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Buying food and drink – when is it subsistence, entertainment or just not allowable?

Inform Accounting

Puzzling over whether that quick lunch or client dinner can be claimed on your tax return? If so, you´re not alone. This is something that a lot of business owners struggle with. Because the rules around food and drink expenses are anything but straightforward.

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How far back can the IRS audit?

xendoo

However, businesses tend to have more complex tax returns, so auditing is a concern. Typically, the IRS only goes back to audit tax returns that you’ve filed within the last three years. How far back can the IRS audit tax returns? An IRS audit doesn’t necessarily mean something is wrong with your tax return.

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How far back can the IRS audit?

xendoo

However, businesses tend to have more complex tax returns, so auditing is a concern. Typically, the IRS only goes back to audit tax returns that you’ve filed within the last three years. How far back can the IRS audit tax returns? An IRS audit doesn’t necessarily mean something is wrong with your tax return.

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Save on Your Business Taxes – 6 Useful Planning Tips from the Experts

MyIRSRelief

As ruthless as the IRS can be, they aren’t completely heartless and they themselves know that businesses can’t be expected to hand over unreasonable amounts of profit every time they file their tax returns. Another expense which you are legally entitled to claim a portion of your tax return back from, is travel.

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Taking Aggressive Tax Positions in Light of the Expected IRS Hiring Binge

Withum

Those who still challenge the system with aggressive deductions and underreported income may find themselves confronting a criminal charge of tax evasion. 10 Troublesome Tax Schemes. With this in mind, below are 10 troublesome tax schemes I have seen used by taxpayers. Expect them to be denied. Contact Us.

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Episode 066: Look at the Film Industry Tax Credit Business with Irene Waschler

BuildYourFirm

Irene Wachsler is a Certified Public Accountant specializing in accounting and tax solutions for small businesses, self-employed individuals, nonprofits, and the film and entertainment industry. Memorable Quotes: “Especially the smaller ones [film companies], they don’t realize they need to file tax returns.”.

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IRS Grants a “Do Over” to a Taxpayer Engaging in a Qualified Rollover

Withum

The taxpayer properly elects deferral by making an election on or before the due date (including extensions) for filing the tax return for the year in which the QSBS is sold. The taxpayer thus failed to properly elect deferral under section 1045 on his/her timely filed tax return (including extensions). Contact Us.