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Category Archives: Uncategorized

IRS Relaxes Rules for Using IRA Money for Disaster Victims

The IRS has relaxed rules for borrowing from employer-sponsored plans like 401(k)s and similar plans like 403(b) and 457(b) for victims of the recent hurricanes. You may also qualify to take advantage of a hardship distribution. Participants who live or … Continue reading

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IRS Announces Hurricane Irma Extensions

Hurricane Irma victims in parts of Florida and elsewhere have until January 31, 2018 to file certain individual and business tax returns and make certain tax payments. This includes an additional filing extension for taxpayers with valid extensions that run … Continue reading

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How the IRS lookback rules affect both refunds and audits

Technically these are statute of limitations matters.  When these 3 year statutes of limitations pass, the IRS can generally no longer assess additional tax or allow a claim for refund. To claim a refund or credit you must file your … Continue reading

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Innocent Spouse Relief Denied

In Tax Court Memo 2017-144, the Tax Court denied relief to a spouse where the Court held that she knew, or had reason to know, that her husband’s tax liabilities would not be paid. In this case Dr. Ryke, a … Continue reading

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Taking the IRS to Court

There are three courts that you can use in IRS disputes; the U.S. Tax Court, the U.S. District Court, and the U.S. Court of Federal Claims. The U.S. Tax Court is the only venue where you can take your case … Continue reading

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Trucker’s Deadline Approaching

The Highway Use Tax Return is due August 31. The Highway Use Tax applies to motor vehicles with a taxable gross weight of 55,000 pounds or more. Don’t wait until the last minute to file your form 2290 and pay … Continue reading

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Assigning Payments to Taxing Agencies

Whenever you are making a payment to any taxing agency you must remember to assign your payment, otherwise the agency has the legal flexibility to apply your payment in a way that benefits the agency, and not necessarily you. By … Continue reading

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Fraud in Relation to Taxes

In our profession we like to say, “Once is an isolated event, twice is a coincidence, and three times is a pattern.” “Fraud is deception by misrepresentation of material facts, or silence when good faith requires expression, which results in … Continue reading

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Segregation of Duties

This internal control concept relates to my last posting because bookkeeping falls under its guise. Segregation of duties is where the worker at the cash register is never the person who counts the drawer at the end of the day … Continue reading

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5 Bookkeeping Hacks

ALICE: To remember which accounts are debits or credits remember ALICE; Assets, Liabilities, Income, Capital (older term for Equity), and Expenses. The first and last letters, the ones on the ends – those are the debit accounts, and the ones … Continue reading

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