by Pierre Philantrope | Jun 30, 2021 | Tax Tip
Even though taxpayers are liable for every position taken on their tax return, however, the code and regulations allow taxpayers to shift the liability for the penalty to others when the taxpayer could prove there was reasonable cause. As per the Internal Revenue Code...
by Pierre Philantrope | Jun 23, 2021 | Tax Tip
Tax returns could be very complicated for taxpayers. Regardless of the level of complication, all taxpayers could tremendously benefit by knowing their tax return or by asking questions. Hiring a tax preparer to prepare a tax return does not confer an...
by Pierre Philantrope | Jun 16, 2021 | Tax Tip
The Tax Cuts and Jobs Act of 2017 (TCJA) brought many changes to the tax code. Among many other changes, it redefined the deductibility of business expenses and disallowed the deduction of out-of-pocket expenses paid by employees on their personal tax return....
by Pierre Philantrope | Jun 9, 2021 | Tax Tip
Improper car expenses deduction documentation is termed the “unpardonable sin” in an Internal Revenue Service (IRS) audit. As self-employed or business owners when taxpayers received letters from the IRS telling them that they are the subject of an IRS audit,...
by Pierre Philantrope | Jun 2, 2021 | Tax Tip
You can hire your children to lower your tax liabilities. If you have not taken the advantage of the tax benefit of hiring your kids because you want them to focus on their school activities, why not changing your focus to get a huge tax saving and give your children...
by Pierre Philantrope | May 26, 2021 | Tax Tip
Taxpayers should take their tax due notices seriously and explore their available options. It is estimated that in 2020, 25 million taxpayers could not pay their taxes or failed to file their returns. The pandemic has made the matter worst and the number is expected...
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