By Coleman Jackson, Attorney, CPA October 15, 2018 Pursuant to Internal Revenue Code Section 162, a business can deduct an expense incurred in the business if it is an ordinary and necessary expense. An ordinary expense is customary to the taxpayer’s industry, trade or profession. Business expenses must be necessary, useful or helpful in…
By: Coleman Jackson, Attorney and Certified Public Accountant September 22, 2018 The IRS is closing down the Offshore Voluntary Disclosure Program on September 28, 2018. This voluntary international tax compliance program was designed to help people, organizations and business entities hiding money, accounts and assets overseas to get current and come into compliance with U.S….
By Coleman Jackson, Attorney and Certified Public Accountant August 10, 2018 Paid Tax return preparers must exercise due diligence when preparing and assisting taxpayers in complying with federal tax laws. Internal Revenue Code Sec. 6695 (g) imposes a civil penalty on paid tax return preparers who fail to comply with due diligence eligibility requirements under…
By: Coleman Jackson, Attorney, Certified Public Accountant July 27, 2018 Online retailers have good reason to look out for the Texas Limited Sales, Use & Excise Tax. Have you ever heard of South Dakota versus Wayfair, Inc.? South Dakota vs. Wayfair, Inc., 585 U.S. ____ (2018) is a case decided by the U.S. Supreme Court…
By Coleman Jackson, Attorney & Certified Public Accountant June 21, 2018 The Internal Revenue Code is full of various kinds of penalties that the Internal Revenue Service is authorized to assess and collect from errant, indifferent, negligent, ambivalent, and indecisive or otherwise noncompliant taxpayers who fail to collect or pay their tax bill or attempt…
By: Coleman Jackson, Attorney, CPA May 11, 2018 Read discount coupons’ fine print. IRS refunds like discount coupons can be lost for a variety of reasons. That is why you need to read the fine print; so that, it is more likely than not, that you receive what you expected. Read carefully the fine print…
By: Coleman Jackson, Attorney, CPA March 27, 2018 Have you heard the news! On Monday, March 13, 2018 the IRS announced that it will end the Offshore Voluntary Disclosure Program on September 28, 2018. It is likely already too late for all those people who are taking their chances and have not already made steps…
By: Coleman Jackson, Attorney March 5, 2018 Any individual who is not a citizen or national or lawful permanent resident or specifically authorized to work in the United States cannot be lawfully hired as an employee by any individual, company or agency. Any employer who intentionally hires anyone not authorized to work in the United…
By: Coleman Jackson, Attorney, Certified Public Accountant February 08, 2018 Cryptocurrency is a virtual currency or digital value that serves as a medium of exchange, amount of wealth or measure of account or value. Virtual currency may act like a monetary currency, but it is not considered legal tender in the United States or anywhere…
By Coleman Jackson, Attorney, CPA January 13, 2018 The 2017 Tax Cuts and Jobs Act became law during the closing days of 2017. This blog will look at these significant tax law changes from the perspective of a practicing tax professional’s point-of- view. We are not interested in discussing in any details the political, social,…
By: Coleman Jackson, Attorney, CPA December 05, 2017 Pursuant to Internal Revenue Code Section 6038, U.S. persons (this term includes citizens and green card holders of the United States under U.S. Tax Law) holding controlling interest in foreign corporations must annually disclose certain ownership and financial information about the business and the U.S. taxpayer’s interest…
By: Coleman Jackson, Attorney, Certified Public Accountant November 09, 2017 26 United States Code § 6321. Lien for taxes- If any person liable to pay any tax neglects or refuses to pay the same after demand, the amount (including any interest, additional amount, addition to tax, or assessable penalty, together with any costs that may…
Whether you’re a small or medium-sized business owner seeking tax or business representation, or an individual seeking immigration assistance, we are ready to provide vigorous and compassionate legal support. Reach out to Coleman Jackson, P.C. today to discuss how we can help you.