Will My Income Tax Return Be Audited?
For the vast majority of taxpayers, there is not much need to worry that you will be audited. In 2016, only 0.6% of individual income tax returns were audited according to the IRS 2017 Data Book.…
Shakira Pays $25 Million in Back Taxes
Shakira has reportedly paid a major bill for back taxes owed to the Spanish government. According to numerous reports, this international superstar has paid more than 20 million Euros - or $25…
How to Avoid Being Audited
No one wants to pay more income taxes than required, but be careful when preparing your taxes. Attempting to cut your tax liability by getting into IRS grey areas can cause you problems later. You…
IRS Warns Taxpayers to be Alert for Scams Related to Natural Disasters
Let's talk tax scams. According to the IRS, some scammers impersonate charities or operate bogus charities to get money or private information from well-intentioned taxpayers. For example, some have…
What to Do When the IRS Sends a Tax Notice
The moment you take an IRS Notice from your mailbox, it's time to open it and call an enrolled agent immediately. A tax professional will be able to guide you through the process of resolving your…
IRS Forces Full Disclosure for Overseas Accounts
I have an overseas account, but I didn’t think about this! If you have a foreign account, you have until April 15 to file a FINCEN 114 form electronically (formally FBAR) with the Treasury's…
$458 Billion Owed in Back Taxes
If you thought you were getting away from the IRS before… apparently so did everybody else. The IRS is on a mission to collect nearly $500 billion owed in back taxes, and they’re not going to stop…
10 Things to Consider When Starting Up a Cannabusiness
1. A company name that gives you room to grow and expand your product line. 2. Where will the business be located? Will the landlord be 420-business-friendly? Your local legal restrictions vary so…
Private Collectors and Other Problems Outside the IRS
Third time is a charm… or a nightmare? One year ago the IRS reinstated a program allowing private debt collectors to pursue delinquent taxpayers. This is nothing new – in fact, it was tried twice…
