If you are a business owner who is accustomed to treating clients to sporting events, golf getaways, concerts and the like, you were no doubt disappointed by the part of the tax reform that passed last year that did away with the business-related deductions for entertainment, amusement or recreation expenses.
There are many reasons why taxpayers find themselves with tax problems and on rare occasions it is due to criminal intent. However, the majority of tax problem resolution cases we deal with are caused by some serious event that occurred in the taxpayer’s life.
We know the story all too well: finances are tight so you either don’t file your tax return, or file the return but don’t pay the balance due. But you tell yourself not to worry as next year things will get better.
Unlike a C corporation, which itself pays the tax on its taxable income, an S corporation does not directly pay taxes on its income; instead, its income, losses, deductions, credits and distributions are allocated to its shareholders’ on a pro rata basis.
The most recent data from the IRS on individual tax returns indicates that of 131 million returns filed, about 5 million were expected to be amended.
We all have a responsibility to pay our taxes each year. But what happens when the amount you owe has spiraled out of control?
Often in an IRS audit, the tax examiner will ask for your mileage log at the beginning of the audit. If you do not have a mileage log, what should you do?
If you have been procrastinating about filing your 2017 tax return or have unfiled tax returns for prior years, you need to consider the consequences, such as penalties, interest, and aggressive IRS collection actions.
Leading up to the passage of the Tax Cuts and Jobs Act, there was considerable discussion about repealing the estate and gift tax. That didn’t happen! But Congress did double the value of an estate that is excluded from being taxed,
Taxpayers often want to know how long the IRS has to audit and assess additional tax on their tax returns. For taxpayers who reported all their income, the IRS has three years from the date of filing the returns to examine them.
