Author Archives: Robert Weiss

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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Do I Need A Tax Attorney For My Tax Problems?

The answer is maybe. If you owe tens of millions of dollars and have complex situations like international corporate reporting, or you have so many investments that you loose track of them, you may already know a tax attorney. If … Continue reading

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2018 year end tax tips

The time for 2018 tax planning is over, but there are still some things you can do to lower your federal tax.  Once the year ends you will have lost your chance so act now. Some quick tactics to reduce … Continue reading

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Are Your Workers Employees or Independent Contractors?

If you have ever prepared payroll then you are familiar with IRS Publication 15, the Employer’s Tax Guide. Just as important is Pub 15-A, the Employer’s Supplemental Tax Guide because this pub will help you to properly classify your workers … Continue reading

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Wesley Snipes’ Continuing Tax Nightmare

The U.S. Tax Court recently upheld the IRS’ rejection of Wesley Snipes’ Offer in Compromise. Snipes has tax liabilities of approximately $23.5 million covering tax years 2001-2006. He already served three years in prison and recently made a cash offer … Continue reading

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Three Tax Takeaways for November 7

The IRS is expected to begin issuing Affordable Care Act penalties for businesses that were non-compliant during 2016. The IRS has already sent letters to businesses that they believe should have filed information returns but did not; this was the … Continue reading

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