The United States tax system is complicated. To make matters even more difficult to navigate, the government recently changed the tax code with the Tax Cuts and Jobs Act (TCJA). A failure to follow the rules can result in serious fines and, depending on the mistake, potential imprisonment. The following […]
Category: Audits
The Department of Justice (DOJ) recently released an indictment for Todd and Julie Chrisley, from the show Chrisley Knows Best. The government has charged the couple with tax crimes including bank fraud and tax evasion. According to the government, the reality television stars would fraudulently obtain bank loans and failing […]
Solar power is one form of energy that can help to reduce greenhouse gas emissions. Local and federal taxing agencies offer tax abatement programs to help offset the high initial cost that comes with converting to solar power. Lawmakers use these programs to reduce or eliminate property taxes for those […]
Opening up your mail to find a letter from the Internal Revenue Service (IRS) likely leads to stress. Unless you are expecting a tax return in the form of a check — that is likely the only time anyone is excited to get a mailing from the Uncle Sam. For […]
There are some activities that are synonymous with summertime: barbeques, boat rides, and family road trips are a few that often come to mind. In some cases, summer fun can lead to tax savings. Three examples to watch for include: Spring cleaning and donations. Just before summer kicks off, many clean […]
Business owners must balance their passion for their market with business logistics. Owners must manage their budgets and, at times, navigate human resources issues. In some cases, the owner may even need to navigate a discussion with the Internal Revenue Service (IRS). This conversation would occur if the agency decides […]
The Internal Revenue Service (IRS) is reviewing tax returns and preparing to move forward with audits. How will I know if the IRS is auditing my business? First, it is important to note that the audit notice will most likely come in the form of a letter. Any phone call from […]
The United States Department of Justice (DOJ) continues to crackdown on tax preparation fraud. The government takes the threat so seriously that the Internal Revenue Service (IRS) has listed return preparer fraud as one of its Dirty Dozen Tax Scams. What is the most recent case? The DOJ recently filed a case against […]
The line between a gift and income in the eyes of taxpayers is not always clear. A recent case, Felton v. Commissioner, provides an example. In this case, the Internal Revenue Service (IRS) argues a taxpayer’s claimed gift was actually income. As such, it would be subject to a higher tax […]
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 […]