IRS

Divorce
Economy
Forensic accounting
Health insurance
Personal tax returns
Tax deductions
Taxes
Expert Witness
CJBS
The Senate and Congressional income tax bills propose to eliminate itemized medical deductions.  For the elderly, who depend on pensions and social security income, and who require nursing homes and private caregivers, this deduction is essential. Nursing home expenses and caregiver costs can easily exceed $100,000 annually. If an elderly individual with an annual income […]
November 16, 2017
1 MIN READ
Firm News
CJBS
Larry Goldsmith, J.D., C.P.A., M.A.F.F., will speak on the subject of Financial Discovery at the Highland Park-Highwood Legal Aid Clinic on Wednesday, January 18th, 2017 at 7:00 pm. Financial discovery, including careful study of tax returns, is an important part of the process for uncovering useful information in legal proceedings involving divorce or other litigation matters. Larry […]
December 21, 2016
1 MIN READ
Accounting
Audit
Bankruptcy
IRS
IRS audits
Personal tax returns
Taxes
CJBS
by Larry Goldsmith, CPA, JD, CFF, MAFF Last week, I reviewed a new client’s IRS transcript. The client apparently filed his individual income tax returns late and wanted to file bankruptcy to discharge his 1040 tax obligations. I subsequently learned that the IRS filed substitute individual income tax returns on the client’s behalf and issued […]
February 12, 2016
3 MIN READ
Accounting
IRS
IRS audits
linkedin
CJBS
by Michael W. Blitstein, CPA Just released IRS audit coverage statistics show a slight increase in audits of partnerships, but decreases in audits of large corporations and S corporations in fiscal year (FY) 2014. For all types of businesses, the FY 2014 audit coverage rate was 0.57%, representing a decline from 0.71% in FY 2012 […]
March 12, 2015
2 MIN READ
Accounting
Audit
IRS
IRS audits
linkedin
Personal tax returns
S Corporation
Tax deductions
CJBS
by Michael W. Blitstein, CPA The IRS audits only slightly more than 1% of all individual tax returns annually. So why do they pick some returns to investigate and ignore others?  Although there’s no sure way to avoid an IRS audit, you should be aware of the following red flags that could increase your chances of […]
April 1, 2013
4 MIN READ
Accounting
Business
Corporate income tax
IRS
linkedin
Tax deductions
tax credits
Blog
CJBS
by Michael W. Blitstein, CPA  The IRS has released guidance and posted online Frequently Asked Questions (FAQs) for employers planning to claim the enhanced Work Opportunity Tax Credit (“WOTC”) for hiring qualified military veterans.  The guidance contains transition relief, describes electronic submission of the form used to claim the credit and describes the procedures for […]
March 30, 2012
3 MIN READ