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St. Louis Tax Law Blog

Paying proper attention to tax issues important when starting a business

A business can be in a vulnerable position as it is just getting started. Financial shocks could imperil a new business’ future survival.

Among the things that could expose a new business to financial shocks are tax problems. When the Internal Revenue Service claims that an entrepreneur made mistakes or acted improperly in relation to tax matters connected to a new business, the new business could be exposed to a range of IRS actions with the potential to impact it considerably financially.

Tax issues related to gambling

Many things in our world can have tax implications. This includes how lucky a person proves to be when they gamble. In today’s post, we will talk about a couple of the big tax issues that come up in connection to gambling.

One such issue is reporting winnings. Gambling winnings are taxable income. So, taxpayers are required to report winnings to the Internal Revenue Service. What if the thing a person wins isn’t money, but is instead some other type of prize, such as a car? In the case of non-cash prizes, taxpayers are to report the prize’s fair market value.

When you are contacted by the IRS

There are a range of circumstances in which a taxpayer could end up being contacted by the Internal Revenue Service. Such contact can take multiple forms. You might receive a letter from the agency. A revenue agent or officer might contact you by phone. Also, you might be visited by a revenue agent, revenue officer or criminal investigator at your place of business or home.

Typically, the IRS’s initial contact with a taxpayer over a given matter will occur by mail. There are, however, exceptions to this.

Criticisms leveled at IRS in connection to payroll-tax-related program

Certain things can land a business in hot water with the Internal Revenue Service. One is being accused of not having acted properly regarding payroll taxes.

Disputes with the IRS over payroll taxes can have big implications for a company. These disputes can have numerous complex aspects. How these aspects are dealt with can impact how well a business owner is able to protect their company’s interests over the course of the dispute. Tax lawyers can assist companies accused of payroll-tax-related reporting and withholding missteps with addressing the complicated legal matters that can come out of such accusations.

New virtual conference option to come to the tax appeals process

Among the things dealing with a tax dispute with the Internal Revenue Service could involve is bringing an appeal to the agency’s Office of Appeals. Among the things that have big impacts when a taxpayer is bringing such an appeal is what happens in interactions with this office. There are many such interactions the appeals process can involve. Given the high stakes connected to these interactions, having a skilled attorney’s help with such interactions can be of great importance for a taxpayer. This is the case whatever form these interactions take.

Developments in communications technology have changed the way many interactions occur in today’s society. So, it may come as little surprise that such developments could have big impacts on the form interactions with the IRS’s Office of Appeals take. A pilot program is soon to take effect which could lead to one new form of communication becoming a much more common part of dealings this office: virtual conferences.

IRS accused of acting improperly in tax seizure

Certain tax allegations can be very impactful for small business owners. This includes allegations of trying to avoid taxes or allegations of owing a significant tax debt. Sometimes, such allegations lead to the Internal Revenue Service taking actions that could have major impacts on a person’s business. This includes tax seizures. When a tax seizure extends to the assets of a company a person owns, it could heavily impact their future ability to do business.

Now, there are procedures the IRS is supposed to follow when taking tax enforcement actions. Also, business owners have certain rights when facing such actions from the IRS. So, when a business owner here in Missouri is being subjected to IRS actions that they fear could heavily impact their business, they may want to discuss what rights they have and what they can do to protect these rights with a skilled tax attorney.

What expenses are deductible in a relocation

If you live in a city dominated by a college or near a college campus, you may notice substantial changes during this time of year. Yes, colleges and universities across Missouri welcome students back in August; which commonly means that tens of thousands of students pick up their lives (and their furniture) and move for another year of study.

Just like college students, some businesses may have to relocate to take advantage of economic opportunities, or in some instances, to maintain profitability due to rising costs in their previous location. Either way, businesses, like college students may take advantage of deductions that could apply when it relocates.

Scope issues in the IRS bitcoin probe

Among the things Internal Revenue Service investigations can vary greatly in is their scope. Investigation scope has become a major issue in an IRS probe that has been getting a good deal of attention in the news.

The investigation in question is a probe the IRS is engaging in in relation to the digital currency bitcoin. Last year, the IRS issued a demand to the digital currency exchange Coinbase to allow the agency access to information on all customer account activity covering the period from 2013 to 2015.

Are IRS-hired private debt collectors crossing the line?

What might be worse than having the Internal Revenue Service come after you over a tax debt? Having a party other than the IRS come after you over such a debt, suggests a recent letter issued by four U.S. senators.

There are certain individuals that could end up dealing with private debt collectors in connection to a federal tax debt. This is because of a program the IRS has started, in response to a provision passed by Congress back in 2015, in which the agency sends certain overdue accounts to private collectors.

Being dishonest about income can carry major consequences

Income can be a very sensitive subject for a person. There are a variety of reasons why a person might not want others to know how little, or how much, they make, including embarrassment. This may leave a person tempted to tell lies when asked about their income.

Lying about income is not without its consequences. A recent article on Nasdaq’s website went over some of the serious repercussions such lies can have.

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The Law Firm of Lance R. Drury
150 Merchant Street
Ste. Genevieve, MO 63670

Phone: 314-200-0003
Fax: 573-883-3095
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St. Louis, MO 63127

Phone: 314-200-0003
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Columbia, MO 65201

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