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Attorney Flagged for Tax Evasion in New Case

CPA Practice

There’s a big difference between “tax avoidance” and “tax evasion.” Simply put, tax avoidance relies on legitimate strategies that may be used to reduce your income tax liability. For instance, you might take steps to increase certain personal deductions or postpone taxable investment income at the end of year.

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Betting on the Super Bowl? Don’t Forget About Taxes

CPA Practice

However, if you are among the 68 million people expected to place bets on the big game, you need to know that taxes are part of the equation. So, as we start tax season, here’s what you need to know about what your Super Bowl bet has to do with your tax return. And income from gambling winnings is taxable.

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Defending IRS Cash-Based Audits – Guilty Until Proven Innocent: Computing Income

Withum

Engaging a forensic accountant in advance of the audit to assess if all income has been reported and, if not, the level of unreported income can provide a path to address the auditor’s findings before they reach undesirable conclusions. The motivations to divert cash are as varied as there are businesses.

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Tax Savings for Accountants with Gambling Clients

CTP

American gaming has boomed since sports betting and online gambling were legalized. Complex tax laws for filing and deducting gambling winnings and losses provide new hurdles for taxpayers. Without knowing that information, you can’t serve your client the legal help required to avoid paying IRS tax debts.

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Everything You Need for an SBA Loan Application

inDinero Accounting

Other reasons include: Prior bankruptcy Negative taxable income Prior violent or financial felony or misdemeanor Certain industries are ineligible for SBA loans as well. Those include: Gambling Real estate Lending institutions “Adult” businesses Non-profits What Documents Do You Need for an SBA Loan?

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Top 10 Outrageous Things You Are Taxed On | You Won’t Believe This

LyfeAccounting

But in 1931, Capone was found guilty of 22 counts of federal income tax evasion and was convicted to 11 years in federal prison, in addition to $215,000 plus interest due on back taxes. You see, despite publicly displaying his wealth, Capone never filed a Federal tax return. Gambling Income.

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Overview of U.S. taxes on foreign income for individuals

ThomsonReuters

Jump to: What is foreign income? How to report foreign income What is Form 1099-DIV? Tax implications for owning property abroad What is FATCA? Helping clients with foreign income tax forms For U.S. citizens living abroad or earning income from foreign sources, questions often arise on how the U.S.

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