by Pierre Philantrope | Jun 7, 2023 | Tax Tip
The Internal Revenue Service would, in some cases, audit tax returns to ensure that taxpayers adequately pay their tax. Knowing what the IRS will look for during an audit and getting prepared in case of an audit save taxpayers time and money. A tax audit can go on for...
by Pierre Philantrope | May 31, 2023 | Tax Tip
In Cardiovascular Center LLC v. Commissioner of Internal Revenue Service, the Tax Court had to determine the employment status of the workers at cardiovascular Center, LLC pursuant to IRC section 7436. In a Notice of Employment Tax Determination of Worker...
by Pierre Philantrope | May 24, 2023 | Tax Tip
Business Owners Can Hire their Children to Lower their Tax Liabilities Summer is coming! If you have not taken advantage of the tax benefit of hiring your kids because you want them to focus on their school activities, why not change your focus to get a huge tax...
by Pierre Philantrope | May 17, 2023 | Tax Tip
Taxpayers can save in tax by making certain energy efficient upgrades to their homes. The Inflation Reduction Act of 2022 expanded the credit amounts and types of qualifying expenses. Taxpayers can claim the Residential Clean Energy Credit and the ...
by Pierre Philantrope | May 10, 2023 | Tax Tip
There are many ways to resolve a tax debt. We discussed several of them in previous tips. on this tip, we turn to Offer in Compromise (OIC). Taxpayers could consider applying for an Offer in Compromise when paying the full tax due could cause financial hardship. An...
by Pierre Philantrope | May 3, 2023 | Tax Tip
The Internal Revenue Service will send notices to taxpayers in many situations after filing a tax return, when they did not file, when they did not pay, or when they fail to deposit (TFR- Trust Fund Recovery). Unfortunately, many taxpayers ignore the notices to their...
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