Where does the IRS Get Income Information

Have you ever wondered just where the IRS gets the information to conduct audits or go after taxpayers that may not have reported all their income?  Beyond that, what is reportable?  In my experience, I have had numerous taxpayers ask me these two questions,...

Latest Changes in the Tax Code

The President recently signed a spending bill. Contained in this bill were some very significant changes to the tax code that affect both personal and business returns and, in some situations, may justify an amended 2018 return.  Among these changes include:...

Year End Tax Planning

Welcome to December!  Where has 2019 gone?  Now is the time to start preparing for year end closing and the 2019 tax return.  Here are a few steps to take now to be prepared to meet your tax professional.   If you have competent accounting...

Latest Scam Report by the IRS

We always need to be on the lookout for scams.  We get hit by phone calls so often it is almost routine.  The IRS often alerts subscribers to their newsletters of the latest scam.  One scam on the rise involves gift cards.  These scammers are...

The Many Roads the IRS uses to Asses Penalties

Most taxpayers are well aware of the IRS’s power to assess penalties and interest for non-payment of taxes due.  What most taxpayers don’t understand is all the potential penalties that may be imposed, nor do they know how these penalties may be abated. The...

Planning for the End of the Year

Those who make quarterly tax payments should know that a payment is due September 15.  This is because of the end of the Federal fiscal year on September 30th.  This is also a significant time for short-range planning.  We will soon be entering the...

What is the IRS Fresh Start Initiative

Anyone who listens to the radio or watches television has heard adds referring to the “new” IRS Fresh Start Initiative.  If you were to enter IRS Fresh Start Initiative in a search engine, you would be surprised what you will see in the results.  None of the...