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Scott Farnes

Scott Farnes
Scott has over 25 years of accounting experience encompassing audit, accounting, and tax services. Scott’s industry experience includes small businesses, assisted housing, governmental clients, clients in the public housing industry, tax credits, construction contractors, and the nonprofit sector. He provides these clients with a variety of services including evaluating their business structure, keeping them current on required standards, performing financial statement audits, and tax return preparation.
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Recent Posts

Tax Treatment of State and Local Tax Refunds

Posted by Scott Farnes on Mar 17, 2020 8:01:00 AM

The Tax Cuts and Jobs Act (TCJA), enacted in December 2017, limited the itemized deduction for state and local taxes to $5,000 for a married person filing a separate return and $10,000 for all other tax filers. The limit applies to tax years 2018 to 2025.

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Topics: Taxable Income, Taxes, Tax Return

Student Loans: Cancellation of Debt Relief

Posted by Scott Farnes on Feb 27, 2020 8:32:00 AM

Taxpayers who took out federal or private student loans to finance their attendance at a nonprofit or for-profit school now qualify for safe harbor with regard to cancellation of debt income for discharged student loans. Relief is also extended to any creditor that would otherwise be required to file information returns and furnish payee statements for the discharge of any indebtedness within the scope of this revenue procedure.

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Topics: Personal Finance, Debt

Tips for Taxpayers Who Make Money From a Hobby

Posted by Scott Farnes on Feb 20, 2020 8:14:00 AM

Many people enjoy hobbies that are also a source of income. From soap making and pottery to calligraphy and designing jewelry, these activities can be sources of both fun and finances. However, taxpayers who make money from a hobby should know that they must report that income on their tax return.

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Topics: Business Ownership, Personal Finance, Taxes, Small Business, Tax Return

Do You Need to File a 2019 Tax Return?

Posted by Scott Farnes on Feb 12, 2020 8:05:00 AM
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Topics: Taxable Income, Taxes, Tax Deduction, Tax Credit, Tax Return, Tax Preparation

Reminder: Use Correct Forms to Pay Employment Taxes

Posted by Scott Farnes on Jan 29, 2020 8:03:00 AM
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Topics: Business Ownership, Taxes, Small Business

Employers: Backup Withholding Lowered to 24 Percent

Posted by Scott Farnes on Dec 16, 2019 8:40:00 AM
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Topics: Personal Finance, Taxes

Updated Rules: Deductible Business & Other Expenses

Posted by Scott Farnes on Dec 11, 2019 8:44:00 AM
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Topics: Business Ownership, Taxes, Tax Deduction

Take Retirement Plan Distributions by December 31

Posted by Scott Farnes on Dec 4, 2019 8:21:00 AM
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Topics: Personal Finance, Taxes, Retirement

Tax Tips for Owners of Historic Buildings

Posted by Scott Farnes on Nov 25, 2019 8:05:00 AM
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Topics: Taxes, Tax Credit

Delinquent Tax Debts Could Affect Passport Renewal

Posted by Scott Farnes on Nov 21, 2019 8:28:00 AM
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Topics: Taxes, Collection Procedures