Posts Tagged ‘tax law’
11 Common Tax Filing Mistakes
The late John Wooden once said, “It’s the little details that are vital. Little things make big things happen”. While a college basketball coach (who happens to rank first in NCAA Division I Men’s Final Four appearances) may seem irrelevant to filing taxes, the truth is that paying meticulous attention to detail is absolutely critical…
Read More7 Actions That Could Get You Audited By the IRS
Contrary to popular belief, the Internal Revenue Service (IRS) seldom audits taxpayers. In fact, only about 1 percent of all tax returns processed are subject to an IRS audit. However, it is interesting to note that historically wealthier individuals and the most successful of businesses are more likely to get audited, compared to low to…
Read MoreTax Preparation for a Smooth Tax Filing Season
Mark Twain once said, “I shall never use profanity except in discussing house rent and taxes.” Expletives aside, paying taxes is stressful to everybody, no matter what specific financial situation one might find themselves in. Almost always met with frustration, stress, and scrambling, tax filing season is something that everyone dreads. The majority of the…
Read MoreThe Waste Management, Inc. 1998 Fraud Scandal
Waste Management, Inc. is a comprehensive waste company that was founded in 1894 in North America by Larry Beck. The company went public in 1971 and by 1972, the company was generating about $82 million in revenue and had made 133 acquisitions. The company offered environmental services to almost 20 million customers in America, Canada,…
Read MoreMaking Our Mark in Miami
Ellrich, Neal, Smith & Stohlman, P.A. opened our Miami office last summer and we are proud to announce that over the last year we have truly established ourselves in Florida’s most thriving city. Located in the heart of downtown Miami, our forensic accounting firm serves clientele from all walks of life. With Miami’s eclectic population,…
Read MoreGetting Ready for Tax Season
As the clock strikes midnight, Americans celebrate and scream “Happy New Year!”, but many of those same people wake up the next morning with the realization that January 1st means tax season is rapidly approaching. Tax filing season officially starts on January 23rd, and while there is ample time before the April 18th deadline, early…
Read MoreWhat is Value-Added Tax (VAT)? Should the U.S. Implement a VAT?
Whether you are a Republican or a Democrat, one of the biggest concerns in today’s U.S. economy is our $19.4 trillion deficit. Both parties have a variety of ideas and theories regarding a solution to reduce the United States deficit. One of the most common theories, however, is the consideration of a Value-Added Tax (VAT).…
Read MoreWork Opportunity Tax Credit
What is The Work Opportunity Tax Credit (WOTC) and how can this benefit you as an employer? The WOTC is a Federal tax credit available to employers that hire and retain individuals from certain target groups that face difficulty finding employment. The WOTC is one of several workforce programs that incentivize workplace diversity while providing…
Read MoreFBAR Filing
Do you know your filing obligations if you have a foreign bank account? Most people don’t, and we are here to help! The law of the land has always obligated United States citizens and residents to declare and pay tax on their worldwide income, regardless of where those earnings originated. Some taxpayers attempt to avoid…
Read MoreFactors Affecting the Size of the S-Corporation Premium
S-Corporations offer unique income tax advantages relative to otherwise identical C-Corporations. The two primary income tax advantages include avoidance of the dividend tax and the ability to utilize undistributed profit to step-up an investor’s income tax basis. These two income tax benefits can result in substantial cash flow savings at the investor level relative to…
Read More