In October of 2020, federal prosecutors charged a man from Houston, Texas with a largest tax fraud case in United States history. According to the charges, Robert T. Brockman has concealed more than $2 billion – that is $2,000,000,000 – in income from the Internal...
Justin Fox wrote in February 2021 for Bloomberg about recent data he obtained concerning the year 2018 in federal taxes. This data refers specifically to the Alternative Minimum Tax, and changes that the Trump administration made to the Alternative Minimum Tax. These tax cuts were...
In a recent column for Forbes.com, Christine Fletcher opined about estate taxes and estate planning. The thrust of her article was based on rampant speculation that the Biden-Harris White House might move to implement new tax reform policies. We saw the effects of this speculation...
Ohio is unusual compared to some states when it comes to sales and use taxes. For some states, everything is handled on a statewide basis, and sales taxes are uniform across the state. Ohio has chosen to grant a bit more autonomy and agency to...
A recent CNBC report by Andrew Osterland revealed that state tax departments are spending the 2020 tax season looking more closely at professional athletes than ever before. It is understandable why state tax coffers are lighter than usual. The sales tax usually incurred at restaurants?...
Ah, the Adjusted Gross Income. The AGI. It is the magic number on your tax forms, which determines your tax bracket and the amount you owe in federal and state taxes. We all want to reduce our tax liability, of course. Creative CPAs and tax...
If you are an entrepreneur going into business, a small business lawyer can advise you on a number of key decisions. One of the first decisions you will encounter is what type of business to form. You can incorporate, and have “Inc.” after your business...
In the terminology used by the Internal Revenue Service (IRS), Self-employment tax refers only to the Social Security and Medicare taxes required from individuals who work for themselves. When a resident of the US works for an employer, that employer generally withholds pay that is...
Tax attorneys and accountants can offer tremendous assistance, no matter what your financial circumstances may be. In what situations is a tax attorney the most helpful? Here are three situations that are particularly relevant. 3 Reasons To Hire A Tax Attorney And How They Help...
Most people don’t count themselves among the rich, and therefore, might not think about the effect of estate taxes on their financial futures. While many tax provisions don’t directly impact 99% of US citizens, you still have to consider the tax implications for estate planning....
