Taxes, Gig Workers, And Your Seasonal Help
Did you hear the big employment law news out of California? The state’s businesses are facing strict new limits on using independent contractors. It’s a valuable reminder that not all workers are equal in the eyes of the government, especially those considered independent contractors versus employees. Under a new ruling, slated to take effect January […]
Behold This CEO’s “Sick” Tax Crimes
A CEO of two Denver-area technology companies was found guilty on a host of charges, including impeding the administration of tax laws, conspiracy to defraud the U.S. government, and conspiracy to steal employee benefit plan funds. He’s been sentenced to over six years in federal prison. More tragically, however, his deception led to his employees […]
Five IRS audit mistakes to avoid
The IRS audits about one million taxpayers each year. While the agency is understaffed, that doesn’t mean you’ll slip through the cracks. IRS software automates the selection process now by flagging returns that show abnormalities: Perhaps the return deviates from what’s normally filed, or it’s been linked to a family member, investor, or business partner […]
You Can’t Beat The IRS With A Dead Horse
Some people seem to think the IRS will overlook just about anything. But a dead horse? That’s hard to miss. When a California-based horse enthusiast and IT business owner’s last horse died in 2008, being horseless didn’t stop her from continuing to claim business deductions for her horse-related endeavors. The IRS noticed and took a […]
How Employee Theft Could Destroy Your Business
If you’re a business owner, you may feel that you’ve built up a sixth sense when it comes to choosing the right business partners and customers. Fraud is all around us these days, after all, and it’s important to know who to trust. But it’s not just strangers who find us vulnerable. Your employees could […]
Joe Biden’s Bold Tax Loophole
In case you missed it, presidential candidate and former Vice President Joe Biden released his tax returns this summer. He makes a lot, but that’s not what has business owners and accountants talking. Biden and his wife Jill made $15.6 million in 2017 and 2018, which is impressive considering that, while still serving in the […]
It Can Take 10 Years To Retire Right, And Here’s Why
Meet Ted. Ted is a C Corp owner who is ready to retire by selling his $1 million worth of stock in the business. Not a bad retirement, right? Let’s take a closer look. The long-term capital gains tax for Ted is $240,000. And the buyer? His tax bill is even worse. Let’s say, in […]
Bonus Depreciation Relief For Some 2017-18 Purchases
The IRS will now permit taxpayers to change their bonus depreciation treatment for property acquired after Sept. 27, 2017, and placed in service during a tax year that includes Sept. 28, 2017. Business owners rejoiced when Section 168 of the tax code was changed in 2018, doubling the bonus depreciation allowed, expanding the definition for […]
No Uber For The Tax Man
Are auditors and other IRS agents allowed to get a ride from a ridesharing service–or even a friend or family member–to a taxpayer’s home or place of business? It depends on whether doing so violates the taxpayer’s privacy rights. That’s the conclusion of the IRS Office of the Chief Counsel in a recent legal opinion. […]
Five IRS Audit Mistakes To Avoid
The IRS audits about 1 million taxpayers each year. While the agency is understaffed, that doesn’t mean you’ll slip through the cracks. IRS software automates the selection process now by flagging returns that show abnormalities: Perhaps the return deviates from what’s normally filed, or it’s been linked to a family member, investor, or business partner […]