by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Oct 17, 2022 | Business Planning, Financial Audit, Financial Services, Tax Planning
If you attended our recent webinar on the Inflation Reduction Act, you know the IRS is getting over 80 billion dollars in funding to improve compliance. Therefore, you can expect more audits in the coming years. One way to trigger an IRS audit is the failure to pay...
by mpalma | Jul 10, 2021 | Financial Audit
Lisa and Jimmy got audited by the I.R.S. This is what happened. They had an excruciating meeting with the I.R.S. Audit Results: The auditor examined their three rental properties, disallowed their losses, and told them to expect a tax bill for $55,000. Current score:...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Feb 11, 2013 | Featured
Two recent lawsuits have shed light on tax-preparation franchises, raising red flags from unwitting taxpayers looking for fast, affordable service just in time for tax season. The fight between H&R Block and Intuit, parent company of TurboTax software, has spilled...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Oct 17, 2012 | Featured
In the eyes of the IRS even an honest mistake can be costly. Those who fill out their taxes incorrectly or accidently underreport their income can be fined considerable amounts. For a small business owner, any inaccuracies can even be more costly…”Business...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | May 10, 2012 | Featured
Has your hobby grown into a full-time or sideline business? You might need to convince the IRS. Strategy: Run the activity just like any other business: Keep accurate and detailed records, maintain any requisite licensing and meet other technical responsibilities. In...
