Blog
Overestimating Your Retirement Savings?
A recent study shows 28% of U.S. households think they’re on track for retirement but are actually at risk of falling short. Extremely surprising: High-income households are most likely to fall...
IRS Gives Out Badges & Trust Us, You Don’t Want One
How does the IRS determine who gets flagged for potential tax fraud activity? The agency judges taxpayer actions against a list of over 60 “badges” or indications of fraud ranging from...
What Is Reasonable Compensation?
Business owners and shareholders have some leeway on their compensation structures, to a point. The IRS has long held a standard called “reasonable compensation” that it uses to determine if,...
Crypto Tax Investigations Ramp Up
The IRS claims its Criminal Investigation (CI) division can trace any crypto transaction and has used those capabilities to double crypto seizures. Among those cases, about half are tax...
Refuting Criminal Intent in Business Fraud Cases
Criminal intent can make or break a business fraud case. Yes, intent can be hard to prove, but it’s also difficult to refute when every arrow seems to point to one person, often the business...
IRS Can Peek at Certain Bank Accounts Without Notice
The U.S. Supreme Court has unanimously ruled that the IRS can, without notice, review the bank accounts of third parties associated with delinquent taxpayers. The decision was part of Polselli...
Alternative Cost Method Updated with Easier Tax Advantages
The IRS recently updated the optional rules for real estate developers to determine when common improvement costs may be included in the cost of individual units held for sale. It’s known as...
Petitioning the IRS, Beyoncé Style
You have the right to disagree with the IRS, and superstar performer and business mogul Beyoncé Knowles-Carter is serving up some high-profile proof. Knowles-Carter is contesting nearly $2.7...
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...
Business Structure Myths Vs. Facts
Whether you’re new to entrepreneurship or you’ve been in business for years with a full staff and profitable company behind you, the need to evaluate (or re-evaluate) your business structure...