the challenge is. Why? Learn more via

You need to embrace challenges head-on. Here’s how A breakdown of a few ways to tackle challenges head-on in your own day-to-day.