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A new client came to us late last summer.
She dropped off a notice from the Internal Revenue Service (“IRS”). It indicated her and her husband owed $267,892 of back taxes, penalties and interest. I don’t know about you, but that’s a lot of money to me.
As we reviewed the paperwork she provided, it quickly became apparent she did not declare the sale of … Continue reading »
All Physicians must take the Hippocratic Oath. This is an oath where they swear to practice ethically. Although there is some debate about the translation, the main theme is, ‘First, Do No Harm.’
All taxpayers need to take the Hippocratic Oath so they do no harm with their tax plan.
Ask many people if they have an estate plan and they just roll their eyes. With the Federal Estate Tax Exclusion at $5.12 million most people will not be subject to estate taxes. In Connecticut, the exclusion is $2 million and many people won’t be subject to this tax. So…why do I need an estate plan?
With a Field Audit, the audit will be done at your place of business. Most taxpayers requests that the audit be moved and done at your CPA's office. The auditor however still has the right to visit your office.
In an Office Audit, the audit will be done at the local IRS office. … Continue reading »
On TLC's What Not to Wear Stacy and Clinton give a 'make over' to some lady that is, well…not dressed so well… Taxpayers that are being audited need to make sure they are putting their best foot forward right at the start of an IRS audit.