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tax audits Archives

Mistakes non-profits should avoid before next year's tax season

As we approach the Independence Day holiday, most people think that accountants, bookkeepers and tax attorneys will be on vacation or marginally busy because tax season is not for another seven months. This sentiment may be applicable to non-profits, but it may be a dangerous feeling to hold.

Top sports gambling events can result in taxable income

With Game 1 of the Western Conference Finals in the books, scores of sports gamblers are breathing a collective sigh of relief after the Golden State Warriors earned a two point win over the San Antonio Spurs. Indeed, the Spurs covered the spread in Game 1 (they were a 10 point underdog), but it remains to be seen how they will fare in the series.

How to avoid being the subject of an audit

Job one for most businesses during tax season is to provide all the necessary paperwork to ensure that they pay only the amount legally required in taxes…and nothing more. Job two for these businesses is to avoid any IRS inquiries. However, not every company can avoid an audit. Because of this, it is best to avoid the red flags that can lead to an audit.

Surefire ways to make yourself a target for an audit

In a prior post, we highlighted groups that are likely to be audited by the Internal Revenue Service (IRS). Indeed, of the 90 to 100 million tax returns expected to be filed this year, only a small percentage of individuals and businesses will be audited. But given the amount of money ostensibly available because of innocent tax error and intentional acts to subvert the tax code, audits will not be going away anytime soon.

A bigger refund or a bigger paycheck? Which is better for you?

The beginning of November is not a very popular time to talk about tax refunds; unless, of course, you are a political candidate running for office. Nevertheless, it is still important to think about your tax return in terms of the interest free loans that you may be giving to the federal government because of the withholdings in your paycheck.

The basics of tax deductible estate administration costs

It may be a bittersweet feeling to be chosen as a person’s executor. This largely means that you have garnered the respect and trust of the person (and their family) whose estate you are tasked to divide according to the person’s wishes. But like the old adage “with great power comes great responsibility,” there are a number of questions that an executor may have. For example, are there expenses that could (or will) reduce the estate’s value for tax purposes? Additionally, are there expenses that are tax deductible?

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