What is your chance of being audited by the IRS?

Posted 2 CommentsPosted in IRS, Taxes

Audit rate based on 2017 IRS data: Form 1040 taxpayer types, in descending likelihood of audit Returns audited International taxpayers 1 in 19 Taxpayers with gross income before deductions of over $1 million 1 in 23 Sole proprietors with gross income before deductions between $100,000 and $200,000 1 in 48 Sole proprietors with gross income […]

When do I get my tax refund?

Posted 1 CommentPosted in IRS, News and Politics, Taxes

The IRS begins accepting tax returns and processing refunds next Tuesday January 29. I can prepare and submit your tax return for e-file acceptance before then but it essentially sits in an electronic waiting list until the 29th. See tonynovak.com/taxes for information on getting started with an early tax return filing. The first tax returns […]

Tax fraud case with the highest implications

Posted Leave a commentPosted in Government, IRS, News and Politics, Taxes

A high profile multi-million dollar international tax fraud case (Unites States vs. Natalia Veselnitskaya 18 CRIM 904)  took a dark turn last week then a sealed indictment by federal prosecutors was revealed to the public. To be clear, this tax fraud case does not involve anyone in U.S. government. Yet this case brought special attention because […]

2019 Tax Planning and Support Tools Available

Posted Leave a commentPosted in Financial Planning, IRS, Tax Planning, Taxes

Through our 2019 license agreement with CFS Software, we offer a large number of support forms and estimated tax calculators. If you would benefit from a demonstration of the powers of any of these functions or planning calculations, please let us know. General Utilities and Retirement Calculations: 5 Year Federal/State Tax Planner After-Tax Loan Refinance […]

It’s apparently a good time to be a tax criminal

Posted Leave a commentPosted in IRS, Taxes

Data points extracted from the most recent The Internal Revenue Service Advisory Council Public Report, November 2018: IRS budget has been cut $14.5 billion since 2010 Close to 24,000 jobs amounting to 25% of work force were cut More than 17,000 of those former employees were working in enforcement IRS staff is aged; 40.5 percent are […]

A simple view of the 20% pass through deduction

Posted Leave a commentPosted in IRS, Small Business, Taxes

A business friend asked a simple question online: “What doe the pass-through deduction mean to me?” The collective response was so vague and convoluted that I felt sorry for her for asking. After thinking about it, there are two things that are uncertain and one that is certain about the pass-through deduction that directly address […]

Passport threatened by IRS?

Posted Leave a commentPosted in IRS, Taxes, Travel

Have you received notice from the IRS that your passport will be revoked? Was you passport application declined because of unpaid taxes? Take action immediately to address a crisis soon affecting almost a half million Americans. The best approach is to use an experienced professional representative to negotiate a solution. Don’t wait; act quickly to […]

Abusive tax shelter still alive for the ultra-rich

Posted Leave a commentPosted in IRS, Tax Planning, Tax shelter

This past week an interesting Appeals decision from a Tax Court case in the 9th Circuit was published in an older tax matter of Altera Corporation and Subsidiaries vs. IRS. I must immediately qualify the use of the word “interesting”. By any common usage this is not an interesting topic. This is a tax shelter […]