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 […]
Forensic Accounting Versus Business Valuation
If you rely solely on business valuation in litigation and business deals, you could be missing a critical piece of the puzzle. Forensic accounting can fill in the gaps and reveal a clearer picture. We love how ValuePointe.biz™ Principal and Manager Dwight A. Ensley explains it: “Sometimes clients believe that the business valuator is also […]
When You Can’t Pay Your Federal Taxes
More than half of U.S. taxpayers know that they pay an inaccurate amount of taxes each year. Most overpay and are happy to receive a refund. But since IRS withholding changed in 2019, nearly three in ten tax-filing Americans claim to have received an unusually large tax bill. Business owners and high-income taxpayers are surprised […]
Inflation and Your Small Business
The U.S. Chamber of Commerce reports that one in three small business owners consider inflation their top concern right now. Inflation worries have driven small business optimism about the future to record lows, adds the National Federation of Independent Business. In response, 67% have raised prices, 41% have decreased staff, and 39% have taken out […]
IRS Whistleblowers Can Win 30% of What’s Due (But It’s Not Easy)
Money is a powerful motivator. That’s why the IRS Whistleblower Office is sometimes called into action, often when business partner disputes or divorce cases gain momentum. There could be a lot to be gained—15 to 30% of the taxes that are due could be rewarded to a whistleblower—but reality paints a different picture. At least […]
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 convenience store owner for $7,500 in […]
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 penalties or even criminal charges. Click To View
Is It Time to Sell the Business?
Timing is everything. But what is the best “timing” when it comes to selling your business? It’s certainly an individual decision (no two business owners’ situations are alike). But to help identity what’s right for you and your business, look for these clues: Your business is doing well. It’s heartbreaking to witness business owners selling […]