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 […]
Topics Covered: Lessons learned from the criminal tax evasion Conviction of Rashia Wilson a/k/a “Queen Of IRS Tax Fraud”. What should you do where you have undisclosed foreign bank accounts and unreported foreign income? Understanding the IRS Criminal Investigation Process and what signs to be on the lookout for that you may be subject to […]
Topics Covered: 1. Ty Warner, Beanie Babies Creator, Convicted For Not Disclosing Foreign Bank Accounts. 2. Don’t Believe The Deadly Myths Of FATCA Non-Enforcement. 3. The New And Improved IRS Streamlined Procedures For Taxpayers With Undisclosed Foreign Bank Accounts. 4. Questions from our listeners: a. What should I look for in finding the best […]
It’s that time of year again…tax season. For many small business owners, taxes top the list of business-related concerns. In fact, the National Federation Of Independent Business (“NFIB”) Small Business Economic Trends survey, released earlier this year, revealed that 20% of businesses cite taxes as their biggest problem. With April 15th fast approaching, more and […]
Issues discussed: When is traveling a legitimate business expense? What are the Pros/Cons of doing a tax extension? How liable am I for my spouse’s tax mistakes?
Issues discussed: a. Yahoo published an interesting video and article this week about what it’s like to get audited by the IRS. http://finance.yahoo.com/news/my-experience-getting-audited-140551190.html You’ve helped a LOT of people in this situation before, so what advice can you give someone who might be getting that notice in the mailbox today…? b. Your blog on Ty Warner […]
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