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April 2015 Archives

Tax Resolution Expert, Attorney Lance Drury, Says Getting Too Creative with Claims Could Cause IRS Audit.

Tax resolution attorney Lance Drury, founder of the Law Firm of Lance R. Drury, and best selling author of “Successonomics” acknowledges there are people who are always willing to get creative, even outrageously creative with their claims and advises against it.St Genevieve, MO, April 21, 2015:Tax resolution attorney Lance Drury, founder of the Law Firm of Lance R. Drury, and best selling author of “Successonomics” posted a new article on the LANCE DRURY LAW website entitled “Will Your Tax Return Activate an Audit?” Getting creative with tax returns is the arena of CPA’s. However their creativity can’t compare to that of some taxpayers.As Mr. Drury writes, “Most taxpayers are aware that there are blatant mistakes that will cause the red flags to fly at the IRS. Yet there are those who are willing to get very creative at tax time to save a little money.” He goes on to say, “The typical areas that most attempt to play dangerously in are fairly consistent. However, others take their creativity seriously and not only trigger audits, but lots of laughs.”From pets and unborn children, to horse ranches and yachts reclassified at “Water Computers”, from weddings to plastic surgery and massages, hunting trips and hobby horse farms, Drury shares outrageous claims published on the AccountingToday.com website.  Drury states, “The IRS is not the best audience for comedy routines. So don’t try any funny business with them.”(www.accountingtoday.com/gallery/most-outrageous-tax-deductions-2015-73444-1.html) And, as Drury reminds, “do keep in mind that the IRS recently announced it will not require taxpayers to amend their returns or pay back any extra money received in their refunds due to incorrect health care-related tax information on Form 1095-A. This is good news for individuals who may have mistakenly filed an inaccurate return. However, the IRS is not forgiving of all inaccurate returns no matter how funny or outrageous they are.”The entire article can be found at http://www.lancedrurylaw.com/will-your-tax-return-activate-an-audit/About Lance DruryTax Attorney Lance Drury, founder of the Law Firm of Lance R. Drury, has been practicing law since 1984 and began representing individuals and businesses in disputes with the Internal Revenue Service in 2006.  With offices located in Ste. Genevieve and Columbia, Missouri, Drury has positioned himself as a leading attorney in the state for IRS tax resolution issues.  He is able to evaluate the unique situation of clients and provide them with honest answers and a specific plan to best resolve their tax problemsAbout The Lance Drury Law FirmSince 2006, the Law Firm of Lance R. Drury has been representing individuals and businesses in disputes with the Internal Revenue Service and State of Missouri Tax Commission. With offices located in Ste. Genevieve and Columbia, Missouri, we’re proud to be your local choice for Missouri tax services.###  

Will Your Tax Return Activate an Audit?

Most taxpayers are aware that there are blatant mistakes that will cause the red flags to fly at the IRS. Yet there are those who are willing to get very creative at tax time to save a little money. The typical areas that most attempt to play dangerously in are fairly consistent. However, others take their creativity seriously and not only trigger audits, but lots of laughs.The IRS is not the best audience for comedy routines. So don’t try any funny business with them. And do keep in mind that the IRS recently announced it will not require taxpayers to amend their returns or pay back any extra money received in their refunds due to incorrect health care-related tax information on Form 1095-A. This is good news for individuals who may have mistakenly filed an inaccurate return. However, the IRS is not forgiving of all inaccurate returns no matter how funny or outrageous they are.Some are saying that the IRS is looking at middle-income earners to audit this year due to the budget cuts. So if you are considering making a “mistake” on your tax return, have a look at the following list published on AccountingToday.com of creative ways that other taxpayers have made in an attempt to save on their tax bill. Do not imitate them!Questionable Dependents: Attempting to claim "Fido" as a dependent is popular among clients with pets. One CPA reported a woman even tried to claim her unborn child as a dependent.Entertainment Expenses: Weddings certainly can be entertaining, but deducting the full cost as an entertainment expense does not make for a good relationship with the IRS.Here’s a good one: Speeding Tickets. Even if it's because you were late for a business meeting, speeding tickets are fines and therefore, not deductible on your tax return.Unusual Charitable Deductions: While it’s true that charity can take on many forms. a vehicle that was impounded by the police was not deemed a qualifying deduction, which one CPA’s client was insisting on declaring.Claiming Losses from Hobby Activities:  The IRS does not allow deductions for hobby expenses. One client learned that when he attempted to take deductions on his horse ranch.Cosmetic & Beauty Treatments: While some professions may require a certain appearance, the cost of haircuts, plastic surgery, massages and salon expenses are generally not deductible.Creative Investments: The loss on the sale of a personal house, while unfortunate, does not qualify as an investment by the IRS.Home Office: Deductions on a home office are limited to the portion of the home dedicated to the business. Clients have attempted to do more though, from the cost of groceries to the mortgage.Boat as Computer: Want smooth sailing on your tax return? Then you should not deduct your boat as a "water computer," as one CPA had to inform their client.Hunting Trips Because You "Talk Business": That weekend of hunting with friends is generally not deductible, no matter how often you talk about your boss.(www.accountingtoday.com/gallery/most-outrageous-tax-deductions-2015-73444-1.html)   

Tax Resolution Expert, Attorney Lance Drury Says That While Filing Taxes is Not Funny, Some Claims Are.

Tax resolution attorney Lance Drury, founder of the Law Firm of Lance R. Drury, and best selling author of “Successonomics” shares funny attempted tax claims made by taxpayers trying to save a few tax dollars only to be saved by their CPA’s from making fatal mistakes that would lead to an audit. St Genevieve, MO, April 14, 2015: Tax resolution attorney Lance Drury, founder of the Law Firm of Lance R. Drury, and best selling author of “Successonomics” posted a new blog on the LANCE DRURY LAW website entitled “Are Your Tax Return Claims Funny, Fatal or Both?” Depending on whether the tax preparer allows them to get through to the IRS some tax claims can be both funny and fatal.Lance Drury has experienced the seriousness of the IRS and the silliness of some taxpayers. He writes, “Filing taxes is no laughing matter, as anyone who’s tangled with the IRS knows. However, some taxpayers have wildly creative ideas of what constitutes a legitimate claim and come up with some that are outrageously funny.” He adds, “They’re generally fatal too, if they make it through to the IRS.”Sharing a few of the funniest ones he’s seen lately, Drury asks, “Have you ever heard of a ‘water computer’?” He answers, “Me neither until I saw this on AccountingToday.com. One CPA actually had to tell a client they could not claim their sailboat as a ‘water computer’!”According to Drury taxpayers have attempted to claim Botox treatments, plastic surgery, speeding tickets and the cost of having a vehicle impounded by the police. In regards to the beauty treatments Drury says, “These are items that taxpayers frequently try to slip in claiming that their professions require a certain appearance. Nice try, but no cigar!”He tells readers, “For a complete list of current outrageous tax claims, visit AccountingToday.com. And if you want to be a comedian, run with it!” Drury slips in the last word, “If any clients get in IRS trouble, give me a call. I may not be funny, but I am effective!”The entire blog can be found at http://www.lancedrurylaw.com/are-your-tax-return-claims-funny-fatal-or-both/About Lance DruryTax Attorney Lance Drury, founder of the Law Firm of Lance R. Drury, has been practicing law since 1984 and began representing individuals and businesses in disputes with the Internal Revenue Service in 2006. With offices located in Ste. Genevieve and Columbia, Missouri, Drury has positioned himself as a leading attorney in the state for IRS tax resolution issues. He is able to evaluate the unique situation of clients and provide them with honest answers and a specific plan to best resolve their tax problemsAbout The Lance Drury Law FirmSince 2006, the Law Firm of Lance R. Drury has been representing individuals and businesses in disputes with the Internal Revenue Service and State of Missouri Tax Commission. With offices located in Ste. Genevieve and Columbia, Missouri, we’re proud to be your local choice for Missouri tax services.###

Are Your Tax Return Claims Funny, Fatal or Both?

Filing taxes is no laughing matter, as anyone who’s tangled with the IRS knows. However, some taxpayers have wildly creative ideas of what constitutes a legitimate claim and come up with some that are outrageously funny. They’re generally fatal too, if they make it through to the IRS.Here are some of the funniest claims I’ve seen in a long time. Have you ever heard of a “water computer”? Me neither until I saw this on AccountingToday.com. One CPA actually had to tell a client they could not claim their sailboat as a “water computer”!How about plastic surgery, Botox treatments, and monthly visits to the hair salon? These are items that taxpayers frequently try to slip in claiming that their professions require a certain appearance. Nice try, but no cigar!Here’s a good one: Speeding Tickets. Even if it's because you were late for a business meeting, speeding tickets are fines and therefore, not deductible on your tax return. Unusual Charitable Deductions are often an area where people try to get away with unusual claims. This one is fresh. One CPA’s client was insisting on declaring a vehicle that was impounded by the police. It was not deemed a qualifying deduction. At least that client had a sensible CPA.I’m surprised I’ve never seen any ex-CPA’s working the stand up comedy circuit. With such depth and breadth of rich material there is room and it may be time for CPA comedy. For a complete list of current outrageous tax claims, visit AccountingToday.com. And if you want to be a comedian, run with it! If any clients get in IRS trouble, give me a call. I may not be funny, but I am effective!

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