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Win the Lottery…and Jail Time

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...

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Tipped Employees and the New 80/20 Rule

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 restaurants and other tip-based businesses? Restaurants in most states including...

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When You Can’t Pay Your Federal Taxes

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 to a CPA for help. More than half of U.S. taxpayers know that they pay an...

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Cash Payments Can Trigger IRS Trouble

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...

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Partnerships Are a Tricky Business

Partnerships Are a Tricky Business

Small business ownership can be daunting when you’re alone at the top. That’s why many entrepreneurs consider forming their businesses as equal partnerships between two or more owners. However, these business structures can be uniquely affected by relationships,...

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