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Is Incorporation The Right Move?

To incorporate or not to incorporate?  Taxpayers that are self-employed or sole proprietors usually have the option to incorporate their business and operate as a corporation, but when should taxpayers take this step? The pros and cons may seem difficult to weigh, and then there is the decision ...

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Fixing Mistakes and the Amended Return

Fixing Mistakes and the Amended Return Tax season comes and goes every year, but that does not mean the filing of taxes is completely over once you have autographed the signature line and sent your paperwork on its way. In fact, right around that time is when a few taxpayers begin to feel doomed ...

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Collection Due Process Procedure

Collection Due Process Procedure Each year many people face hefty tax obligations. For some, the ability to pay these bills could be impossible due to their income, financial changes, or any number of other reasons. So what happens when the IRS is beating down on your door and demanding immediate...

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Self-Employment and Tax Tips

Self-Employment and Tax Tips Self-employed individuals, which include independent contractors and sole proprietors, have both extra duties and opportunities when it comes to filing taxes. Besides your regular business responsibilities, you can be sure that you need to establish excellent record k...

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When Your Tax Problems Were Not Your Fault: Reliance on Tax Professionals & Preparers

When Your Tax Problems Were Not Your Fault: Reliance on Tax Professionals & Preparers Most individuals do not comprehend most of the United States’ tax laws, but this is not surprising. Federal and state tax laws are complex, convoluted, and ever-changing. It is no wonder people often seek t...

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Strategies for Criminal Tax Investigations

Strategies for Criminal Tax Investigations Any IRS audit or examination that potentially involves fraud could eventually be investigated by the IRS’s criminal division. These investigations are serious and can involve substantial penalties and jail time. Whether you are being investigated for a...

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Airbnb & Taxation

Airbnb & Taxation In 2008, the phenomenon known as Airbnb was born. Since then, many people have used the service to rent out their property to make some extra money on the side. However, with this rise in popularity comes increased scrutiny from various government agencies. This applies espe...

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Bitcoins & Tax Tips

Bitcoins & Tax Tips Bitcoin is a form of virtual currency a.k.a. cryptocurrency, e-currency, or digital currency that has set the financial world ablaze in recent months. But as with any new and innovative item, cryptocurrencies create questions for everyone’s tax attorney regarding how cry...

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Consequences of Failed Like-Kind Exchanges

Also known as a 1031 exchange, a like-kind exchange is a transaction that allows for the disposal of an asset such as a business, rental property, vehicle, among others, and the acquisition of another replacement asset without generating a current tax liability from the sale of the first asset.   ...

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What To Do If You Haven’t Filed in a Long Time

Every tax season accountant hear similar pleas from a percentage of clients:  requests for help from those, who for whatever reason did not file tax returns.  No matter the excuse for not filing your tax return, the IRS recommends that you   file your tax return as soon as possible because you m...

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