Joint Tax Return Issues
Watch our YouTube video on issues relating to Joint Tax Returns. Or read on for more details! Filing a Joint Return Filing a joint tax return allows married taxpayers to enjoy favorable tax rates. However, this benefit comes with a cost. The cost is that spouses who file a joint tax return have joint and […]
Penalties for Tax Evasion
September, 2020 case of a Shreveport business owner shows the severity of penalties for tax evasion. As a result of an IRS criminal investigation, a Shreveport, Louisiana business owner was sentenced on September 29, 2020. Penalties for tax evasion included 3 years and 4 months in prison and nearly $2 million in restitution payments to […]
Tax Evasion: Recent Case
Tax evasion is squarely in the sites of IRS auditors and the IRS criminal investigation division, especially as it relates to cash-based businesses. Tax evasion is also known as tax fraud. On September 10, 2020 the United States Attorney’s Office announced the sentencing of Mr. and Mrs. Brocato in a court trial that is a […]
Who Does the IRS Audit?
The IRS Audit and the receipt of IRS notices seem to be becoming more and more prevalent among Atlanta taxpayers. The IRS regularly examines third party documentation to identify income that is missing on tax returns. Most commonly, this includes 1099’s and W-2’s. This the cause of millions of IRS notices that go out to taxpayers every […]
“AUDIT-PROOF” YOUR BUSINESS WITH ONLINE RECEIPT CAPTURE FROM QBO
If you are a business owner, you know how important it is to track your expenses. You are probably also aware that keeping track of your money is becoming more and more difficult in our fast-paced digital world. The online receipt capture feature by QuickBooks Online makes this as easy as possible. When it comes […]
HOBBY LOSS RULES: WHAT TO DO?
With the job market in tatters in 2020, small businesses are popping up all over Atlanta. However, hobby loss rules are a trap for new business owners. The IRS is focusing more and more on hobby loss audits. Fortunately, there is a lot that the new business owner can do to stay out of IRS […]
HIRING FAMILY MEMBERS
Hiring family members can be a great planning strategy for any small business. It allows the family and the business to save money on taxes. And, it offers loved ones the opportunity to share in the success of the family business. There are several different scenarios to discuss while considering this valuable planning strategy. Hiring […]
STIMULUS CHECKS AND INJURED SPOUSE
Stimulus checks and the Injured Spouse This is a cutting edge tax issue brought to us by Covid-19. We see this in Atlanta, GA, our home town – and it is cropping up around the country as well. There are two types of tax relief for spouses, innocent spouse relief and injured spouse relief. Innocent spouse relief eliminates […]