Tax Havens: Legal Or Not?
Google shifted nearly $23 billion in profits to a tax haven in Bermuda in one single year, allowing it to avoid triggering U.S. income taxes and European withholding taxes on its foreign income. How did they do it? Are using tax havens in this way legal? According to Reuters, Alphabet, Google’s owner, moved revenue from […]
Beware Of The Newest IRS Scams
Did you get a hostile call from the IRS about owing money? Did Uncle Sam email you a tax transcript? You are being scammed. Over the past few months, the IRS has issued notifications of new scams that are costing taxpayers millions. They include: Unsolicited phone calls fraudulently claiming to be from the IRS Taxpayer […]
Real Estate Investments And Your Taxes
Do you invest in commercial real estate? You don’t need to be a mogul to do it, and certain tax advantage can make it worthwhile. Some recent tax changes should be noted, however, even for those who aren’t new to investing in commercial real estate as part of their portfolio. Click To View
Your 3 Types Of Taxed Income
Taxes are fickle. One classification misunderstanding and the IRS could blindside you with a tax or a tax rate you weren’t expecting. Small business owners are especially vulnerable since their personal and business assets can be uncomfortably intertwined. The key to tax savings is in understanding three main types of taxed income and how the […]
Forensic Accounting Lessons From The College Admissions Scandal
If the recent college admissions scandal has you scratching your head wondering, “how did they get away with it for so long, and how was it uncovered,” wonder no more. There’s no doubt that forensic accountants played a role, and what they did to uncover the payoffs might save your own business one day. The […]
Not All Postmarks Are Valid To The IRS
While printing postage from the internet is convenient, it may not be a good idea to do so for payments or petitions mailed to the IRS. That’s what one taxpayer recently learned when her correspondence was regarded as being late despite the timely date her private postage label clearly displayed. In this case, the woman […]
Accounting Lessons From The NBA’s Zaza Pachulia
NBA star Zaza Pachulia and his wife recently learned the hard way that it’s critical to use a reputable accountant. Pachulia’s identity was used by his accountant, Randy Usow, to defraud the IRS of more than $800,000. The case is eye-opening in several ways: Pachulia and his wife worked with Usow for about seven years […]
Expert Witnesses Are Not Immune To Malpractice Claims
A Michigan Court of Appeals recently ruled that expert witnesses can’t simply claim witness immunity for testimony that can be considered incompetent. Instead, licensed professionals acting as expert witnesses owe the same professional diligence to the party for which they testify as they would to any client. Failing in doing so could result in malpractice. […]
How Hobbies Get Taxed
Hobbies are a great distraction from the hustle and bustle of work. If you’re retired, they can be equally fulfilling. Over time, some of us become so good at our hobbies that they start providing income for us. How many gardeners, crafters, bakers, woodworkers, photographers, and other hobbyists do you know who have found an […]
Retiring In 2019
Retiring soon? Congratulations! Certain changes in the tax code affect your income taxes as you retire, including healthcare deductions and Social Security distributions. If you’re a business owner, other changes can affect how you plan your succession and the potential sale of your business. Below are some considerations that could determine how much of your […]