There are many ways that we may come into an unexpected windfall: an elderly aunt may leave us millions to show that she really did appreciate our kindness over the decades. Or, we may win the lottery. In this market, we may have the good fortune to sell a piece […]
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 themselves a tax […]
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 men and shell companies. Famous and […]
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 significant, other oversights or […]
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, the intent is not the actual doing of something, it is the mental preparation to […]
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, making it nearly impossible to stay in compliance […]
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 government has dedicated significant resources to policing 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 though tax-exempt organizations are free from the burden […]
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 homes. What this means for tax preparers Tax preparers have had to take into consideration this opportunity for their […]
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 include: Claiming too many business […]