IRS Penalties
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…
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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…
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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…
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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…
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#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…
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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…
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The IRS Shredded 30 Million Tax Returns – What Does This Mean For You? An article last week in the Journal of Accountancy and a few other sources told us that IRS just shredded 30 million unprocessed tax returns. That’s 30 million. Now that’s not good news for those who filed those tax returns.…
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Know Your Rights – What the IRS Can’t Take Every day we get a phone call from someone who is scared that the IRS will come and take everything they own from their house in the middle of the night. Today we’re going to talk about things that the IRS absolutely can NOT…
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How to Avoid the Top 3 Cryptocurrency Tax Traps Lately, a lot of focus is on investment transactions in various cryptocurrencies. So now the IRS is watching – maybe even closer than you think. Let’s talk about how to avoid the top 3 cryptocurrency tax traps. TRAP #1 You have to…
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Success Story – $300 Total IRS Solution! Today’s success story involves an Illinois couple who started working with Tax Law Offices in May 2021. The wife had recently retired. But this couple, humble and hard-working, owed over $67,000 to the IRS and really needed our help. Unfortunately, another firm had disappointed them before they…
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