Your hobby business could land you in Tax Court – avoid IRS pitfalls by how you structure your small business. Many people successfully develop a hobby into a going concern and actually receive income from it. That income must always be reported and taxes paid on that money regardless of your situation. If you leave […]
Issues Discussed: Need proof the IRS won’t go away? The 9th largest search phrase in all of yahoo finance is this: “Is social security taxable”?
A classic case of the government giveth and the government taketh away. One of the most common web-search phrases entered is this: “Is social security taxable”? The answer: It all depends on your income and filing status. If you file taxes as an individual and your combined income — that’s your adjusted gross income plus […]
IRS to auction Darryl Strawberry’s deferred Mets salary. A minimum bid of $550,000 has been set for the January 20, 2014 auction which will offer a deferred compensation agreement that was part of Strawberry’s 1985-90 contract with the Mets. Darryl Strawberry, the former MLB All-Star, New York Mets and New York Yankees star who has […]
[powerpress channel=”podcast”] Topics Covered: 1. Landmark Alaska Bar Reopens After Closed Down By IRS. 2. How The IRS Will Find You If You Have Unreported Foreign Income And Undisclosed Foreign Accounts. 3. What Signs To Be On The Lookout For That You May Be Subject To An IRS Criminal Investigation. 4. Questions From Our Listeners: […]
A tax crime is complete on the day the false return was filed. It is a federal crime for anyone to knowingly and willfully file an income tax return that he or she knows to be false in some material way. 26 U.S.C. § 7207 provides: Any person who willfully delivers or discloses to the […]
The IRS is using its extensive Big Data resources to pin-point their investigations to the wealthiest areas in Orange County, California. The idea being that anyone who is selected for investigation in these areas will result in a higher tax liability than those who live in less affluent areas. The government is looking for non-filers, […]
Alaska’s economy is dominated by the oil, natural gas, and fishing industries, resources which it has in abundance. Tourism is also a significant part of the economy and that is where you can find some classic Alaska bars but for some time now these bars have been under pressure to stay in business and to […]
This May Be Your One Last Opportunity to Avoid Criminal Prosecution and Increased Civil Penalties! Since July 1, 2014, the most feared U.S. legislation regarding international tax enforcement – Foreign Account Tax Compliance Act (“FATCA”) – is being implemented by most banks around the world. As part of this compliance, foreign banks from around the world […]
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