Tag Archives: tax planning

Is a Real Estate Agent a Real Estate Professional in the eyes of the IRS?

If you have rental properties you may not get the full use of your tax losses unless you meet the tax code definition of a real estate professional. Its kind of common sense for a real estate agent to think … Continue reading

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Can you make the IRS pay your legal fees?

What if you the IRS audits you and you, with the help of your lawyer or attorney, are able to show the IRS you did nothing wrong. Are you now able to go after the IRS for your lawyer fees? … Continue reading

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The reason for IRS audits

How does the IRS select who is going to be audited?  Typically it comes down to the taxpayer making up outlandish figures and thinking the IRS it too dumb to know the difference. A very public case on point would … Continue reading

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Could you lose your license if you are behind in taxes?

The big news in the tax world is that New York just passed a law saying that if you owe the state more than $10,000, you could lose your drivers license. What a lot of people don’t realize is that … Continue reading

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Do you have to pay taxes on your court settlement?

Congratulations, you’ve just settled with a former employer and received a payment of $400,000.  Do you have to pay income taxes on the settlement. More than likely, yes, you will have to pay taxes on the settlement. The only type … Continue reading

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Received a bad 1099?

Have your received a 1099 with bad information?  A 1099 that had an incorrect amount?  It certainly wouldn’t be the first time that someone issued a bad 1099. Think about it, millions of 1099s are issued each year, there are … Continue reading

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Missed Checkbox is probably going to cost millions in taxes

Worried that if you forgot to check a box the IRS or Franchise Tax Board can hit you with a bunch of penalties? Unfortunately it seems your fear is justified. A San Francisco judge recently determined that Sprint (yes, that … Continue reading

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A 2nd chance with your IRS Audit, aka an audit reconsideration

What would you do if the IRS told you you owed them a few million dollars, and they were wrong?  Wouldn’t you spring a couple thousand dollars for some legal help? It appears the taxpayer, Mr. Seifert, in a recent … Continue reading

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The FTB knows all

A couple new laws were just implemented that really point out the extent to which the franchise tax board shares information with other agencies, cities, and yes, even Mexico. Take a look at the amendments to section 19551 of the … Continue reading

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Taxes and Ponzi Schemes

What is someone told you they had a “guaranteed” investment that was going to pay you 80% a year?  Yeah, you say that in public, but in private, when you are really desperate for some money would you consider it? … Continue reading

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