IRS is Hiring New Agents – Should You Be Worried?
IRS is Hiring New Agents – Should You Be Worried? President Biden recently signed into law the Inflation Reduction Act resulting in $80 billion (yes, BILLION) in funding for the IRS. The funding will go toward multiple purposes, but the most talked about is the hiring of thousands of new IRS agents. …
Why You Should Never Keep Secrets from Your Tax Attorney
Why You Should Never Keep Secrets from Your Tax Attorney Let’s say you are being audited by the IRS, or maybe you owe a large amount of back taxes. You have hired a tax attorney to fix the problem. No one enjoys having to expose their private lives and personal finances to a third…
How To Get the IRS to Pay for Your Travel Expenses
How To Get the IRS to Pay for Your Travel Expenses Is there a way to make the IRS pay for a portion of your travel expenses? Most business owners know you can take tax deductions for business-related travel expenses. But what does that really mean? Today we are going to cover…
Will Student Loan Forgiveness Affect Your Taxes?
Will Student Loan Forgiveness Affect Your Taxes? Right now, everyone is talking about the Student Loan Forgiveness Plan. For most, it is welcome assistance in the face of overwhelming student loan bills. However, many haven’t thought about how this plan could affect their tax bill. So now the question is: Will student loan…
Instant IRS Penalty Reduction-Must Know!
Instant IRS Penalty Reduction-Must Know! The IRS assesses taxpayers over $40 million in penalties each year. The most common penalties are for late payment, filing, or tax return errors, but there are many more. Having penalties piled on top of debt the taxpayer already owes can cause the amount due to quickly spiral…
3 Reasons the Smartest Accountants Get Legal Opinions
3 Reasons the Smartest Accountants Get Legal Opinions Can a bodybuilder deduct the cost of body oil as an expense? Can a business owner deduct nicotine patches if they are trying to quit smoking? Is the demolition of property ever deductible? Lawyers, CPA’s and Tax Return Preparers, your clients often have complex, non-traditional…
IRS Audit Knockout-Round 3 of Audit Questions
IRS Audit Knockout-Round 3 of Audit Questions What questions does the IRS ask during an audit? This list expands on the audit questions covered earlier. The “Round 3” questions are more serious. The IRS will ask probing questions about sources of income. The auditor will analyze (in great detail) whether your lifestyle truly…
IRS Audit Knockout-Round 2 of Audit Questions
IRS Audit Knockout-Round 2 of Audit Questions What questions does the IRS ask during an audit? This list expands on some additional audit questions covered earlier. Today’s “Round 2” of questions relates specifically to: Critical information about your household, and Important details about how your tax return was prepared. We will also…
IRS Audit Knockout-Round 1 of Audit Questions
IRS Audit Knockout-Round 1 of Audit Questions We often get calls from people being audited by the IRS. They don’t know what to do, what the audit process looks like, or what questions the IRS will ask. This is a 3-part series. We will break down the actual questions that the IRS…
Win Every IRS Audit – 5 Steps
Win Every IRS Audit – 5 Steps If you are being audited, you may not know what to do next. You may consider hiring an attorney, or you may consider representing yourself. Today let’s discuss the five steps to winning every IRS audit. Take note: These steps you can not do on your…