As we enter tax season, it is good to keep in mind some common red flags that can trigger an audit by the Internal Revenue Service (IRS). Things that can increase the risk of an audit include: Filing unusual returns. Any tax return that includes large or questionable items that are […]
Author: Lawrence Brown
Cristiano Ronaldo, soccer superstar from Portugal, has agreed to plead guilty to charges of tax evasion. Ronaldo entered a Madrid court this past Tuesday and plead guilty, agreeing to pay a fine of $21.6 million dollars for his alleged tax fraud crimes. A bit of history: The basis of the allegations In […]
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. […]
The United States is currently entering the third week of a partial government shutdown. As the shutdown continues without an apparent end in sight, taxpayers are likely voicing concerns about how the shutdown will impact their taxes. The truth is the shutdown will impact tax returns. The extent of the […]
The Supreme Court of the United States issued a decision last year that will change the future of online shopping. The decision, Wayfair v. South Dakota, resulted in the ability of states to tax online purchases. Previously, a state would need to establish that the online business had a physical presence […]
Taxpayers have a short time to take advantage of tax savings before the end of 2018. Before ringing in the New Year, consider the following: Have you reviewed your tax deductions? As noted in previous posts, the Tax Cuts and Jobs Act led to a serious overhaul of the tax system. One […]
The sunset of the Offshore Voluntary Disclosure Program (OVDP) in September of 2018 left many taxpayers wondering how the Internal Revenue Service (IRS) would handle future disclosures. Would the IRS choose to renew the program? Would another take its place? The agency recently provided some guidance. Can taxpayers voluntarily come into […]
The United States Department of Justice (DOJ) and Internal Revenue Service (IRS) recently charged a tax preparation professional with 18 counts of aiding in the preparation of false tax returns. These charges were based on allegations the man filed fraudulent tax returns over a span of four tax years, from […]
This time of year, Black Friday and Cyber Monday are in serious competition for retail shoppers. In the past, Cyber Monday has had one distinct advantage over Black Friday: a lower tax bill. Cyber Monday shoppers could often take advantage of a final bill that did not include state sales […]
The Internal Revenue Service’s (IRS) General Crimes Unit recently conducted an investigation of a tax preparation professional accused of using her client’s information to perpetuate a fraudulent tax scheme. The agency accused the tax professional of filing false tax returns and stealing the identities of former clients for her own […]