Don’t Make Foreign Income Your Dirty Little Secret
Tax Court recently upheld a $300,000 tax bill for a retired professor who followed the advice of embassy officials and his CPA when it came to reporting foreign income. It’s an essential lesson for anyone who has ever lived, worked, or held assets in another country at any point in their lives. Here’s how the […]
Why Did the IRS Trash 30 Million Paper Returns from 2020?
Ever been so far behind on paperwork or sorting mail that you were tempted to throw it all away and start fresh? That’s what the IRS did with 30 million business taxpayer documents received in 2020. The agency admits an “inability to process backlogs of paper-filed tax returns contributed to management’s decision to destroy an […]
HP’s Painful Employee Fraud Lesson
How did a giant tech company lose $5+ million due to one employee’s act of vendor fraud, and how can small businesses learn from their mistake? A former HP, Inc. (HP) employee recently pleaded guilty to defrauding the company out of more than $5 million related to wire fraud, money laundering, and a related tax […]
We’re One of San Antonio’s Best Places to Work in 2022!
Steven Bankler, CPA, Ltd. has been named to the San Antonio Business Journal’s Best Places to Work and we couldn’t be more thrilled!Winners are based on anonymous employee surveys gauging employee satisfaction in six key areas, such as trust in leadership and communication. “Being included in the Best Places to Work is a massive honor […]
IRS Facial Recognition Snafu Is a Wakeup Call
It’s not the first time the IRS has backed away from a terrible idea after public outcry, but it is one of the more confounding instances. Last November, the IRS announced that it would require a live video selfie through facial recognition technology to authenticate taxpayers prior to using online services to view account information, […]
Phishing at Work: An Expense You Can’t Afford
Phishing attacks are getting more sophisticated, even forcing many businesses that fall victim to them to close. The sad truth is that 60% of small businesses are shut down within six months of a significant cyberattack because of the financial losses involved (an average of $200,000, in fact). At the beginning of 2020, during the […]
Tax Tips for California Entrepreneurs Moving to Texas
Newly arrived in Texas by way of California? There’s a strong influx of California transplants to the area, particularly among entrepreneurs. If you’re among them, welcome! But fair warning: Leaving the state doesn’t necessarily mean you’ll stop paying California taxes. Entrepreneurs love the Lone Star State’s business-friendly policies. Ranking high among them: No corporate or […]
Federal Contracting & Your Small Business
Federal contracting can be an excellent niche for small businesses in many areas, including manufacturing, IT, professional services, construction and more. With the federal government rewarding $13 billion more in small business contracts this fiscal year over last, it’s time to understand the risks and rewards. The U.S. Small Business Administration (SBA) recently announced that […]
Michael Jackson’s Thrilling Tax Court Win
When Michael Jackson died in 2009, his estate was suffering, and he was deeply in debt. Among what was owed was millions in taxes, but exactly how much was anyone’s guess. Estimates from the IRS and his estate managers differed by more than $700 million. His estate finally had its day in court, and the […]
Tesla’s Texas Tax Incentives Your Business Can Get, Too
Tesla’s Gigafactory planned for the Austin area is big news. Elon Musk says it’ll bring over 10,000 jobs to Central Texas by 2022. The $1.1 billion plant will undoubtedly be a boon for the area, but it’s getting a sweet deal, too. That deal is in the form of tax breaks and incentives totaling at […]