IRS Can Detect Inaccurate Tax Reporting

The IRS can piece together a taxpayer’s income and deductible expenses if it suspects the person didn’t correctly report them. That’s what happened in one case when the tax agency performed a “bank deposits reconstruction” of a married couple’s income. The couple questioned the validity of the reconstruction but a federal appeals court ruled that it was properly handled because the taxpayers didn’t keep adequate records or offer any evidence to rebut the IRS’s calculations. (Singh, CA 9, 121 AFTR 2d 2018-887)

Does your business have employees who get tips? You may qualify for a tax credit
If you’re an employer with a business where tipping is routine when providing food and beverages, you may qualify for[...]
2023 Tax Filing Changes
When tax season approaches, it's important to take care when preparing your forms and reporting your financial information to ensure[...]
Don’t Overlook Taxes When Contemplating a Move to Another State
  When you retire, you may think about moving to another state — perhaps because the weather is more temperate[...]