Beware of Tax Relief Scams and Fake Tax Lawyers The tax relief industry is known for firms ripping people off in droves. Many “tax relief” firms (aka fake tax lawyers) over the years have been sued, fined, and ultimately shut down for false and deceptive sales tactics that leave their victims out thousands of dollars,… [Read More]
My Spouse Screwed Me Over….Now What?
Making a Case for IRS Innocent Spouse Relief We have tried to drill it in hard that when you sign a return, you are responsible for everything that is on that return, regardless of who prepared it. So it should come as no shock that the same applies for a joint return with your spouse…. [Read More]
Restaurants Using Zapper Software are Looking to Cook More Than Just Food – Their Books!
All taxpayers know that tax evasion and tax fraud are felonies subject to harsh financial penalties, and possible jail time. What most of you may not be aware of is that owning certain types of software can also earn you an orange jumpsuit (along with a big dent in your wallet courtesy of Uncle Sam). … [Read More]
Tori Spelling’s Bank Account Drained by the IRS $707K
It appears as if Tori Spelling may need to say goodbye to some of her favorite things or forever lose her 90210 lifestyle. The former teen-soap star and daughter to the late TV mogul Aaron Spelling, had a whopping $707K drained from her bank account by the Internal Revenue Service. That may not seem like… [Read More]
IRS Trust Fund Recovery Penalty
Understanding the “100% Tax Penalty” that Allows the IRS to Go After Multiple People in a Single Business When most people think of “trust funds” their minds immediately go to extremely decadent lifestyles equipped with fancy cars, caviar, and private islands, but when it comes to Trust Fund Recovery Penalties imposed by the IRS, the… [Read More]
EITC Due Diligence Penalties Expand to Other Tax Credits
In February 2014, we published a blog detailing the IRS’s new campaign to up the ante when enforcing the Earned Income Tax Credit (EITC) duty of due diligence. At that time, the Internal Revenue Service penalized tax preparers who failed to meet their duty of due diligence $50 per return. Now, that penalty is a… [Read More]
Don’t Write Off the Importance of Finding a Good Tax Preparer
According to founding father, prolific inventor and famous kite flyer, Benjamin Franklin, “In this world nothing can be said to be certain, except death and taxes.” He did manage to get his face on the $100 bill so I think it is safe to say he knew what he was talking about. While this is… [Read More]
Is Bigger Really Better?
When it Comes to the IRS, Trump’s Cabinet Pick for Treasury Secretary Seems to be Making a Case. Newly inaugurated President Donald Trump tapped Steve Mnuchin for a position in his cabinet. If the Senate clears him, Mnuchin will serve as Secretary of Treasury. Yale alumnus Mnuchin has a very strong background in finance to… [Read More]
5 Tax Tips to Start the New Year Right!
Now that the holidays are over and 2017 has begun, it is a good idea to start off on the right foot. Just because you’ve got those three extra days (April 18th deadline) this year, it does not mean you should procrastinate where your taxes are concerned. Tackling your taxes now will save you a… [Read More]
New Year. New President. New Tax Issues.
Ten Taxing Questions for 2017 With president-elect Donald Trump taking office this month, the world nervously awaits potential changes to the nation’s fiscal agenda. Here are ten key tax issues to be on the lookout for in 2017: Tax cuts or tax reform? One of Trump’s (and Congressional GOP leaders’) campaign promises was reform in… [Read More]
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