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Tax Controversy Archives

Want to be a tax preparer? 3 tips for success.

Tax preparation professionals will likely find themselves in a relatively stable career. After all, we can claim nothing to be certain, except death and taxes. As long as the United States government continues to collect taxes, people will continue to need help navigating their tax filings.

Will IRS start reviewing real estate ownership for tax fraud?

The Internal Revenue Service (IRS) may expand its focus when looking for tax fraud. The shift may come as a result of a recent whistleblower case. The case involves a former chief tax executive who reached out to the agency to call out his employer for alleged tax fraud crimes.

Texas lawmakers take aggressive approach to online sales tax

Not located in Texas? Then your business does not need to pay a state sales tax if a Texas resident buys your product, right? In the past, this was true. The application of a state sales tax to online transactions was essentially limited to those businesses that had a physical presence within the state. No physical presence, no sales tax.

Make a mistake on your taxes? Consider filing an amended return.

The Tax Day deadline of April 15 has passed. Some taxpayers got their taxes in order and sent in early while others rushed to make the deadline. Regardless of which group you found yourself in, you may have put that return in the mailbox only to realize you made a mistake.

What does the PTIN case holding mean for tax professionals?

The Internal Revenue Service (IRS) requires tax preparation professionals use a Preparer Tax Identification Number (PTIN). The number serves in a similar manner as a Social Security Number, providing a tax preparer with a unique identifier. The IRS states these numbers help tax preparers avoid using their own Social Security numbers when serving clients. Tax preparers take issue with these numbers as they are costly.

Are expenses related to your side gig tax deductible?

One of the benefits of owning your own business is the ability to take advantage of certain tax savings. In some cases, space in your home used as an office could result in a deduction as well as computer expenses and the like. These more traditional expenses are well defined by the Internal Revenue Service (IRS). For example, a home office deduction requires the taxpayer uses the space regularly and exclusively for business and that the space is the principal place of business.

Can states tax trust income if the trust is in another state?

The Supreme Court of the United States (SCOTUS) has agreed to hear a case that questions whether the due process clause prohibits states from taxing trusts based on the trust beneficiaries’ in-state residency. It is important to note this case addresses the taxation of the trust income itself, not distributions. In most cases, it is legal for a state to require the payment of taxes on distributions made to a resident of the state.

DOJ tries to shut down tax prep offices throughout the country

The United States Department of Justice (DOJ) is cracking down on the fraudulent operation of tax preparation businesses throughout the country. The agency has recently pursued prosecution of such businesses in Florida, North Carolina and Georgia. The agency reports it has obtained injunctions against hundreds of tax preparation professionals over the past ten years.

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