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Business Deductions Disallowed For Lack of Proof

If you are a business owner with business expenses, you must keep accurate records of your business income and business expenses in order to claim them on your tax returns. In a recent case before the United States Tax Court,…

July 18, 2016

Emancipation Day 2016 Causes the IRS to Erroneously Assess Payroll Tax Deposit Penalties

The IRS recently announced that it erroneously assessed payroll tax penalties, even though the federal tax deposits were made by the April 18, 2016, deadline.  Because Emancipation Day in 2016 fell on April 18 instead of April 15, failure to…

June 01, 2016

The IRS Whistleblower Office Helps Government Collect Half a Billion Dollars

  According to the IRS Whistleblower Office annual report, 2015 was a big year. Nearly 100 awards were made to whistleblowers, totaling more than $103 million.  The payments made in 2015 are nearly what the Whistleblower Office paid out during…

February 15, 2016

IRS to Receive Quick Notice of Businesses Not Paying Federal Taxes

When a business experiences financial difficulties it often stops making federal tax deposits and stops filing tax returns. Federal tax deposits represent the money that an employer withholds from an employees’ pay and turns over to the IRS along with…

February 08, 2016

What Changes Are Being Made to Tax Laws in 2016?

                      With a new year inevitably comes a whole new crop of tax laws. 2016 is no exception, and there are some pretty noteworthy changes this year that could either…

January 11, 2016

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Tax Attorney or CPA? Which is Right for You?

Calling a tax attorney is a big step. We’re happy you are at least considering making the call. We want to ease your pain and not make it more difficult. We want to explain what happens when contact a tax…

November 16, 2015

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What To Do If You Owe Back Taxes

Courtesy Flickr Creative Commons There are many reasons people owe back taxes. Whether you are a new business owner trying to navigate the tax codes, you didn’t plan for a major life decision that affected your tax rate or you’ve…

November 04, 2015

Tax Court Upholds Failure to File Penalty Against “S” Corporations

If you own an “S” Corporation, your annual Form 1120S tax return is due on or before March 15 of the following year. You can ask for a six-month extension of time to file the tax return IF you filed before…

April 07, 2015

Should Professional Sports Leagues Retain Their IRS Exempt Status?

Currently, professional sports leagues, including the NFL League Office, National Hockey League, Professional Golf Association, Ladies’ Professional Golf Association and Association of Tennis Professionals, all have exempt status before the IRS. Senator Cory Booker recently introduced a bill that would…

December 23, 2014

Should the Owner of the Business be Treated as an Employee of the Business?

The owner and sole shareholder of an automobile business treated himself and two other individuals as independent contractors of the business. As a result, these individuals were paid directly by the business, no taxes were taken out of the money…

December 11, 2014

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