-
Criminal Investigation Enforced Structuring Laws Primarily Against Legal Source Funds and Compromised the Rights of Some Individuals and Businesses
The Currency and Foreign Transactions Reporting Act of 1970, referred to as the Bank Secrecy Act, requires U.S. financial institutions to file reports of currency transactions exceeding $10,000. Title 31 of U.S. Code Section 5324(a) states that no person shall, for the purpose of evading the reporting requirements, cause or attempt to cause a U.S.…
-
Convenience Store Owner Indicted for Tax Evasion
A Mobile County grand jury returned an indictment on March 24 charging a Mobile County convenience store owner with 28 counts of failure to collect, report and pay sales tax, and eight counts of willful failure to file corporate and individual income tax returns. Anil Patel was arrested on March 30 by the Mobile County…
-
IRS Audited 1 out of every 143 Tax Returns in 2016
The number of people audited in 2016 was just over 1 million. The IRS claims that for every $1 spent conducting an audit returns $4 in previously unpaid taxes (source: IRS). We prepared 2,651 federal tax returns in 2014 (the IRS is 2 years behind, if you get an examination notice it will be for…
-
IRS Overpaid more than 600 Employees by $4.2 million
The Treasury Inspector General for Tax Administration (TIGTA) audited the IRS pay system and found major problems. The pay system for managers at the IRS differs from the pay system used for nonmanagerial employees. Errors in calculating pay when moving between the two pay systems can cause improper overpayments or underpayments, which in turn result…
-
Don’t let this be You!
I met with a potential new client last Thursday. He is the son of a long-time friend and client. This young man went through a difficult divorce last year and the outcome had terrible tax consequences for him. If only we had met last year during the divorce process, I could have saved him more…
-
Please Remember the Office Rule
No April Fools Pranks! Everyone’s nerves are too frazzled and fragile for that stuff. Ten weeks of 14 and 16 hour work days, 6 days per week is tough on all of the staff. My long hours started in December.
-
Sales Tax Change Reminders
7019 Coosa County New Admin Sales/Use Tax 2% Effective February 1, 2017, taxes due on or before March 20th 7019 Coosa County New Admin Lodging Tax 6% Effective February 1, 2017, taxes due on or before March 20th 9660 Thomaston New Admin Sales/Use Tax 3% Effective February 1, 2017, taxes due on or before March…
-
The Affordable Care Act
What happens if I fail to reconcile my advance payments of the premium tax credit when I file my return? Here’s what the IRS says. Filing your return without reconciling your advance payments will delay your refund and may affect future advance credit payments. The IRS will send you a letter with instructions about what…
-
Don Leitner has been a Client of this Firm since 1957
Don just made his 60th trip to Arab to see us. He flew from Merritt Island, Florida to Atlanta and drove over. For the last 34 years, he’s brought Buddy a bag of oranges and a bag of grapefruits when he visits. Words don’t come easy to describe what a special thing it is to…
