Not Your Ordinary Bean Counters
Know This Golden Rule Keep a mileage log. The Fraud Case In Flake, the IRS asserted income tax deficiencies of $16,240 and $58,094 and Section 6663 fraud penalties of$12,180 and $43,571.1 In this case, the court had to decide The Audit This tax case began when an IRS revenue officer audited the Flakes’ tax returns, … Read more
Taxpayers can securely access and view their IRS tax information anytime through their individual Online Account. They can see important information when preparing to file their tax return or following up on balances, notices, payments, tax records, and more. Information about Online Account
Are you thinking of getting married or divorced? If so, consider December 31, 2024, in your tax planning. Here’s another planning question: Do you give money to family or friends (other than your children, who are subject to the kiddie tax)? If so, you need to consider the zero-tax planning strategy. And now, consider your … Read more
Here are six powerful business tax deduction strategies you can easily understand and implement before the end of 2024. 1. Prepay Expenses Using the IRS Safe Harbor You just have to thank the IRS for its tax-deduction safe harbors. IRS regulations contain a safe-harbor rule that allows cash-basis taxpayers to prepay and deduct qualifying expenses … Read more
WASHINGTON — As the 2025 tax season approaches, the IRS encourages all taxpayers to take an important step to safeguard their identity by signing up for an Identity Protection Personal Identification Number (IP PIN). This simple yet crucial step can provide an added layer of security, helping protect against tax-related identity theft. The IRS encourages … Read more
November 2023 It’s time to examine your existing business and personal (yes, personal) cars, SUVs, trucks, and vans for some profitable year-end business tax deductions. First, we will look at your prior and existing business vehicles that you or your pass-through business owns. Then, we will look at your vehicles as a possible source for … Read more
November 2023 This article aims to get the IRS to owe you money. Of course, the IRS will not likely cut you a check for this money—although in the right circumstances, that will happen. But in most cases, you’ll probably realize the cash when you pay less in taxes. This article gives you six powerful … Read more
The ERC Story: From Double Benefits to IRS Warnings The Employee Retention Credit (ERC) had a humble beginning inside the CARES Act in March 2020.1 At inception, you had to make a choice: claim the ERC of up to $5,000 per eligible employee or take out a forgivable loan under the Paycheck Protection Program (PPP). … Read more
Here are two tax words that you have to love: “safe harbor.” And here are five additional tax words to love: “tax-favored expensing with no recapture.” To create and protect your safe-harbor expensing, you make-or your corporation or partnership makes-a formal election on your tax return to use the de minimis safe harbor to expense … Read more
Red-Flag Record for the Examiner Once your audit examination begins, the examiner likes to see this record. If the record is missing or lacking, the IRS examiner knows that your other records are also lacking. This record-the one you probably hate keeping-is the mileage log on your vehicle or vehicles. The IRS notes that a … Read more