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 […]
Proving Business Losses in Texas Courts
Business loss claims pop up in most commercial litigations. Contract disputes, business torts, and antitrust complaints are some of the most prevalent. There are several ways to claim business losses—some are still quite novel. For example, Ukrainian businesses are seeking avenues in which to hold Russia accountable for lost profits caused by Russia’s invasion of […]
How the Rich Pay Surprisingly Few Taxes
How much did you pay Uncle Sam last year? Ever wonder how the 1% like Warren Buffet and Elon Musk pay so little in taxes compared to their wealth? You may be able to use some of their strategies yourself. The White House reports that billionaires pay an average federal individual income tax rate of […]
Still Waiting for PPP Loan Forgiveness?
As COVID-19 relief for small businesses fades away, about 1 million PPP loans remain unforgiven. Roughly 9% of businesses that received PPP loans haven’t filed for forgiveness. A handful who did were denied or are still awaiting an answer. If you have a PPP loan, you should have either received forgiveness or started making payments […]