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IRS Scam Report Update

In recent months, the IRS has issued a number of alerts to make taxpayers aware of a constantly evolving array of scams designed to impersonate the IRS. Whether by email, phone or text, these scams usually have a single goal in mind: To impersonate the IRS for the purpose of stealing your information, money or […]

Floyd Mayweather’s Tax Problems, What Can We Learn From Them? (Part 2)

Professional boxer Floyd “Money” Mayweather has reportedly resolved his tax bill of more than $22 million owed to the IRS, paid from his winnings from the August 26 bout with Conor McGregor, The Blast reports. However, the strategy he and his attorney used to deal with the levy threatened by the IRS is worth analyzing […]

Floyd Mayweather’s Tax Problems, What Can We Learn from Them? (Part 1)

The tax woes of Floyd “Money” Mayweather made their way into the spotlight earlier this summer, as ESPN reported that the undefeated professional boxer has a lien from the IRS in the amount of $7.2 million for taxes owed from 2010—in addition to $22.2 million he allegedly still owed in taxes for 2015, for the […]

Finding the Right Kind of Help to Deal with a Schedule C Audit

Even accomplished business owners will want to bring an expert into a Schedule C IRS audit. The process can be scary and intimidating, and it can make all the difference if you have an experienced tax professional at your side. Hire the right help and avoid the wrong help with these tips. Hire The Right […]

Documents to Gather Once the IRS Has Said You’re Being Audited

The IRS can request an audit up to six years after you file your business tax return. During your audit, you must prove that you filed an accurate tax return. Gather these supporting documents to prepare for acing your audit. Proof Of Income Start with Form 1099s, contracts and paid invoices, but then include more— […]

The New IRS Partnership Audit and You

As of January 1, 2018, the IRS changed how it audits partnerships and limited liability companies. Intended to make partnership audits easier and more efficient for the IRS, the changes apply to any entity that chooses to be identified as a partnership when filing taxes. Let’s look at some key changes and how they might […]

What it’s Actually Like to be Audited by the IRS–in the Words of Small Business Owners

Just thinking about an IRS audit makes most small business owners feel their pulse accelerate. Horror stories abound, and many of them are true. The legal drama, headaches, anxiety, and stress owed to dealing with the IRS are ordeals all their own. Couple these factors with financial losses potentially incurred by the audit, time lost […]

4 Common Triggers for IRS Audits

As a self-employed business owner, you can deduct advertising costs, office supplies and entertainment expenses on your tax return. These and other deductions can trigger an IRS audit, though, and here’s why. Disproportionate Deductions The IRS calculates normal deductions based on your income. High deductions with low income indicate possibly inaccurate record keepings, which could […]

IRS Scam Report— 2017 Year End Edition

In recent months, the IRS has issued a number of alerts to make taxpayers aware of a constantly evolving array of scams designed to impersonate the IRS. Whether by email, phone or text, these scams usually have a single goal in mind: To impersonate the IRS for the purpose of stealing your information, money or […]

The IRS May Have Paid $24B in Improper Refunds

Last summer, the Washington Times reported that the IRS paid out more than $24 billion dollars in refunds for 2016 based on potentially incorrect or fraudulent tax credits. According to the audit, the biggest misused tax credit was the Earned Income Tax Credit—which accounted for almost $17 billion in improper payouts. This figure also includes […]