Blog
Claiming an Adult Child on Your Tax Return
We’re often asked how long a young adult can be claimed as a dependent on their parent’s tax return. Navigating taxes on their own is a rite of passage that most would prefer to put off as...
Employer Tax Breaks for Student Loan Assistance
COVID-era repayment and interest moratoriums on student loans are ending. If you’re an employer, you no doubt have employees who are affected (you may be personally affected as well). Here are...
IRS Intends to Be More User-Friendly by 2024
The IRS recently updated the public on how it’s been spending its cash infusion, including new online accounts and mobile-friendly forms. It also announced an end to surprise visits from tax...
Study Reveals Who’s Most Likely to Cut Out Heirs
Who would have predicted this plotline: Agreeable and extroverted individuals are more likely to distribute wealth to their children unequally, while more calculating introverts appear likelier...
You Can’t Beat the IRS with a Dead Horse
Some people seem to think the IRS will overlook just about anything. But a dead horse? That’s hard to miss. When a California-based horse enthusiast and IT business owner’s last horse died in...
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...