Link: http://www.bizjournals.com/baltimore/print-edition/2013/04/05/prudent-business-owners-should-not.html?page=all Glen E. Frost and Kaitlyn Loughner, Contributors   This tax season, thousands of business owners are gearing up to prepare their tax returns and are collectively wondering, “What do I do with this Form 1099-K?” Businesses that accept credit card payments are now subject to a new IRS requirement – Section 6050W of […]

Link: http://www.cnbc.com/id/100617291   The IRS is focusing much of its resources on wealthy taxpayers.  Our firm is seeing an increased number of audits focused on high earning  individuals and businesses.  Among the most likely audit risks are Schedule C businesses and individuals claiming large amounts of itmized deductions.  Individuals or companies that are selected for […]

Link: http://www.detroitnews.com/article/20130316/METRO01/303160352#ixzz2OIbj1ATi   Detroit – The man charged with fixing Detroit’s faltering finances has been hit with four liens in four years from the state of Maryland for unpaid taxes, records show.   State records show Kevyn D. Orr, who was appointed emergency manager on Thursday, has two outstanding liens on his $1 million home […]

Link: http://www.baltimoresun.com/business/bs-bz-accupay-payroll-taxes-20130301,0,7542483.story Accu-pay, a payroll company with its headquarters in Bel Air, Maryland has been accused of not remitting to the IRS and State of Maryland the withheld payroll taxes it collects on behalf of its clients.  These frauds are all too common, and unfortunately, case law shows that the responsibile officers of the non-paying […]

On January 3, 2013, Switzerland’s oldest bank, Wegelin & Co. (“Wegelin”), pled guilty to assisting U.S. taxpayers in hiding more than $1.2 billion in assets from the Internal Revenue Service (“IRS”).  Wegelin is the first foreign bank to plead guilty to U.S. tax evasion charges.  In 2009, United Bank of Switzerland (“UBS”) faced charges of […]

This year, thousands of business owners were puzzled upon receiving a Form 1099-K from their credit card processors. The ability to accept credit cards as a form of payment is an opportunity for business owners to expand. According to the American Bankers Association, there are more than $2.5 trillion in credit card transactions every year. […]