Floyd Mayweather, Another Celebrity With Tax Issues. Here is what you should know…
Floyd Mayweather, Another Celebrity With Tax Issues…Here is what you should know… Recently, the news broke that Floyd Mayweather may be in some tax trouble. According to reports, he owes millions in back taxes totaling $22 million. This is a lot of money but should be easily handled by someone with his means, right? Floyd…
Top Reasons the IRS Will Audit You
To be honest, IRS audits are not automatically a bad thing. At its core, an audit is just the IRS’s way of double checking your numbers to ensure nothing in your return doesn’t quite add up. Yet many people tend to panic if they are chosen for an audit because they haven’t exactly been paying…
What Classifies as Tax Fraud over Negligence?
Believe it or not, the IRS estimates that only about .0022 percent of taxpayers are convicted of tax crime each year. However, they also claim that around 17 percent of all taxpayers make serious mistakes and do not comply with the tax code. On top that, individual taxpayers are the ones who commit 75 percent…
Should I Hire a Tax Attorney, CPA, or Someone Else?
You might be well aware of the fact that you require the assistance of a tax professional, but where exactly should you turn? Could an accountant help you better, or are you in need of an IRS tax attorney to help you recover from an audit? Today, we would like to talk to you about…
Tax on Luxury Items – North vs South
Tax on Luxury Items – North vs South So you’re looking into buying something for your personal use to relax on weekends—in this case, a boat—and may be wondering what some of the differences are when buying a boat in different locations. Well, let’s look at two examples: Illinois versus South Carolina. Now granted, in…
Taxes on Prize Money
It feels pretty good to win money, doesn’t it? Whether you hit it big at a casino, called into the radio at just the right time, or won a sweepstake, you earned a prize you didn’t have before. While winning these things might feel good – or incredible! – keep in mind that these prizes…
The IRS May Be Calling You
The IRS May Be Calling You The IRS is making a big change to its collection process. This change, probably wanted by the IRS, is not going to be good news to anyone who may owe taxes. The IRS is now hiring third party debt collectors to call on behalf of the IRS, rather than…
Top Business Tax Audit Triggers
You can ask any small business owner what they would like to avoid most when it comes to their company, and we are sure most of them would respond with “a tax audit from the IRS.” It’s no wonder why – these audits can lead to disaster and financial ruin if things are handled incorrectly….
Closing A Business with Payroll Tax Debt (Can You Really Do That?)
Closing A Business with Payroll Tax Debt (Can We Really Do That?) Clients regularly seek my advice closing their companies when faced with back taxes and interest. In many cases, they want to walk away from the failing business and the unmanageable text debt. One of the most common problems that these companies face is…
When and Why You May Need an IRS Tax Attorney
What can you expect when you have IRS tax issues? Can you handle them on your own, or is it best to hire an attorney to represent you? The IRS is not an agency you want to cross, and unfortunately, everything they deal with is very sensitive when it comes to the consequences. Even the…