Blog
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...
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...
Is It Time to Sell the Business?
Timing is everything. But what is the best “timing” when it comes to selling your business? It’s certainly an individual decision (no two business owners’ situations are alike). But to help...
From Risk to Managing Partner
Gina Valorz joined Steven Bankler’s CPA firm in 1996 and Bankler Advisory, the investment advisory service of Steven Bankler’s CPA firm, in 2001. Today, Valorz is the managing...
Tipped Employees and the New 80/20 Rule
The U.S. Department of Labor’s newly revamped “80/20 guidance” for tipped workers is in effect after an emergency motion to withdraw it was denied. What is it and how does it affect Texas...
When You Can’t Pay Your Federal Taxes
It’s hard to get taxes right, but what if you’re surprised with a shockingly high federal tax bill you didn’t know you owed? The IRS offers some options, but if it’s a significant amount, turn...
Crypto & Your Taxes
Cryptocurrency went from being largely unregulated and untaxed to being one of the most closely watched taxable activities practically overnight. A little checkbox showed up near the top of...
Is Your Family Business Failing to Innovate?
Family businesses are typically slow to embrace change, which is a fatal liability these days. A failure to innovate is a significant reasonfamily businesses don’t make it past the first or...
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...
Spring Cleaning Your Taxes
The IRS anticipates extended delays and even worse than usual “customer service” this tax season. Plus, the year ahead may be filled with new tax curveballs, so it’s vital to get 2021 squared...