This site uses cookies to improve your experience. To help us insure we adhere to various privacy regulations, please select your country/region of residence. If you do not select a country, we will assume you are from the United States. Select your Cookie Settings or view our Privacy Policy and Terms of Use.
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Used for the proper function of the website
Used for monitoring website traffic and interactions
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Strictly Necessary: Used for the proper function of the website
Performance/Analytics: Used for monitoring website traffic and interactions
Dolton, Illinois: Taxpreparer Byron Taylor, of Homewood, Illinois, has pleaded guilty to preparing and filing false individual income tax returns for clients and for himself. He owned and operated We Are Taxes and boasted that "Everyone Gets a Check!" He caused a total tax loss to the IRS of $914,745.
EDT 2 Min Read Facebook Twitter LinkedIn Email OBBBA and gambling; a billing lesson from bookkeeping; BOI 2.0; and other highlights from our favorite tax bloggers. It is done Eide Bailly ( [link] ): For lawmakers, officials and tax experts, its been a whirlwind of activity and work. Tax strategies for law firm partners.
OBannon Four taxpreparers convicted of defrauding the IRS of nearly $8 million have been sentenced to a combined 105 months in federal prison, the acting United States Attorney for the Northern District of Texas Nancy E. The estimated loss to the IRS from these false tax returns totaled more than $7.5 in restitution.
TPB slaps 5-year ban on accountant involved in $26m fraud [ Accountants Daily ] The Tax Practitioners Board has slapped a five-year ban on a Sydney accountant charged with stealing $26 million through his firm to fund a lavish lifestyle and gambling addiction.
Claiming Large Losses From Gambling. The IRS pays heavy attention to losses claimed from gambling. This is because you can only deduct gambling losses to the extent that you report your winnings. If you gamble recreationally and claim losses, the IRS will be looking to see if you also reported your winnings in your income.
Working with business owners gives the chance to do a lot of damage to tax bills … but personal taxes are still “a thing” Below is a list of what you will need during the taxpreparation process on the personal side. Nonetheless, it’s a useful tax checklist.
Coss, 54, was arrested Tuesday and is held in the Broward Main Jail on 18 charges stemming from an ongoing Internal Revenue Service tax fraud investigation. He owns Coss Bookkeeping & Accounting and is the registered agent of numerous other businesses, state business records show.
Also, if you are not sharp, you might miss the note buried on page 14 or thereabouts that the amounts on page one of the K-1 are likely not correct, and you need to check with your taxpreparer (who will probably have no knowledge about that particular hedge fund). Once the ball comes down for the New Year, it will be too late.
Tax Betting on the Super Bowl? You gotta pay the piper’ on your winnings, says tax expert [ NBC10 Philadelphia ] All gambling winnings are considered taxable income by the Internal Revenue Service, even if you aren’t a professional gambler. “Win big?
In another demonstration of the move from paper-based processes and further into digital for the taxpreparation industry, services like H&R Block are getting creative by offering qualified customers instant refund advance loans. Even the growing legal gambling sector is getting into the instant disbursements act.
Without accurate and structured financial records, making informed decisions becomes a gamble. 3) Overlooking Tax Planning Ignoring tax obligations can result in hefty fines and disrupt financial planning. Consider professional taxpreparation services minimizing risks. How to avoid? How to avoid?
From understanding what foreign income is to navigating various tax forms and deductions, it is important for accountants to understand the ins and outs of U.S. Consider implementing scan-and-populate solutions that automate the taxpreparation process and streamline documentation. Plan ahead. Timely filing.
According to his plea agreement, Fulton and his company provided bookkeeping, accounting, and taxpreparation services for Wayne Joseph Nix, 46, of Newport Coast, a former minor-league baseball player who for nearly 20 years ran an illegal bookmaking business.
The IRS Criminal Investigation unit has released its top cases for 2022 and in it we get reality TV personalities, a rogue taxpreparer, some garden variety PPP fraud, and even a former decathlete with his own Wikipedia page. Burnell did not report any of the money he received from victims in 2011 or 2012 on his income tax returns.
EDT 3 Min Read Facebook Twitter LinkedIn Email OBBBA and gambling; a billing lesson from bookkeeping; BOI 2.0; and other highlights from our favorite tax bloggers. The Sales Tax People ( [link] ): How long do states have to audit your clients for sales taxes, anyway? All rights reserved.
We organize all of the trending information in your field so you don't have to. Join 237,000+ users and stay up to date on the latest articles your peers are reading.
You know about us, now we want to get to know you!
Let's personalize your content
Let's get even more personalized
We recognize your account from another site in our network, please click 'Send Email' below to continue with verifying your account and setting a password.
Let's personalize your content