tax help

Blame it on immediate gratification. It’s tempting to hold onto your cash throughout the year and worry about paying the piper at tax time. But according to a recent report, insufficient withholding in 2018 will force many taxpayers to pull out their checkbooks in 2019.

If you’ve been following our blog you’ve noticed we’ve spent a significant amount of time discussing new tax laws and the effects they are going to have on all taxpayers—especially business owners. Pay attention to the changes and act now to avoid digging your business into a hole. Next tax season will be too late.

In addition to new tax rates, the TJCA made serious changes to itemized deductions you may have normally claimed on … Read more →

“I’m sorry, officer. I didn’t know the speed limit was only 25 in a school zone.”

When is the last time that one worked for you? Right. Ignorance of the law is no excuse.

It usually doesn’t fly with the IRS either. Despite this,recently the tax court issued an opinion suggesting that in some cases ignorance can indeed be bliss. Well, maybe not bliss, but it can be a valid excuse—at least to escape certain accuracy-related penalties.

For example, a California couple that botched the tax treatment of the short sale of their former residence were found not liable for accuracy-related penalties. The judge found that the actual basis for the holding was that the IRS “failed to meet burden … Read more →

It was one of the greatest financial bets of all time. Hedge fund manager John Paulson bet big against subprime mortgages ahead of last decade’s financial crisis, earning billions in profits for his funds. It was a gamble that, in the long run, didn’t pay off.

Along with the $4 billion he earned for himself, he nailed a second record-breaking honor when he was slapped with one of the largest personal tax bills in history.

According to people close to the firm, Paulson used a tax provision available at the time to hedge fund managers. After deferring the bulk of taxes on the profits, Paulson’s personal tax bill came due on April 17th when he was required to pay about … Read more →

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