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TO REDUCE TAX?
New tax reduction strategies carefully explained and exhaustively researched every two weeks. Receive breaking news updates on tax law changes. Members only monthly AMA with TOTTB.tax.
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FEATURED CONTENT
Trump Corporation Charged in Fringe Benefits Tax Fraud Scheme – How to Do It the Legal Way
Prosecutors in New York have charged the Trump Corporation with tax fraud related to deductions of more than $1 million in fringe benefits over 15 years. The Manhattan DA indicted longtime CFO Allen Weisselberg for tax evasion on $1.7 million in business deductions, which paid for an apartment, private school tuition for family members, two Mercedes Benz vehicles, and other perks in exchange for his employment at the Trump Organization. The former President and company spokespeople responded that every company deducts fringe benefits, describing the charges as a witch hunt or political gamesmanship by opponents. If this leaves you a tad confused about whether or not you can deduct fringe benefits for yourself or employees in your small business, rest assured, there is a legal way to do it. Keep reading to discover the right way to deduct non cash or other indirect fringe benefits.
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CURRENT EDITION
Kovel: Attorney-Client Privilege for Tax Professionals
Twice in my four-decade career, two special agents from IRS Criminal Investigation (CI) entered my office armed with a search warrant, firearms at their side. In both cases, it started the same way.
Gone Phishing: Don’t Get Scammers Catch You!
Today’s criminals are using more than hooks and lines (more like huge trawling nets), and they are looking for small as well as really big fish. If you think your tax practice is too small to be a target, you’re wrong. And you probably know that. You are probably well aware of the phishing and smishing (using SMS/text messaging) attempts that try to gain access to your firm’s computers and/or computer network.
Data Security: Understanding Your Responsibilities
Are you aware of your responsibilities when it comes to securing data? Do you know what your software vendor is doing with your data—and, more importantly, your client’s data? Signing up for a new service or software is often done without any thought of the consequences to the data that you are legally required to protect. The average tax professional uses many different types of software and services when working with a client. Many tax pros are unaware that this often requires consent to be obtained prior to using their client’s information and that failure to do so can result in significant fines and even criminal penalties.
SIMPLIFIED TAX STRATEGIES &
PRACTICAL IMPLEMENTATION
Think Outside the Tax Box provides tax reduction strategies along with practical
implementation advice in order to reduce your clients’ federal tax bill with ease.
