* * *   Victor Santos Sy graduated Cum Laude from UE with a BBA and from Indiana State University with an MBA. Vic worked with SyCip, Gorres, Velayo (SGV…

IF you lose an IRS audit, you have two choices: pay or appeal. Your decision depends on how you feel about the fairness of the auditor, amount of assessment, cost…

IRS loves to audit Schedule C. This form is filed by taxpayers who conduct their businesses as sole proprietors (popularly referred to as “DBA” or doing business as) instead of…

HOW did I get selected for an audit?  • Random selection and computer screening – how your return compares to norms. • Related party examinations - transactions with partners, investors, or audits…

1. THE new Tax Cuts and Jobs Act cuts corporate taxes from eight graduated rates of 15 percent to 35 percent to a flat rate of 21 percent. 2. The…

HERE’S a list of tax provisions of the Tax Cut and Jobs Act affecting individuals like you and me. 1. The new Tax Cut and Jobs Act keeps seven tax…

THE Tax Cuts and Jobs Act saves the student loan interest deduction and keeps tuition waivers for graduate students tax-free. It also expands 529 savings accounts to include private K-12 education….

Part 6: Homeowners 1. THE Tax Cut and Jobs Act reduces the maximum amount of mortgage debt to acquire a first or second residence for which you can claim itemized…

THE business tax provisions of the Tax Cut and Jobs Act include: • The new Tax Cuts and Jobs Act cuts corporate taxes from eight graduated rates of 15 percent…

1. MORTGAGE interest deduction has been lowered: Current homeowners can continue to deduct interest on loans of $1 million; however, new homeowners will be limited to interest on loans of…

1. THE standard deduction is doubled: Republicans want to simplify our tax code so more people can claim standard deductions instead of more complicated itemized deductions. This becomes a reality…

REPUBLICANS hail the Tax Cuts and Jobs Act as their biggest legislative achievement under President Trump. It’s the first major tax overhaul since the days of fellow Republican Ronald Reagan. The…

OUR recommendations of tax moves before year-end is a little different because of President Trump’s major tax overhaul and the time – or lack of it – to implement tax…

IF you owe more than $50,000 in delinquent taxes, penalties, and interest to the IRS, you are considered seriously delinquent. This puts your passport in jeopardy. Take action now before…

1. CAN you get a passport if you owe taxes? Of course, you can. But if your taxes, penalties and interest total more than $50,000, you fall under a new…

1. CONGRESS created a new code section called “Revocation or Denial of Passport in Case of Certain Tax Delinquencies.” The idea of this new law is to use travel to enforce…

1. DON’T volunteer information. A typical agent is a low-key, friendly agent. They get your guard down by playing a nice guy role. Don’t be deceived by it. Remember that…

IF you are not satisfied with the results of your IRS audit, go to Appeals. You have a choice of either ending your misery by paying up or by continuing…

HOW long do you have to keep tax records? How long can the IRS audit your tax returns? Let’s discuss tips on statute of limitations so you can clean your…

YOU may choose to run your business as a partnership. A Partnership is an association of two or more persons as co-owners who intend to carry on a business for…

YOU have seen businesses with “LLC” after their names. That LLC refers to Limited Liability Company which is a hybrid that combines the pass-through attributes of a partnership with the…

YOU may choose to do business as a corporation. A corporation is a legal fiction.  It exists only in contemplation of law.  It has a separate legal identity.  That entity,…

Upon deciding to form your own business, the next question is – what type of entity should you operate – as a sole proprietorship, partnership, corporation, LLC, or LLP?  Which…

THE IRS developed a guide for its agents in auditing consultants to focus on: 1. Travel and meals, 2. Bartering, 3. Independent ontractor 1099 versus employee W2, 4. Shifting or assignment of…

IRS agents are equipped with audit techniques unique to attorneys. Here’s insider info on how IRS instructs its agents to probe into: 1. Unreported income, deferral of income. 2. Advanced…

10 States with the Lowest Combined Income and Sales Tax Rates: • New Hampshire • Alaska • South Dakota • Wyoming • Florida • Texas • Washington • Delaware •…

INDIVIDUALS and businesses in all 50 states pay federal income tax. Residents in 41 states also pay state income tax while nine states have no state income taxes. Here are…

BACKGROUND: When is your tax return free from IRS audit? From your point of view, statute of limitations prevents the IRS from collecting a deficiency in tax or beginning a…

HOW long do you have to keep tax records? How long can the IRS audit your tax returns? Let’s discuss tips on statute of limitations so you can clean your…