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Van Elkins and Associates

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Penalty relief? IRS won't offer it

Thursday, October 18th, 2012

IRS penalty relief worth $181 million was available to 1.45 million taxpayers who were not told by the IRS and did not receive the relief. A new report from the IRS watchdog Treasury Inspector General for Tax Administration recommends changes to penalty abatement procedures to encourage taxpayers to file and pay taxes. The Tax Code […]

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Tags: IRS notice, penalty relief, tax, tax audit, tax resolution, tax tips



Effective audit representation saves money

Thursday, March 15th, 2012

The local IRS office has stepped up its audits on individuals and businesses. More and more people are coming to us for effective audit representation. Several of them had suffered costly outcomes after their initial meetings with auditors, and they came to us for help. We were able to improve upon their original assessment through […]

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Tags: business consulting, small business, tax, tax audit, tax preparation



Worker classification crackdown coming

Wednesday, October 26th, 2011

The IRS recently announced a voluntary worker classification program that provides amnesty from back payroll taxes and penalties for companies who reclassify their independent contractors into employees. While there may be advantages on the federal tax side of this issue, you must consider other factors before deciding on a course of action. Worker classification has […]

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Tags: asset protection, business consulting, independent contractor, payroll, small business, tax, tax audit, withholding



Standard mileage rates change

Friday, July 1st, 2011

The IRS has adjusted the standard mileage rates beginning July 1, 2011, in response to higher gasoline prices. The new standard mileage rates will apply through the end of 2011. Mileage Rate Changes Purpose Rates 1/1 through 6/30/11 Rates 7/1 through 12/31/11 Business 51 55.5 Medical/Moving 19 23.5 Charitable 14 14 You have the option […]

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Tags: business consulting, deduction, mileage, small business, tax, tax audit, tax preparation, tax tips



IRS abates penalties

Monday, April 4th, 2011

In a payroll tax case we have been working on for over a year, the IRS has agreed to abate penalties, saving the taxpayer over $200,000. This is a very unusual decision for the IRS, which considers non-payment of payroll taxes to be an unauthorized loan of government funds. Employers are required to withhold income […]

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Tags: CPA Knoxville, internal controls, IRS, payroll, small business, tax, tax audit, withholding, workplace fraud



Next IRS target – generous relatives

Wednesday, March 30th, 2011

Generous relatives may be the next targets of IRS hunting expeditions. The IRS has asked a federal judge for a “John Doe” summons on the California Board of Equalization to force the board to turn over records of property transfers for little or no consideration. They are looking for people who have not paid gift […]

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Tags: estate tax, family, gift tax, IRS, tax audit, tax planning, tax tips



Bad tax preparer leads to audit trouble

Thursday, March 24th, 2011

We recently met with a new client who had been invited to the IRS local office for an examination of two years of her tax returns. She called the tax preparer, who told her she would not need the preparer at the meeting (red flag number one). After the meeting, she called the preparer back […]

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Tags: Add new tag, deduction, IRS, tax, tax audit, tax preparation, tax return, tax tips



IRS wants your QuickBooks file

Tuesday, December 14th, 2010

The IRS recently announced that tax examiners across the nation are now trained in QuickBooks, and they are requesting taxpayers’ company files to conduct tax audits. Should you willingly hand over your company’s QuickBooks to an examiner? We think that’s an invitation to trouble. If your company has been using QuickBooks for bookkeeping since it […]

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Tags: IRS, Karen Hellmund, QuickBooks, tax, tax audit



Payroll Tax Audits Target Businesses

Friday, September 3rd, 2010

Earlier this year, the IRS began its program of auditing businesses for compliance with payroll tax reporting and payment. As part of its National Research Program to gather statistics about payroll tax compliance, the IRS is examining 6,000 businesses large and small, 2,000 each year starting earlier this year. This study is part of their push to step […]

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Tags: IRS, payroll, small business, tax, tax audit, withholding



IRS gives some solace in a sad story

Friday, June 18th, 2010

About five years ago, a police officer and his wife decided to use their retirement money to build their dream home in the Smokies. They bought a pretty lot and a log home kit, and contracted with a local builder to erect it. From the beginning, the construction process went terribly wrong. Errors compounded so much that they stopped […]

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Tags: appeal, carryback, casualty loss, deduction, IRS, net operating loss, refund, success, tax, tax audit, win



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