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Tax season isn’t what it used to be

The tax season has extended beyond the rush at spring to get returns filed by April 15. Key reasons include: Extensions. Due to tax reform and difficulty understanding the new rules, a number of taxpayers requested extensions. This resulted in a drawn-out busy season for tax preparation professionals and taxpayers who file […]


New Year new tax plan? These tips can help.

New Year celebrations are done, and many may be reconsidering their resolutions. It is not too late to make another resolution, a resolution that financial professionals note will likely lead to eased mental stress and reduction of the stress that tax obligations can put on your finances. Make the resolution to get […]


Did you get a letter from the IRS? 3 times to worry.

Getting a letter from the Internal Revenue Service (IRS) is likely to cause stress in even the most rule-abiding taxpayer. But when should a notification really be of concern? Three specific times a taxpayer should worry include: Intentional falsification of tax records. Did you inflate income or overestimate deductions? Maybe you […]


Tax preparers face serious penalties for errors: 3 examples

The Internal Revenue Service (IRS) keeps a close watch over tax return professionals. Tax preparers must file tax returns on behalf of their clients wisely, getting the best possible returns for their clients while remaining within the bounds of the law, or else faces serious consequences. Three recent cases provide an example […]


3 tax changes that impact farmers in 2020

Farmers may find their tax burden eased in 2020. Lawmakers passed a number of laws before heading out for the holiday break that will impact their tax obligations in the new year. Three examples include: Health Insurance Tax. One of the laws that Congress addressed before break was the Health Insurance […]


TX tax return professional gets 27 months for tax crimes

The United States Department of Justice’s (DOJ) Tax Division recently announced the sentencing of a Waco, Texas tax return professional to 27 months imprisonment for tax crimes. The government claims the accused inflated client’s deductions and claimed fraudulent education credits. Overall, the government says that over a span of two […]

Tax Crimes

Do you need to pay taxes if you win the lottery?

Now may be a good time to buy a lottery ticket. The most recent report shows the Mega Millions lottery is at $340 million. If no one wins at the drawing is coming Friday, the winnings will grow even more. Although the lottery is currently set at a very large number, it is important […]


3 FAQs about tax audits

As we prepare for the new year, taxpayers throughout the country are likely getting things in order for their tax filings. While gathering these documents, some may find themselves wondering what happens if they mess up. Will it lead to an audit? The following will delve into three of the […]