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While those who work in tax preparation are well-versed in this area, many people who go to a tax preparer are unaware of the differences. This post seeks to bring clarity to the different levels of education and certification a tax preparer may have. Anyone can call...
Anyone with significant financial holdings knows that they are not illegal. So, why the bad rap? It is because these very legal, above-board accounts have been misused or used to hide money. Offshore banks have been connected to money laundering, tax evasion and straw...
Tax preparers, while being ever diligent, but still human, are prone to mistakes. When tax season hits the long hours and intense workload can increase the chances of an oversight. No one wants to make a mistake, especially on a tax return. While filing status is...
Intention, more times than not, is a "catch all" criminal charge. Why? Because you do not have to prove someone actually DID something, only that they were going to do something, or acted with intention. So, intent is not the actual doing of something, it is the...
Offshore accounts are not illegal per se, and there are numerous benefits to keeping assets in banks of other countries. However, offshore accounts present numerous tax complications, not the least of which is a legal landscape that seems to be constantly shifting,...
The pandemic has had a monumental impact on every aspect of our national economy. One of the primary ways our government officials responded was through several loans to help small businesses weather the storm and continue paying their employees. As expected, the...
It seems like being tax exempt would mean that an organization doesn’t need to worry about taxes at all. They are, after all, exempt from taxes. However, nonprofits and tax-exempt organizations still need to address tax related issues all the time. In fact, even...
The federal residential solar energy credit is a program that began in 2006. It allows homeowners to get a dollar-for-dollar tax credit when they install a solar energy system for their home. What this means for tax preparers Tax preparers have had to take into...
The average taxpayer is generally at low risk of getting audited by the IRS, but certain actions and circumstances can increase your chances of having to undergo one. According to an article by NerdWallet, some reasons that may make the IRS more likely to audit you...
Embezzlement is a far more common occurrence than most people realize. In fact, many businesses treat embezzlement as a common business risk. Accounting for embezzled losses and detecting embezzlement in the office are simply part of doing business. But as an...
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