Tax season is upon us. Taxpayers throughout the country are likely organizing tax forms and getting the new paperwork or computer programs ready for the upcoming filing deadline. These tips can help prepare taxpayers as they get ready to file tax filings to the Internal Revenue Service (IRS) under the new tax law: Timeliness matters. File taxcontinue reading…
Recent tax crime convictions highlight severity of penalties
Fraud against the Internal Revenue Service (IRS) can come with serious penalties. A couple of recent cases provide examples: Case #1: Married couple faces serious prison time for tax fraud, money laundering A married couple was recently convicted for filing fraudulent tax returns. The couple received over $1.9 million in fraudulent refunds. They then deposited these refundscontinue reading…
IRS and tax audits on 2018 filings: Avoid these common red flags
The Internal Revenue Service (IRS) is up and running after the recent government shutdown. Although another government shutdown may be in the future, a recent publication by CNBC notes the temporary closure of the office is not likely to result in a decreased audit risk. This is because the agency has implemented various technological advances to reviewcontinue reading…
Three things to know to prep for your 2018 tax returns
Getting ready to file your 2018 tax returns with the Internal Revenue Service (IRS)? If so, you have likely noticed the process is a bit different this year. 2017 marked some big changes — most notable in the tax world the passage of the Tax Cuts and Jobs Act (TCJA). This new law was the biggest reformcontinue reading…
“Zappers” back in the news with fraud charges filed
The sales suppression software, often referred to as “zappers” secretly delete most cash transaction. They make a company’s books appear accurate, but in fact they under report actual sales. Some estimates suggest this software exists on 30 percent of electronic cash registers. Minnesota is one of about five states cracking down on owners of companiescontinue reading…