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Embarrassing Celebrity Tax Mistakes

Embarrassing Celebrity Tax Mistakes

Celebrities can certainly make mistakes with their money. Two of the most common mistakes that involve the IRS are tax evasion and poor estate planning. One is a failure to assume responsibility and hope the IRS doesn’t notice while the other is based more on ignorance of what can truly happen to your assets (and how much can be lost to the IRS) after you’re gone. Marilyn Monroe, Willie Nelson, Wesley Snipes and others have fallen victim to these mistakes and they (or their families) have paid the price. 

Reliable Staffing

Reliable Staffing

At the impressive age of 21, Rene Aguallo took on the staffing industry by starting his own firm. Twenty years later, his firm is still growing under his unique vision.

What's Really Happening with IRS Audits in 2017?

  • 26 April 2017
  • Author: Alexander Carr
  • Number of views: 583
  • 0 Comments
What's Really Happening with IRS Audits in 2017?

You may have heard that the IRS is auditing less but, before you breathe a sigh of relief, there are a few things you should know. While the number of audits has declined across the board since 2012, it’s a decrease of a fraction of 1 percent of all tax returns filed. Additionally, the IRS was spared significant budget cuts by the Trump administration recently, which means the recent change in federal leadership will not necessarily translate into fewer audits for all. And it’s important to note that the type of taxes you file and what you claim can make a big difference when it comes to your audit risk. 

Keeping Two Sets of Books Could Lead to Prison

  • 19 April 2017
  • Author: Alexander Carr
  • Number of views: 410
  • 0 Comments
Keeping Two Sets of Books Could Lead to Prison

Most businesses normally keep only one set of books, usually maintained to present financial statements to stakeholders (shareholders, financial institutions or government regulators such as the IRS and SEC). Their CPAs, whether internal or from an outside firm make “tax adjustments” to convert “book income” to “taxable income” and then complete the appropriate forms notifying the IRS of the differences. However, if a business has two sets of books, the IRS becomes very skeptical very quickly. 

The CEO Exodus (And What It Means for Your Retirement)

  • 11 April 2017
  • Author: Alexander Carr
  • Number of views: 449
  • 0 Comments
The CEO Exodus (And What It Means for Your Retirement)
Out of 74.9 million baby boomers, many are actively transitioning out of the business world right now either by retiring, selling their businesses, or taking alternative employment such as consulting. The number of small businesses for sale nationwide is at a six-year high and it’s not expected to decrease soon. Nearly 7 out of every 10 business owners

want to retire in the next 10 years. Many of these business men and women have moderate retirement funds set aside except for one elite group of CEOs who are set for life.

Do You Have a Succession Plan? Does Your Financial Advisor?

  • 29 March 2017
  • Author: Alexander Carr
  • Number of views: 779
  • 0 Comments
Do You Have a Succession Plan? Does Your Financial Advisor?
The idea of succession planning may be a foreign concept to you. But, if you’re a small business owner, it shouldn’t be. In fact, planning who will lead your business and how they will lead it after your exit could be the single most important business strategy you put in place

March Madness and Your Taxes

  • 21 March 2017
  • Author: Alexander Carr
  • Number of views: 524
  • 0 Comments
March Madness and Your Taxes

Doing well with your March Madness brackets? The IRS is happy for you…as long as you remember their cut of the winnings. Here’s what you should know about how you need to report earnings as well as tips to offset the tax burden (such as claiming other gambling losses). 

Will President Trump’s “2-for-1” Knockout Policy Affect Your Taxes?

  • 14 March 2017
  • Author: Alexander Carr
  • Number of views: 931
  • 0 Comments
Will President Trump’s “2-for-1” Knockout Policy Affect Your Taxes?

One of the executive orders signed by President Trump in the first few days of his administration deals with federal regulations. Essentially, government agencies like the IRS must identify two regulations to repeal for every new regulation they wish to add.

4 Early Tax Refund Myths Debunked

  • 28 February 2017
  • Author: Alexander Carr
  • Number of views: 901
  • 0 Comments
4 Early Tax Refund Myths Debunked
The moment your tax forms hit the mailbox, the clock starts ticking on when you might get a refund. The wait can be excruciating and theories abound on how to determine when a refund will come or even how to speed up the process. Is there any truth to these folktales? The IRS issued a statement

addressing the top myths surrounding refunds, especially for those who have already filled for the 2017 tax season.

Dangers of Not Securing Your Data

  • 21 February 2017
  • Author: Alexander Carr
  • Number of views: 607
  • 0 Comments
Dangers of Not Securing Your Data
Data breaches can ruin businesses of all sizes. Most are caused by innocent employee mistakes: clicking on a phishing email, losing a laptop; or misplacing a smartphone with company data in it. Assuming your business is too small or too low-tech to fall victim to data theft could be a devastating mistake. The truth is that more than 70 percent of attacks target small businesses. What’s more, about 60 percent of those suffering major breaches never recover, ultimately going out of business within six months
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