Topics Covered: Welcome to a new era of transparency where the IRS is getting information on U.S. taxpayers from foreign banks and the IRS is taking action by examining and investigating taxpayers who are not reporting their worldwide income nor disclosing their foreign accounts. Breaks IRS is providing to waive penalties for U.S. taxpayers with […]
Issues discussed: Mr. Credit said: I was listening to your radio show last week and heard a couple things I think are worth repeating to our audience as well: a. Tell us about the data breach at the IRS… The IRS announced recently that criminals used taxpayer-specific data acquired from non-IRS sources to gain unauthorized […]
Topics Covered: 1. Data Breach Jeopardizes Security Of Big Data Possessed By IRS 2. Four Ways That Returns Are Selected for Examination 3. How the IRS is matching Big Data to your tax return and selecting you for audit. 4. Questions from our listeners: a. Why Should I Only Use A Tax Attorney For Representation In […]
Issues discussed: a. How can I legitimately have a “company car” for my business? Can my company make the payments? Gas? What kind of records do I have to keep? b. Health Savings Accounts…Are they ALL they’re cracked up to be from a tax perspective? http://finance.yahoo.com/news/triple-tax-benefit-health-savings-141156253.html
The Collection Division of the IRS composes of Revenue Officers whose job is to collect outstanding IRS liabilities from taxpayers as quick as possible. These Revenue Officers have access to intelligence collected by other divisions of the IRS and they will scope out your financial moves, and garnish your wages and other sources of income, […]
Topics Covered: 1. America’s Most-Wanted Swiss Bankers 2. Top Tax Sins That Could Land You In Jail Or Charged With Fraud Penalty 3. Five common myths about the dreaded tax audit 4. Questions from our listeners: a. Can a state court determine who may claim a dependency exemption for a child? b. My son was […]
Filing taxes is punishment enough without the vague threat of an IRS audit looming over our heads. For understandable reasons, the IRS insists on keeping the ins and outs of its auditing process on the murky side. How will you catch the bad guys if you give them the rule book first? But because of […]
Carelessness on your tax return might get you whacked with a 20% penalty. But that’s nothing compared to the 75% civil penalty for willful tax fraud and possibly facing criminal charges of tax evasion that if convicted could land you in jail. It’s one thing to make an innocent mistake on your taxes, or to […]
If you are earning income through entities like Uber, Lyft, Airbnb and others, beware the IRS will be verifying your reported income. The Sharing Economy On the internet, everything is for hire. Last night 40,000 people rented accommodation from a service that offers 250,000 rooms in 30,000 cities in 192 countries. They chose their rooms […]
With all the distractions of deflated footballs, player misconduct and the safety of the game, the NFL is volunteering to give up its tax-exempt status. The NFL As A Non-profit Entity. The National Football League (“NFL”) which you figure makes millions in revenue every year is recognized by the IRS as a tax-exempt entity and […]
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