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Painful IRS Lessons Continue for Actor Wesley Snipes

  • 11 June 2019
  • Author: Cari Holbrook
  • Number of views: 51
  • 0 Comments
Painful IRS Lessons Continue for Actor Wesley Snipes

Actor Wesley Snipes served four years in prison for tax evasion, but it wasn’t enough to wipeout his $23.5 million tax bill. For that, Snipes continues his more than 13-year battle with the IRS, and the hits keep coming.


5 Audit Mistakes To Avoid

  • 28 May 2019
  • Author: Cari Holbrook
  • Number of views: 107
  • 0 Comments
5 Audit Mistakes To Avoid
The IRS audits less than 1% of all tax returns. Before you breathe a sigh of relief, that still adds up to about 1 million audits every year. IRS software is helping to automate the process by flagging returns that show abnormalities. Perhaps the return deviates from what’s normally filed, or it’s been linked to a family member or business partner who is being audited, for instance.

Tax Havens: Legal or Not?

  • 21 May 2019
  • Author: Cari Holbrook
  • Number of views: 130
  • 0 Comments
Tax Havens:  Legal or Not?

Google shifted nearly $23 billion in profits to a tax haven in Bermuda in one single year, allowing it to avoid triggering U.S. income taxes and European withholding taxes on its foreign income. How did they do it? Are using tax havens in this way legal?


Beware of the Newest IRS Scams

  • 14 May 2019
  • Author: Cari Holbrook
  • Number of views: 51
  • 0 Comments
Beware of the Newest IRS Scams

Did you get a hostile call from the IRS about owing money? Did Uncle Sam email you a tax transcript? You are being scammed. Over the past few months, the IRS has issued notifications of new scams that are costing taxpayers millions. They include:


More Lessons on Jury Awards Taxed as Ordinary Income

  • 9 May 2019
  • Author: Cari Holbrook
  • Number of views: 91
  • 0 Comments
More Lessons on Jury Awards Taxed as Ordinary Income

A recent court ruling held that a jury award of tort damages (including interest) that a cattle and dairy farmer received in a stray voltage lawsuit were ordinary income which should have been included in the farmer’s taxable income; thereby increasing his taxes. An important lesson in this case includes the tax price of winning a court case.


Forensic Accounting Lessons from the College Admissions Scandal

  • 23 April 2019
  • Author: Cari Holbrook
  • Number of views: 200
  • 0 Comments
Forensic Accounting Lessons from the College Admissions Scandal

If the recent college admissions scandal has you scratching your head wondering, “how did they get away with it for so long, and how was it uncovered,” wonder no more. There’s no doubt that forensic accountants played a role, and what they did to uncover the payoffs might save your own business one day.


Not All Postmarks Are Valid to the IRS

  • 16 April 2019
  • Author: Cari Holbrook
  • Number of views: 178
  • 0 Comments
Not All Postmarks Are Valid to the IRS

While printing postage from the internet is convenient, it may not be a good idea to do so for payments or petitions mailed to the IRS. That’s what one taxpayer recently learned when her correspondence was regarded as being late despite the timely date her private postage label clearly displayed.


Accounting Lessons from the NBA’s Zaza Pachulia

  • 9 April 2019
  • Author: Cari Holbrook
  • Number of views: 326
  • 0 Comments
Accounting Lessons from the NBA’s Zaza Pachulia

NBA star Zaza Pachulia and his wife recently learned the hard way that it’s critical to use a reputable accountant. Pachulia’s identity was used by his accountant, Randy Usow, to defraud the IRS of more than $800,000. The case is eye-opening in several ways:


Expert Witnesses Are Not Immune to Malpractice Claims

  • 3 April 2019
  • Author: Cari Holbrook
  • Number of views: 194
  • 0 Comments
Expert Witnesses Are Not Immune to Malpractice Claims

A Michigan Court of Appeals recently ruled that expert witnesses can’t simply claim witness immunity for testimony that can be considered incompetent. Instead, licensed professionals acting as expert witnesses owe the same professional diligence to the party for which they testify as they would to any client. Failing in doing so could result in malpractice.


Retiring in 2019

  • 26 March 2019
  • Author: Cari Holbrook
  • Number of views: 213
  • 0 Comments
Retiring in 2019
Retiring soon? Congratulations! Certain changes in the tax code affect your income taxes as you retire, including healthcare deductions and Social Security distributions. If you’re a business owner, other changes can affect how you plan your succession and the potential sale of your business.
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