As a tax law firm we deal with IRS and Franchise Tax Board audits on a daily basis. As we review tax returns and prepare our clients for the audit process, one question comes to mind during many of these interviews: “What was their tax attorney thinking?” Deduct With Care: These Write-Offs Could Lead to
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Credit Reporting Agencies – How fair are they?
Credit Reporting Agencies The ability to obtain credit is an important facet of American life. The ability of companies to grant an extension of credit drives a major portion of the economy, and much of that economy is based on businesses being able to extend credit to consumers. The ability to safely extend credit to
What to Do if You Have an Undeclared Foreign Bank Account
IRS OVDI – I have an undeclared foreign bank account. What do I do? Ownership of an undeclared foreign bank account can cause the average American taxpayer to feel a sense of impending doom. Due to the many disclosure laws that have been implemented over the years, and the potential fines and criminal penalties they
IRS Income Tax Audits Explained
IRS Income Tax Audits IRS income tax audits explained. An income tax audit is an examination of a tax return. Depending on the nature and scope of the audit, an IRS examiner may look at just a few items on your return or they may look at your return in its entirety. If they determine
Case Review: Gray v. Commissioner
Introduction The majority of taxpayers want to appeal a tax decision in Tax Court. Tax Court is the preferable venue because the taxpayer-petitioner does not have to pay the tax in full before litigating the matter. If the taxpayer appeals a decision to district court, he or she has to pay the liability in full