Inflation and Your Small Business
The U.S. Chamber of Commerce reports that one in three small business owners consider inflation their top concern right now. Inflation worries have driven small business optimism about the future to record lows, adds the National Federation of Independent Business. In response, 67% have raised prices, 41% have decreased staff, and 39% have taken out […]
IRS Whistleblowers Can Win 30% of What’s Due (But It’s Not Easy)
Money is a powerful motivator. That’s why the IRS Whistleblower Office is sometimes called into action, often when business partner disputes or divorce cases gain momentum. There could be a lot to be gained—15 to 30% of the taxes that are due could be rewarded to a whistleblower—but reality paints a different picture. At least […]
Win the Lottery…and Jail Time
A recent tax court case involving a Boston cop proves that once you purchase a winning lottery ticket, you’re on the hook to pay taxes on the winnings—even if you don’t keep the ticket. The police officer won $10,000 on a scratch-off ticket, which he then sold to a convenience store owner for $7,500 in […]
Cash Payments Can Trigger IRS Trouble
What do $600, $5,000, and $10,000 have in common? They’re specific payment amounts to a person or business that can trigger IRS reporting requirements. Ignore those triggers, and someone (either the payee or the recipient, depending on the trigger) could face steep penalties or even criminal charges. Click To View