When tax time rolls around each year, and you start to organize your paperwork to file your taxes, you might think about the task and the IRS with a vague sense of dread. If so, you are not alone. A Gallup poll confirmed that Americans rated the federal agency their least favorite. That should come […]
Colorado CPA Charged with Defrauding Businesses of $2.5 Million in Taxes A local Colorado accountant faces charges of transferring a minimum of $2.5 million, designated for payroll taxes, from at least eight local businesses to his personal account during the past four years. Don R. Iley of Iley & Associates in Centennial stands accused of […]
We recently had a client hire us for an IRS audit covering tax years 2012 and 2013. The IRS was challenging her business expenses listed on the schedule C, primarily travel, meals and entertainment, as well as mileage and vehicle costs. We definitely had our work cut out for us. First and foremost the week […]
The IRS will allow for a repayment plan to be auto-drafted out of a checking or savings account of your choice. However, if you feel the need to set up an IRS direct debit payment plan be ready for a few hurdles: You will need to be sure to provide banking information including your bank […]
We recently had a client who came to us with a tax liability totaling $115,000 between the IRS and the State of California for 2009 and 2010 (yes the State does this too!). He was concerned as to why he owed so much money and was very confused as to why the IRS and State […]