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When a husband says, “We are partners,” what does he REALLY mean?
The husband ran a successful medical practice earning over $650,000 in gross income. He employed his wife as a sales representative and paid her a little over $30,000/year. The couple had four small children. The wife didn’t participate in her husband’s meeting over finances and management.
The IRS found that the medical practice underreported its income by over $100,000. Over $40,000 tax liability notice of deficiency was mailed to the couple. The couple also faced a significant penalty for the underreporting/ underpayment.

IRS’ application of petitioner’s remittance after the tax liabilities has been assessed constituted a payment of that tax liability.
On December 28th, 2021 the US Tax Court reviewed and decided whether “the taxpayer has paid more than was owed, where such a determination is necessary for a correct and complete determination of whether the proposed collection action should proceed”. (per T.C. Memo. 2021-142 UNITED STATES TAX COURT Petitioner v. COMMISSIONER OF INTERNAL REVENUE, Respondent…
Foreigners Investing in US Real Estate
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Business Assets
Assets are?resources or things of value that are owned by a company. When making assertions about an asset, management needs to remember several key points: Existence-Check depreciation and anything else related to the claimed asset to make sure that your balance sheet is accurate.? -Check that you have the right to this equipment. -Check with…

Revenue or Sales
Revenue or Sales When recording or showing your revenues or sales on your Income Statement, make sure that you accounted for: Occurrence Make sure there are no fictitious customers Completeness Make sure your company recorded ALL sales or revenues. Check for overstatement of sales or revenues by vouching and understatement of sales and revenues by…

Cryptocurrency Profit and Tax to the IRS
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