Business Tax Benefits
Owning and leasing an aircraft can be an effective way to offset the high costs of ownership. However, as beneficial as this strategy might seem,
September 10, 2024
No Comments
Blog
Category: IRS
IRS Penalties
Internal theft can be a devastating blow to any business, large or small. A recent case involving Christine Fletcher, a personal assistant who embezzled over
September 4, 2024
No Comments
Fraud
In a startling development that highlights the dangers of financial mismanagement and fraud, Ippei Mizuhara, translator for Los Angeles Dodgers star Shohei Ohtani, has pleaded
August 27, 2024
No Comments
Tax Resolution
Receiving a tax bill from the IRS can be a daunting experience, especially for business owners already juggling multiple responsibilities. However, understanding the steps to
August 26, 2024
No Comments
IRS
Taxpayer Advocate Service Fails to Provide Basic Services: A Deep Dive into TIGTA Findings A tax practitioner, frustrated by a six-week wait for a Taxpayer
August 22, 2024
No Comments
IRS tax planning
The IRS is facing a significant challenge in combating bad tax advice circulating on TikTok, a platform it cannot access due to federal restrictions. National Taxpayer Advocate Erin Collins highlighted this issue, explaining the difficulties in reaching users who rely on social media for tax guidance. The IRS has included misleading tax information on its Dirty Dozen list of tax scams and issued alerts on various credits being misused. Business owners are urged to rely on official IRS resources and trusted tax professionals to avoid falling victim to misinformation.
July 11, 2024
No Comments
IRS
The federal government has issued over $1 billion in upfront tax credits to buyers of new and used electric vehicles (EVs) as part of the Inflation Reduction Act. This initiative, which began on January 1, 2024, allows car buyers to receive tax credits of up to $7,500 for new EVs and $4,000 for used EVs directly at the point of sale, making EVs more affordable and competitive with traditional gasoline-powered vehicles.
July 4, 2024
No Comments
Tax Refund Strategies
Understanding the IRS’s refund statute of limitations is crucial, especially if you’ve missed filing your tax returns for several years. Learn how to navigate the complexities of reclaiming overpaid taxes and avoid losing your hard-earned refunds by staying on top of your annual tax filings.
July 1, 2024
No Comments
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
No Comments
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
No Comments
