Turn Your Vacation—Even a Luxurious One—into Tax-Deductible Business Travel Here’s an idea: how about transforming your next vacation into business travel? With careful planning, your
As we step into 2024, understanding the intricacies of Social Security and Medicare is crucial for business owners, not just for personal planning but also
IRAs for Young Adults As we navigate the complexities of financial planning, one opportunity stands out for young adults: individual retirement accounts (IRAs). With the
Vice President and presumptive Democratic presidential nominee Kamala Harris has a history of supporting more substantial tax increases on businesses and individuals compared to President
As a taxpayer, understanding the statute of limitations for IRS audits is crucial. While the general rule is that the IRS has three years to
In times of economic hardship, navigating tax obligations can make financial stress so much worse. Sometimes it may be due to being out of work,
Providing financial support to aging parents or in-laws while managing child care needs can be taxing. Learn how converting support payments to child care payments can qualify you for a dependent care credit, easing your tax burden and benefiting your family in our latest blog post.
Overview On May 23, 2024, Carlos Gonzalez, the owner of Charley’s Tree Service in Rogers, Arkansas, pleaded guilty to filing a false individual income tax
Each year, the IRS releases a list of the most prevalent tax scams, known as the “Dirty Dozen,” to help taxpayers avoid fraudulent schemes that can lead to financial and legal troubles. One significant scam is the rise of Offer in Compromise (OIC) Mills, where unscrupulous entities falsely promise to negotiate with the IRS to reduce tax debts, often charging hefty upfront fees for ineffective or non-existent services.
Salvatore Groppo’s guilty plea for involvement in an unlawful sports gambling operation did not shield him from substantial IRS tax liabilities. Despite fulfilling his probation terms, Groppo faced over $100,000 in excise tax and penalties, which he unsuccessfully tried to settle. His appeal to expunge his felony conviction, aimed at negating the IRS’s tax assessment, was denied by the 9th Circuit Court. The court emphasized that the plea deal did not bind other authorities, reaffirming that tax liabilities remain despite a plea agreement.
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