Now that filing season is done, many tax professionals are taking a well-deserved break – but the IRS warns that tax scammers work all year long. Spear phishing was featured on this year’s “Dirty Dozen” list of common scams for tax professionals to be aware of. Spear...
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Cheesesteak Restaurant Owners Plead Guilty to Tax Conspiracy
For more than a decade, two owners of Tony Luke’s Philadelphia Cheesesteak Restaurant paid employees partially in cash in order to defraud the IRS by reporting and paying lower payroll taxes. They were also charged with conspiracy to defraud the government by...
California Man Found Decades After Evading the IRS
In December 2000, Robin J. McPherson, formerly of San Diego, plead guilty of conspiring to defraud the IRS, and for tax evasion. McPherson was the President, CEO, and co-owner of Continental Wireless Cable, Inc., a telemarketing company that sold more than $30...
Special Saturday – Get IRS Help
This Saturday, May 14th, the IRS is offering special “office hours” at their Taxpayer Assistance Centers (TACs) to assist taxpayers! The IRS is recognizing that not everyone can take time off during the weekday’s normal business hours, or even secure an appointment at...
Plan Now for Increased 2022 Business Meal and Home Office Deductions
The IRS has provided updated advice that may be useful to business owners who have business meal expenses or who work from home. Be sure to read the fine print, however, because exceptions apply… Typically, only 50% of business-related purchases can be deducted. For...
Biden’s FY2023 Budget Proposal Includes Increase to Estate and Gift Tax, and Higher Individual and Corporate Income Taxes
President Biden recently released his FY2023 Budget, and the U.S. Treasury provided details regarding the related revenue provisions. The proposal includes increased income tax for individuals from a top rate of 37% to 39.6%, and for C corporations from 21% to 28%....
Cannabis Property Seized By State Now Up for Sale
Last month the California Department of Tax and Fee Administration (CDTFA) auctioned off two properties seized due to illegal cannabis sales. One of the properties, in Whittier, owes over $850,000 in taxes to the state which the CDTFA hopes to recover from its...
Claim Your 2018 Tax Refund before it’s Too Late
Have you filed your 2018 federal tax return? If not, you could be one of the estimated 1.5 million taxpayers who did not file for 2018 and could be owed a tax refund. The IRS released a reminder today stating there is almost $1.5 billion in unclaimed tax refunds due,...
IRS Hopes To Hire 5,000 in 2022
As the IRS continues to catch up with its backlog of processing 2020 income tax returns, and in an effort to more efficiently serve taxpayers this tax season, the IRS has announced they will be hiring for more than 5,000 open positions. These new customer service...
What Triggers an IRS Audit?
The Wall Street Journal listed 10 Red Flags that the IRS looks out for. Tax credits for children, healthcare premiums, earned income, and now pandemic related grants, loans, and credits make up a majority of their list. Other red flags are small business, especially...
