Are You an Audit Risk?
You may have heard that IRS audits are few and far between these days, and, for most taxpayers, the risk is indeed low. An average American taxpayer ten years ago was about three times more likely to be audited than they are today. The IRS just doesn’t have the staff and resources to audit like […]
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 […]
Gina Valorz Article
Gina Valorz was born and raised here in San Antonio, TX. “I love the city and everything it has to offer,” said Gina. She has lived in Sonoma Ranch since 2011. She and her husband David have a blended family that includes Gina’s sons, Gregory and Steven, and David’s son, Phinney, and daughter, Fiona. “And […]
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 […]
Buying a Distressed Business
It’s a unique time for small businesses. The economic ups and downs are creating both winners and losers. If you find yourself on the fortunate side, should you seize the opportunity to expand by buying a distressed business (perhaps even a competitor)? Here are some questions to ask before you act: Why is the business […]
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 […]