What to Do If You’re Audited by the IRS
The IRS has sent you a letter- and it’s not great. You’re being audited. For many Americans, the idea of an audit is terrifying. Will you have to pay heavy fines? Could you end up in jail? Your mind may be racing, but it’s important to try to remain calm. The vast majority of audits […]
How to Manage Your WSOP 2023 Winnings
The 2023 World Series Of Poker (WSOP) attracted a record number of players. The Main Event amassed a whopping $93.3 million prize pool, the largest prize pool in live tournament history. From May 30 to July 18, poker players from around the world battled wits and tested their luck at the Horseshoe and Paris, the […]
Casino Winnings
Every year, lucky gamblers strike gold in Las Vegas. Whether you hit a slots jackpot or win a fortune playing table games, winning big can be electrifying. However, as every casino winner soon discovers, handling significant winnings involves more than just cashing in your chips. You need to understand the tax implications of your windfall. […]
IRS Employment Woes Deepen
It is no secret that the IRS will be completely understaffed for the upcoming tax season. I have talked about it before and am reminded whenever I call the tax preparer hotline and wait on hold for over two hours. After the budget was cut and hiring was lessened, it would seem that things could […]
Repairs Regulation Update
Great news for small-business owners, and accountants as well. The previously discussed repairs regulation, which would have cost small businesses time and money this tax season, has been simplified. Today, the IRS announced relief under the regulation, which allows companies with assets of $10 million or less (or annual gross receipts of $10 million or […]
You Can’t Do That!
It’s always fun when “You Can’t Do That” rolls around because it means that it is Friday and that I get to take a look at what people think they can get away with. This week starts off with a CPA, James Lee, from New York. Mr. Lee was tasked with handling the business returns […]
Premium Tax Credit Overpayment Relief
Earlier, I gave a brief overview of the Premium Tax Credit and how it could affect your 2014 return. In the overview, I mentioned that there are two ways to receive the credit: 1) as a “lump sum” at the end of the year when you file your return or 2) as equal monthly installment […]
Avoidable Tax Mistakes
It is early enough in the year to start planning your tax return and determining the potential financial ramifications. Whether you will owe money to Uncle Sam at the end of the year, or be due a refund, here are some helpful tips that could better prepare you for the coming months. Always File Your […]
Your Tax Return – Part II: Deductions and Related Forms
Part I of the series discussed the most popular forms received at the end of the year that report income to the IRS. Part II focuses on other forms you may be receiving shortly that will help you offset some of your income: Form 1098 This form will be sent to you by your bank or […]
You Can’t Do That!
In this week’s “You Can’t Do That” I will take a look at a New Orleans woman and her prison scheme, a greedy Philadelphia preparer and an ex-IRS employee who all decided it would be a good idea to try and steal from Uncle Sam.
