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St. Louis Tax Law Blog

Several Missouri donut shops lose sales tax license

What are some things that go well with donuts? Coffee, milk, hot tea and… a sales tax dispute?

No, taxes are not something that most people associate with donuts. But for one popular chain of donut shops located in Missouri, the two seem to go hand in hand.

What are the penalties of a tax audit?

There’s only one thing that everyone loves more than paying taxes—being audited.

All right, maybe not. Still, because the IRS frequently uses randomization to determine which returns to audit, every taxpayer faces the possibility of an audit each year. Being audited is not necessarily a bad thing. Many people believe that they could face jail time or other criminal penalties because of an audit, but this is usually not the case. Audits do sometimes have consequences, but most of these are not severe. In this post, we’ll take a look at the possible penalties that could result from a tax audit.

The most infamous cases of tax evasion in U.S. history

Sure, no one likes to pay taxes. Tax evasion is a serious crime, but that doesn’t stop some people from trying to get away with it.

Some cases of tax evasion are so brazen that it seems inconceivable that the perpetrator thought they could get away with it. These particular cases of tax evasion have become notorious, and should serve as a warning for anyone who is tempted to evade paying their taxes.

The top 3 things to know about tax evasion

The old cliché is true: The only sure things in life are death and taxes. You only have to die once, but you do have to pay taxes every year. If you fail to pay your taxes on time, you could face serious charges of tax evasion.

Tax evasion is when an individual or a business deliberately underpays or avoids its taxes. It’s a crime that can have severe consequences, including hefty fines and even jail time. Whether you are facing charges of tax evasion or you wish to prevent it in the future, take a look at the top three things you should know about tax evasion.

Avoiding tax trouble when participating in the sharing economy

In today’s world, there are many ways to earn a little extra money. One is through participating in the sharing economy through things like selling goods or services via one’s computer or cellphone.

Participating in the sharing economy can provide some interesting income opportunities. However, it is important to remember that engaging in these activities also has responsibilities connected to it. This includes tax responsibilities.

Giving careful thought to deductions important for business owners

There are many different tax deductions for small businesses. They can have significant financial benefits for small business owners. So, there may be a temptation for business owners to take as many deductions as they can every tax year. However, it can be important for a company owner to exercise care when it comes to business deductions.

For example, there are situations in which putting off making deductible expenses (and thus putting off taking the related deductions) could be in a business owner’s best interests. This includes situations in which it might be beneficial to keep taxable income higher, such as when:

Concerns over the IRS rehiring workers with past conduct issues

Taxpayer interactions with Internal Revenue Service officers and other IRS employees can involve very high-stakes tax issues. IRS workers can have a lot of power within these interactions. So, what happens in these interactions and how responsibly IRS employees act in their use of this power during the course of them can be very impactful for taxpayers. Skilled tax attorneys can guide taxpayers through these impactful interactions and keep an eye on whether IRS workers cross the line in their case.

Given the major impacts the actions of IRS workers can have on taxpayers, what the IRS does in its hiring processes can be of great significance.

Data breaches and concerns regarding tax ID theft

In recent years, the news has been full of reports of data breaches. So, data security and the risk of the theft of one’s personal information may be on the front of many people’s minds these days.

Given the major role personal information plays in the tax filing process, there are many concerns related to identity theft that people may have when it comes to taxes. Examples include concerns over:

Can interest on federal tax debt be reduced?

There are many reasons why leaving a federal tax debt unaddressed for a long period of time can be very problematic for a taxpayer. One is that unpaid federal tax debts gather interest. This interest generally gathers daily. It applies to the underlying debt and the penalties and past interest connected to such debt.

One thing a person who has a tax debt that has accrued a good deal of interest may wonder is if there are ways to get interest amounts reduced.

Do Americans hate taxes?

Taxes can put burdens on a person. This is among the things that might lead some to assume that Americans, generally, hate taxes. However, data and research paint a different picture on how Americans view taxes.

For one, it appears that a large majority of Americans see paying taxes as a key part of their civic responsibility, particularly when they feel the money is being used in a good way. IRS survey data suggests that over 90 percent of individuals here in the U.S. see it as a civic duty to pay their fair share when it comes to taxes.

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

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