On behalf of Brown, PC posted in Audits on Tuesday, December 5, 2017. If you sell oil in Texas, you likely need to pay the Texas Automotive Oil Sales Fee. The application for the Automotive Oil Sales Fee states that everyone that either manufacturers and sells automotive oil in the state, imports oil into […]
The Paradise Papers, like the Panama Papers before them, were released in an effort to bring attention to the use of offshore accounts. As noted in previous posts, these accounts are not illegal. Issues arise if the account holder is making use of the account in an attempt to hide assets […]
Some Texans with financial concerns go to bed at night worrying about things like student tuition and credit card debt. Others, though, more likely have bad dreams about what a recent Forbes article calls “the fear of 2704 regs looming.” Concededly, many people have no concern with that number or […]
The IRS sends out tens of thousands of notices annually to individual and business taxpayers. The reasons for these vary, but can include requests for additional information, payment reminders, audit or investigation notices, refund checks and more. Most of these are fairly basic and straightforward. A simple response, an additional […]
The Internal Revenue Service (IRS) has a reputation for making tax matters difficult. Filling out tax forms is not an easy matter, but the agency has made matters even more difficult when it comes to cryptocurrency. Why are tax matters for cryptocurrency so difficult? The biggest issue is the agency’s failure […]
Offshore accounts are in the news again. Another massive data leak, this one referred to as the Paradise Papers, has resulted in the disclosure of the identity of a number of people and businesses that use these accounts. So what have we discovered from this most recent leak? Basically, we are […]
The IRS is not the only one to conduct audits. The Treasury Inspector General for Tax Administration (TIGTA) provides IRS oversight and occasionally audits how IRS procedures are working. Recently, it suggested improvements to address erroneous Earned Income Tax claims and persistently noncompliant return preparers. We have been following the topic […]
Shell corporations get a bad rap. There are situations when a shell corporation is not just legal, but makes good financial sense. Navigating through the legal intricacies that distinguish the legitimate use of a shell corporation from the illegal can be difficult. A recent case provides an example of an […]
America is now, at least in part, a so-called “side gig” economy. An estimated 25 percent of us now have side jobs to generate additional income. Such things as driving for a ride-share service like Uber or Lyft, dog-walking, renting out a residence part-time through Air BNB or Home Away, […]
The Internal Revenue Service (IRS) recently settled class action lawsuits representing over 400 conservative groups that state they were “improperly” delayed tax-exempt status, according to a recent report by USA Today. It appears the federal agency singled out hundreds of groups due to their ideological stances. These groups underwent additional […]