I have a new client who was audited by the IRS without the representation of a CPA or tax attorney. He signed off on the assessment (Form 4549) and paid the principal, interest, and penalties in full. The total paid was significant and primarily due to the IRS disallowing certain Schedule C deductions. Since he signed off on Form 4549, does this preclude us from appealing the IRS audit results?

June 29th, 2024

If I take a withdrawal of $30,000 from my 401k, I will be taxed 20% for taxes and 10% for early withdrawal. What will be the tax percentage at the end of the year?

January 2nd, 2024

The state of Michigan says I owe $12,778.33 for the year 2006, even though I worked and retired from Louisiana and did not work in Michigan that year. What should I do?

June 8th, 2023

What type of bank account should I use for my church, given that I want to avoid being regulated by the State and/or Federal Government, and how can I ensure that my church's funds are kept separate from my personal funds to avoid any legal issues?

January 26th, 2024

I am purchasing a new yacht from a dealer in Florida, with a primary residence in NY and a condo in Florida. The yacht will be used in both states, mostly in Florida. What is the best sales tax and use tax plan for this situation, considering I will bring the boat to NY for the summers to avoid hurricanes?

December 27th, 2024