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Corporate Transparency Act
Corporate Transparency Act Requires BOI Reporting to FinCEN The Corporate Transparency Act (CTA) is upon us. It took effect on January 1, 2024, and imposes
July 1, 2024
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Blog
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Tax Evasion
This blog post examines the case of a former golf professional sentenced for tax fraud, highlighting the severe consequences of evading taxes and skimming business revenues. It offers valuable lessons for business owners on maintaining accurate records, understanding tax obligations, and the importance of compliance to avoid legal and financial repercussions. The post also provides insight into the role of the IRS Criminal Investigation division in prosecuting tax-related crimes.
July 1, 2024
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Business
This blog post explains why S corporation owners shouldn’t rent their home office to their business and instead opt for employee reimbursement. It outlines the tax-efficient strategy of having the S corporation reimburse the owner for home office expenses, detailing the process and benefits of this approach for maximizing tax savings.
June 28, 2024
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Business Tax Benefits
This post explains how business owners can get a valuable tax deduction by writing off the remaining basis of an old roof, elevator, HVAC system or other building components when replacing them. It covers the three key benefits: an immediate tax deduction, reducing depreciation recapture tax later, and the time value of investing the upfront tax savings. An example illustrates just how lucrative this strategy can be for boosting cash flow.
June 27, 2024
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Tax Scams
The IRS recently released its annual “Dirty Dozen” list of prevalent tax scams that business owners need to watch out for, ranging from phishing attempts and employee retention credit fraud to fake charities and abusive tax avoidance schemes. By being aware of these common scams and taking proactive measures, businesses can protect themselves from costly penalties, identity theft, and legal consequences
June 26, 2024
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Back Taxes
As a business owner, it’s crucial to maintain accurate financial records and comply with tax laws. A recent case serves as a stark reminder of
June 25, 2024
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Tax Relief Insights & IRS Help Articles
so the problem doesn’t repeat itself For business owners and self-employed individuals who owe over $100,000 to the IRS, you’re going to want to listen
June 25, 2024
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Business
The Tax Court denied equitable relief to a taxpayer seeking Innocent Spouse Relief after his ex-wife improperly claimed deductions on their joint tax return. Despite meeting several conditions, the court ruled that the taxpayer’s lack of involvement in reviewing the return and claiming a refund undermined his claim of innocence.
June 24, 2024
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Back Taxes
As a business owner, keeping your finances in order is crucial not just for your company’s success but also to stay compliant with tax laws. A recent high-profile case serves as a cautionary tale about the severe consequences of neglecting tax obligations.
June 21, 2024
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Business
Deciding who should own the business car—yourself or your corporation—is a crucial decision for single-owner S corporations. This choice impacts insurance rates, tax deductions, and administrative complexity. Individual ownership may offer better insurance rates, but it complicates reimbursements and tax reporting.
June 20, 2024
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