As published in the Winter Park/Maitland Observer, Thursday Jan. 3, 2012 Edition Offers... Read More »
Articles in category 'Tax Tips'
Win big in the office Super Bowl pool? Don’t forget to tell the IRS
We have all done it. Participated in the office pool for the Super Bowl. I once won $250 a few years back by betting $20 on my team to win. Should I have reported those winnings to the IRS? Good question. According to Kay Bell, tax blogger for this recent article published by bankrate.com, I…
Read Full Article Categorized in: Accounting, Articles, Florida Tax Audits, Individual Tax Returns, IRS Audits, Penalties, Tax Advice, Tax Return Preparation, Tax Tips, Uncategorized, Voluntary disclosureUncle Sal preparing your taxes this year? 5 signs to make you reconsider
As Americans start gathering their 2012 tax documents for the annual pilgrimage to their tax preparers office, here are 5 signs your tax preparer may be trouble waiting to happen. As Brian O’Connell, of MSN Money in 5 Signs of a Lousy Tax Preparer shares these tips can save you a lot of financial headaches and heartaches if you…
Read Full Article Categorized in: Articles, Individual Tax Returns, Tax Advice, Tax Return Preparation, Tax TipsHappy Valentine’s Day Taxpayers! First Round of Refunds to Hit the Mail Mid-February
In spite of the delays in tax season, early bird tax filers, could see their refund checks as early as mid February, just in time for Valentine’s Day, with an average refund of $2,700, according to the IRS. For the average American household, this refund equates to a full month’s income for a couple. And what will…
Read Full Article Categorized in: Articles, Blog Posts, Tax TipsTax Scam Outfits: Taxpayer Beware
A tax preparation business called Mo’ Money Taxes, based in Memphis, Tennessee, has been sued by several state attorneys general. Illinois, for example, has charged the company with filing fraudulent returns without client authorization and illegally charging its clients millions of dollars in hidden fees. Many of the company’s clients had not received their refund checks. Also, a crime subcommittee of the…
Read Full Article Categorized in: Criminal Tax, Tax TipsShocker: Tax Preparation Outfit Named “Mo’ Money Taxes” isn’t Legit
James Maule tells the story of a tax preparation company called Mo’ Money Taxes: One of my readers alerted me to a story of which I had been unaware. It involves a tax return preparation enterprise that has created nightmares for its clients. The story involves a business called Mo’ Money Taxes, which is based…
Read Full Article Categorized in: News, Regulation of Tax Preparers, Tax Crimes, Tax TipsCorporation Tax Returns Due March 15th
The deadline for calendar year corporations (C Corporations and S Corporations) to file their tax returns is Thursday, March 15th. If yoou don’t have your records in order or don’t think you can make the March 15th deadline you can get an extension. Russ Fox of Taxable Talk tells you how to do that: You…
Read Full Article Categorized in: Tax TipsUnincorporated Businesses are Audited More Frequently by IRS
CPA Joe Kristan tells us, one more time, why you should never use the sole proprietor form of business: A scary headline: “Freelance? An IRS audit may be in your future.” A Tax Court case yesterday shows why a Schedule C on your return might interest the tax man. A New York City taxpayer filed…
Read Full Article Categorized in: Blog Posts, S Corporations, Tax TipsIncreased Audit Risk Accompanies Schedule C Filings
Joe Kristan reminds us once again of why you should not use the sole proprietor form of business: A scary headline: “Freelance? An IRS audit may be in your future.” A Tax Court case yesterday shows why a Schedule C on your return might interest the tax man. A New York City taxpayer filed a…
Read Full Article Categorized in: LLC's, S Corporations, Tax TipsJ.K. Harris Shuts Down Operations
J.K. Harris is the second player in the tax resolution business to have been forced to shut down operations ss a result of thousands of consumer complaints and dozens of government investigations. Paul Caron of TaxProf Blog reports: JK Harris Tax Resolution Firm Closes its Doors Consumer Affairs, JK Harris Suspends Operations, Prepares to Liquidate: Tax-Preparation Firm Swamped by Consumer…
Read Full Article Categorized in: Back Taxes, Tax Problems, Tax TipsCompensation of S Corporation Shareholders
Tony Nitti has published a great piece over at The Tax Adviser which explains the current state of affairs on the issue of compensation of S Corporation shareholders. Here is the Executive Summary, but read the whole thing. S corporation shareholders generally prefer dividend distributions of their S corporations’ profits over compensation payments from the…
Read Full Article Categorized in: S Corporations, Tax TipsTax Advice, Part Deutch
In the wake of the Roni Deutch tax resolution scam fiasco, here is some excellent advice from Russ Fox: As for the firms that still advertise and promise you that they’ll stop the IRS, and you will qualify to pay “pennies on the dollar,” remember that: Only about 15% of Offers in Compromise successfully make it…
Read Full Article Categorized in: Tax TipsTax No-Brainer of the Week: Don’t Have the IRS Prepare Your Tax Return
The IRS graciously gives taxpayers the following tips for how to choose a tax preparer: If you pay someone to prepare your tax return, the IRS urges you to choose that preparer wisely. Taxpayers are legally responsible for what’s on their tax return even if it is prepared by someone else. So, it is important to choose carefully…
Read Full Article Categorized in: Individual Taxation, Tax TipsHave Tax Problems? Buyer Beware.
Eva Rosenberg of SmartMoney has an excellent article today about why you should avoid tax relief firms like Roni Deutch, Tax Masters and J.K. Harris: Let’s look at recent court cases filed against television and radio advertisers, preying on your fears, your insecurities, and your tax terrors. All cases involve national tax resolution firms who have…
Read Full Article Categorized in: Tax Collections, Tax TipsTax Tip: Keep Proof that You Filed Your Tax Return
Some old, but great, advice from Joe Kristan about how to document the filing of an IRS tax return or extension: If you paper file at the post office, use Certified Mail, Return Receipt Requested. Get the postmarked paper receipt, because the postal service purges its computer records after two years. Certified mail adds $2.70…
Read Full Article Categorized in: Blog Posts, Tax TipsFamous Quotes About Taxes
America’s founding fathers – Alexander Hamilton, George Washington, James Madison, Thomas Jefferson, Benjamin Franklin and John Adams - had some very wise things to say about taxes and government. Here are several that I think we would do well to consider today: Thomas Jefferson: The democracy will cease to exist when you take away from those who are willing to work…
Read Full Article Categorized in: Blog Posts, Tax Tips