Author Archives: Robert Weiss

Three tax takeaways for Saturday, February 23, 2019

The gig economy consists of online platforms like Uber, Etsy, Lyft, Handy, TaskRabbit, and Grubhub, or running a small business on E-bay, to name a few. A recent Treasury Inspector General for Tax Administration (TIGTA) audit to evaluate the reporting … Continue reading

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Choosing how your business will be taxed

Every now and then a new client comes in the door with IRS letters because they went to an attorney to have their small business incorporated before they understood the process. What happened was that the client thought that the … Continue reading

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The truth about IRS Offers in Compromise, Part 2

Besides not being easy, taking a long time and professional services being expensive, IRS Offer in Compromise are intended only for those who are truly unable to meet their obligations, and in most cases there are no easy deals. It’s … Continue reading

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The truth about IRS Offers in Compromise, Part 1

An Offer in Compromise is when the office of the Commissioner of the IRS compromises your Federal tax debt in exchange for an acceptable offer of partial repayment based on your true ability to pay. Convincing the IRS that you … Continue reading

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3 Quick Business Tax Takeaways for Friday, January 18, 2019

Businesses can still deduct 50% of Meals as a business expense for tax year 2018, but the new laws specifically deny expenses for entertainment, amusement, or recreation. Existing businesses that wish to convert to being taxed as an S corporation … Continue reading

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Unpaid student loans and the Treasury Offset Program

If you don’t pay certain debts that are guaranteed by the federal government, like student loans, the government will seize your tax refunds and even a portion of your Social Security benefits to cover the unpaid balance(s). Keep in mind … Continue reading

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The Zapper Program

The most prevalent method of under-reporting business income is by skimming cash from gross income. This method omits an amount of sales from ever being entered it into the accounting system. Now comes modernization and Revenue Suppression Software (RSS), commonly … Continue reading

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5 Quick Tax Takeaways for Friday, December 21, 2018

First: the Foreign Earned Income Exclusion increases from $102,100 in 2017 to $103,900 for 2018. See IRS Publication 54 for more information. Second: the 2018 business mileage rate is 54.5 cents per mile, and the 2019 rate will be 58 … Continue reading

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Michigan seizes property for unpaid taxes

For the small cost of $8.41, an 83 year old Michigan man lost his property. If he had sought out professional advice he should have been able to avoid this catastrophe. Last year a Michigan court of appeals allowed for … Continue reading

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Late S Corporation Elections

If you are having trouble with any S corporation elections you need to know that there are ways to fix late or incomplete elections. This goes for the S corporation election, Electing Small Business Trust (ESBT) elections, Qualified Subchapter S … Continue reading

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