Employee Retention Credit Fraud: Don’t Get Lured In
The IRS is warning employers to be wary of third parties advising them to claim the Employee Retention Credit (ERC) when they may not qualify. “Businesses are encouraged to be cautious of advertised schemes and direct solicitations promising tax savings that are too good to be true,” states the IRS. “Taxpayers are always responsible for […]
Smart Startup Tax Considerations (For Everyone)
It’s an exciting time to be a San Antonio entrepreneur—new and seasoned alike. As businesses in San Antonio flourish, it’s essential not just to grow and thrive but to protect and preserve with smart tax-saving moves. San Antonio’s startup scene is booming, with tech jobs in the area expanding by 80% in the past year. […]
Do Texans Pay More Taxes Than Californians?
A viral infographic showing how Texans pay more taxes than Californians has raised eyebrows across the state. Even Beto O’Rourke drudged it up in a recent tweet. The Houston Chronicle says it’s true, the Tax Foundation says it’s not, and the San Antonio Express-News shrugs its shoulders. The answer depends on your income level and […]
Patagonia’s Big Give Could Save $1 Billion in Taxes
Once Patagonia founder Yvon Chouinard announced that he’s giving away the corporation’s wealth to fight climate change, experts started crunching the numbers. Turns out the donations could save him and his family over $1 billion in taxes, in addition to being able to direct where those funds are spent. “It shows how wealthy people don’t […]
The IRS Got an $80 Billion Raise. How Will That Affect You?
There’s no doubt you’ve spent at least a moment worrying about the $80 billion funding boost the IRS just received as part of the Inflation Reduction Act. Should you be worried about increased audits? Possibly. For most taxpayers, however, the infusion won’t be notable. First of all, if you heard that the funding will be […]
When Do Unpaid Payroll Taxes Become Criminal?
There’s talk that the IRS is more proactively tracing how unpaid payroll tax money is spent during trust fund recovery investigations. The outcome? Potentially, it’s a swifter handover to the IRS Criminal Investigation Division for criminal prosecution. Bloomberg Tax published a commentary on the development this summer. In his observations, Attorney Eric Green of Green […]
Your Tax Preparer Isn’t Responsible for Your Omissions
A former small business shareholder recently found guilty of tax evasion serves as a reminder that your tax preparer isn’t responsible for what they don’t know. The case involves a buyout agreement the Brooklyn man entered into when he sold shares of stock back to a home warranty business as he exited. The company agreed […]
Turns Out Chrisley Doesn’t Know Best
Reality television stars Todd and Julie Chrisley were recently convicted for tax fraud and willingly filing false tax returns. They blamed an employee and their accountant feigned ignorance, but the IRS wasn’t having it. What went on, and can it happen to you? The Chrisleys were found guilty of conspiring to defraud community banks out […]
New Anti-Fraud Requirement Coming for Small Businesses
A massive new filing requirement designed to crack down on shell companies and fraud is coming for certain small businesses with fewer than 20 full-time employees or less than $5 million in revenue. It’s relatively easy to set up legal entities in the U.S., and it’s also rather anonymous to do so, with a minimal […]
Avoid This Costly Charitable Deduction Mistake
It’s better to give than to receive, but receiving a tax break for your charitable giving? That’s a win-win. Making a mistake as simple as overlooking the gift receipt, however, can turn a big donation into a massive missed opportunity. Let’s look at an example from a recent court case. A New Mexico couple acquired […]