The COVID-19 pandemic made the past year quite difficult for everyone as we all struggled with significant changes in our daily lives. Learning how to work and attend school remotely. Not getting to dine out with family and friends. Not getting to visit and hug loved-ones, be they parents in nursing homes or our grandchildren [...]
Vehicle mileage expenses comprise one of the major expense deductions on many businesses’ tax returns. The US Tax Code and regulations require the expenses claimed be reasonable and necessary for the production of income. In addition, the Code and regulations require the taxpayer substantiate the expenditures by adequate records. The taxpayer can meet the “adequate [...]
During the past year many people whose work hours and income were reduced may have been tempted to start trading stocks as a way to make money. With the market going up after the brief downturn at the beginning of the COVID-19 pandemic, making money in the stock market looked like easy pickin’s. How hard [...]
In November 2020, the IRS debuted new options designed to help Americans settle back taxes. These options are welcome and important and can help Americans protect their homes and finances. They do not, however, reduce most Americans' need for the assistance of an IRS attorney. Keep reading now to learn how an IRS attorney in [...]
If you have not filed tax returns for the year, you may be in for some administrative trouble. Maybe you are unable to pay, or perhaps your finance team made a mistake. Either way, it is essential to contact a qualified tax attorney to help you tackle this issue! If this sounds like the state [...]
When you consult a lawyer about your employment lawsuit, two things will go on: 1. You will evaluate the lawyer to decide whether this is the person that you want to represent you. 2. The lawyer will evaluate you and your case to decide whether he or she wants to represent you. Here is how [...]
Coronavirus Relief Options Our nation's small businesses are facing an unprecedented economic disruption due to the Coronavirus (COVID-19) outbreak. On Friday, March 27, 2020, the President signed into law the CARES Act, which contains $376 billion in relief for American workers and small businesses. Funding Options In addition to traditional SBA funding programs, the CARES [...]
The IRS recently signed a seven-year, $99-million deal with a private company for data mining software to help the IRS track down and prosecute tax cheats. The technology can sift through mountains of taxpayer information, exposes suspicious activity, and identify cases for possible audit. With tight budgets, the software boosts efficiency. The IRS is being [...]
Although courts have been less inclined in recent years to grant alimony (spousal support paid from one partner to the other on an ongoing basis following a divorce), there are some scenarios in which it is more commonly awarded, such as when one partner was responsible for the vast majority of the couple’s combined income [...]
Although the IRS lost a lot of staff over the past few years due to budget cuts, retirements, and hiring freezes, it has been hiring additional enforcement personnel in the past few months. The personnel are being trained and are starting to hit the field. That means the IRS is ramping up to increase tax [...]
Many of us feel overwhelmed with paper and record keeping. I often get asked how long records should be kept, as well as what records to keep. Here’s a court case that will help you appreciate the need for good tax records. Proving Basis in the Home Riley and Joyce Pendergraft bought their home in [...]
Most people are probably aware that various groups, including the US Congress, have been trying to get President Trump to release his tax returns. In 2016, then candidate Trump indicated he would release his returns if elected. More recently, President Trump has been asking the Federal Court to block a subpoena issued by the Manhattan [...]
In July 2019 a man who formerly resided in Herndon was sentenced to one year and a day in federal prison on each of four charges (two charges of theft of government money and two charges of money laundering) for his role in tax fraud i.e preparing false tax returns, stealing the refunds, and “laundering” [...]
A retired grandmother with a fondness for shopping sought a way to combine her love of shopping with a desire for a tax cut. In 2010 she developed what she described as her “personal tax shelter.” She learned that a taxpayer may generally claim a charitable deduction in an amount equal to the fair market [...]
Since a major pandemic of this scope has never happened before, there is broadscale confusion for businesses and employees during the quarantine. The CDC has issued guidelines as temporary closure orders remain at the discretion of individual states and counties. These guidelines, if they are not followed, can become lawsuits later on, so businesses will need to remain vigilant [...]
