IRS Criminal Investigation (IRS-CI) started a little over 100 years ago as an intelligence unit within the IRS, with nothing more than a few Post Office inspectors. Over the years, IRS-CI has become world-renowned for investigating abusive tax schemes, financial fraud, and many other crimes. With COVID-19 and Paycheck Protection Program (PPP) loans among the…
What’s the best tax deduction or tax break available? I hear that question all the time, and I often point people to health savings accounts, or HSAs. While many people believe healthcare expenses are the biggest deductions they can claim, thinking about your HSA as a large tax deduction and even a potential retirement account…
Most people love a little gossip, and celebrities are often the best source, especially when they get into financial trouble. But with a good business manager and a little financial literacy, people can keep their names out of the newspaper, off the internet, and off auditors’ radar. Business managers aren’t just for celebrities. You can…
Foreign bank accounts aren’t necessarily for mustache-twirling villains and the superwealthy, but they do trip up plenty of people when it’s time to file their taxes. With foreign accounts becoming more common among everyday people and the minimum amount required to file being so low, it can be easy to not even realize you need…
2020 is nearly done. Whether you’re an individual concerned about how a new president and recovering economy will impact you, or you need to find some last-minute tax deductions, there’s plenty to be thinking about as the new year ticks over. Preparing for end-of-year taxes, estate planning, and maximizing tax deductions On this week’s episode,…
Everyone knows the 12 Days Of Christmas lyrics but with some pretty outlandish presents being given in the song, it’s the 12 Days Of Christmas cost that most people want to know about. The PNC Christmas Price Index measures the price of those 12 presents, pitting it against previous years to not only be a…
All taxpayers deserve quality taxpayer support and representation. However, this can be a costly avenue to achieve. Many taxpayers who stumble upon a tax dispute are unaware of the assistance out there. In this week’s podcast, Kelly talks about options for taxpayer help. The LITC, also known as Low Income Taxpayer Clinics, are independent organizations…
What is bankruptcy? Kelly helps to break down and define bankruptcy: a legal process for obtaining debt relief for those unable to repay obligations. A lot of bankruptcy reporting focuses on corporations, but most cases are actually filed by individuals and are related to medical injuries or expenses. Other reasons for bankruptcy might be losing…
Since the pandemic, there has been a lot of uncertainty about the economy, especially for taxpayers and business owners. But as governments seek to make up lost revenue, that raises concerns about tax compliance. An easy target? Sales tax. There has been and probably will continue to be a shift in the economy and tax…
Cryptocurrency is a digital or virtual currency. Essentially, it was created to offer a system to enable peer to peer payments without the need of a third party, offering security and a measure of anonymity. For federal income tax purposes, it’s treated as a capital asset. And what you don’t know could hurt you since…