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Category Archives: Uncategorized

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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Three Tax Takeaways for Friday

There are reasons to file your taxes on time even if you have a refund coming. The 2017 extended deadline passed on October 15. If you had a refund coming, and knew that nothing would happen if you filed after … Continue reading

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Three Sales Tax Tidbits for Friday

Not all states impose a sales tax. The five states that do not are Oregon, Delaware, Alaska, Montana and Hew Hampshire. Thinking about buying or merging with an existing business? You always conduct research for hidden liabilities and sales tax … Continue reading

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Tax Fraud

IRS examinations can take different forms; from a computer algorithm, a letter audit asking for information, or a full-blown in-person audit. During the process the IRS will be keenly aware that fraud may exist. When indicators (badges) of fraud are … Continue reading

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Three Quick Tax Tips for Friday

Tax scams continue to be rampant and the IRS predicts that they will increase as the October 15 deadline gets closer. Scam artists continue to impersonate IRS employees making threatening phone calls. If you receive a phone call from someone … Continue reading

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Quarterly estimated tax payment is coming up

For those who make quarterly estimated tax payments, September 17 is your deadline to make your tax payment for the quarter comprised of June, July and August. Your final quarterly estimated tax payment for September, October, November and December is … Continue reading

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Proposed IRS rules affecting SALT limitations

To counteract the $10,000 State And Local Tax (SALT) limitation, some states are drafting plans for a work-around to allow their citizens to continue to enjoy the overall tax deductions they are accustomed to. They are doing it by allowing … Continue reading

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Contract soldiers now qualify for the foreign earned income exclusion

If you are a U.S. citizen, and your tax home is in a foreign country during 2018, and you meet all the other rules, you can exclude up to $104,100 of your foreign earned income from being taxed in the … Continue reading

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Check your 2018 withholding

With so many changes to the tax laws, we have had a lot of recent requests for tax planning. Every projection I have made this year has resulted in a lower total tax amount for 2018 compared to 2017. Despite … Continue reading

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