Are there strategies to avoid an IRS audit? What are some of the known risks for triggering an IRS audit? What should you do if you have are concerned about the information provided a previous tax return? Is there a way to amend a previous return or come into compliance...
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IRS to Leave More in Our Paychecks in 2024
Is it possible for the IRS to leave more in our paychecks in 2024? What has changed for the 2024 federal income tax brackets and how will these apply to the tax return(s) you’ll file in 2025? The IRS released a new bulletin, IR-2023-208, earlier this month that provides good...
Tax Tips for Lottery Winners
Today is the anniversary of the largest Powerball lottery victory in the United States of $2.04 billion. Just over the $1.765 billion jackpot claimed last month (Oct 2023). What are some tax tips for lottery winners and what impact will taxation play when you hit it big in a lottery?...
What Are the Statute of Limitations on an IRS and California Tax Audit?
What are the statute of limitations on an IRS audit and a California tax audit? There is a time limit, known as the "statute of limitations", when the IRS and/or California must complete an audit of your tax returns. It is important to understand the concept of the statute of...
The High IRS Tax Rates on a Foreign Trust
Are you concerned about the high IRS tax rates on a foreign trust? It is important to understand the tax and reporting consequences on this specific type of investment. It may very well be time to evaluate the net value of this form of investment based upon current IRS taxation...
IRS Focuses Scrutiny on High-Income Taxpayers, Partnerships and Corporations
New issues come into focus as the IRS focuses scrutiny on high-income taxpayers, partnerships and corporations, as well as those who promote the abuse of tax rules. The IRS has formally given notice that it intends to refocus attention from working-class taxpayers to wealthy and high-income audit targets. The notice,...
Podcast Episode 22 – Domestic Tax Planning
In Episode 22 - Domestic Tax Planning Janathan Allen discusses the importance of the process of domestic tax planning. Many people don't think to consider tax planning by assuming "I'm a W2 employee, how can domestic tax planning help me?" The fact is there are a lot of ways to...
The New IRS Tax Implications of Crypto Staking
What is the concept of “staking” in terms of cryptocurrency assets and what are the new IRS tax implications of crypto staking for US Taxpayers who invest in cryptocurrencies? The concept of staking requires a general understanding of the blockchain networks and how information is captured and validated. In simplest...
The IRS Completed the “Dirty Dozen List” for 2023
The IRS completed the “Dirty Dozen List” for 2023 and while there were a few hold-outs from previous years, there were several new warnings in the offering for 2023. The first warning focused upon the aggressive promotion of claiming Employee Retention Credit and the risk of scammers, basically warning if...