Anyone reading the news in the past several weeks has been bombarded with the “fiscal cliff” – a proposed increase to federal taxes resulting from the expiration of previous Bush era tax cuts; originally designed to as an imputes to stimulate the struggling economy. On December 31st, competing Democratic and Republican law makers claimed “victory” that a settlement has been... Read More
Companies using QuickBooks, Peachtree or other popular accounting software have greater risk in IRS audits, or IRS examinations than ever before. Previous IRS Examination Procedures Previous to new IRS procedures, IRS examinations of Company records would generally be limited to the year of the examination. Prior year summary accounting information (income, expenses, assets, liabilities and equity by major classification) would... Read More
A really funny thing happened to me today in a tax audit. I’m a CPA who does much of his work solving IRS problems most any day of the week. Our firm represents taxpayers with tax problems before the IRS whether its correcting tax returns, settling back tax problems or representing taxpayers in an IRS audit. Today, I was representing... Read More
Second Special Voluntary Disclosure Initiative Opens; Those Hiding Assets Offshore Face Aug. 31 deadline IR-2011-14, Feb. 8, 2011 WASHINGTON — The Internal Revenue Service announced today a special voluntary disclosure initiative designed to bring offshore money back into the U.S. tax system and help people with undisclosed income from hidden offshore accounts get current with their taxes. The new voluntary... Read More