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…
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…
4 Steps to a Perfect Payroll Tax Resolution
4 Steps to a Perfect Payroll Tax Resolution When your company owes payroll tax, one of the first things you need is a way to settle or resolve the tax. Without a careful plan, these problems seem to never end. There are usually four steps to a perfect payroll tax resolution. The resolution…
#1 Secret – Make IRS Penalties Disappear
#1 Secret – Make IRS Penalties Disappear The IRS assesses over $40 million in penalties each year. The most common penalties are late payment, late filing, or a tax return error. Often taxpayers don’t know that they can request that the penalties be reduced or removed. Note: A request to remove IRS penalties…
How to Fight the Results of an Illinois Sales Tax Audit
How to Fight the Results of an Illinois Sales Tax Audit The Illinois Department of Revenue often audits businesses’ sales tax returns. Once the audit is complete, you will receive a Notice of Proposed Tax Liability. The Notice of Proposed Tax Liability is Illinois’ written notice to you that you have been under…
Tip Income and Taxes – How to Get it Right
Tip Income and Taxes – How to Get it Right For those who work in the service industry, tips are vital for their income. The tax rules and your obligations for tipped income require complying with a unique set of tax rules. Failure to do so can cost you your hard-earned money. Let’s…