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IRS Tax

Texas Car Dealership form 8300 reporting requirements

Texas Car Dealership form 8300 reporting requirements Form 8300 Reporting Guidelines for Dealerships Vehicle Purchase and Additional Transactions If a customer buys a vehicle for $9,000 in cash and later spends $1,500 on repairs, accessories, or customization within 12 months, Form 8300 is not required unless the dealership knew or…
Ansari Law Firm
February 14, 2025
IRS Tax

IRS Audit Reconsideration for missed tax court deadlines

IRS Audit Reconsideration for missed tax court deadlines Audit Reconsideration Process (IRS & State Tax Authorities) Audit reconsideration is a process that allows taxpayers to request a review of an IRS or state tax agency audit assessment if they believe the findings are incorrect. This process is used when a…
Ansari Law Firm
February 12, 2025
IRS Tax

What is IRS backup withholding tax for contractors

What is IRS backup withholding tax for contractors When you have contractors that worked for your business, you need to issue a 1099 when paying them more than $600 dollars. However, you as the business owner can be liable for their tax. When the contractors do not have a taxpayer…
Ansari Law Firm
January 14, 2025
IRS Tax

Only fans IRS criminal tax investigation attorney

Only fans IRS criminal tax investigation attorney In 2020, OnlyFans posted a gross revenue of $2.3 Billion. Just one year later that figure increased to $4.8 Billion. When the IRS sees that a single industry is producing this level of growth and revenue, it is just a matter of time…
Ansari Law Firm
December 13, 2022
IRS Tax

IRS Form 8082 Notice of Inconsistent Treatment K1

IRS Form 8082 Notice of Inconsistent Treatment K1 Have you received an inconsistent K1 from an S-Corporation? Basically, has one of your business partners issued the incorrect payment amount? If so, you will need to file form 8082 to inform the IRS of this problem. Many times, once these forms…
Ansari Law Firm
October 11, 2022
IRS Tax

Research and development IRS tax credit audit risk

Research and development IRS tax credit audit risk If you are concerned about the IRS auditing you for taking research and development tax credits, then, follow the pointers below: 1. There must be a process of experimentation that is well established and documented! This is the main objective of the…
Ansari Law Firm
December 21, 2021
IRS Tax

Impact of Divorce on Taxes

Impact of Divorce on Taxes Taxpayers should be aware of tax law changes related to alimony and separation payments. These payments are made after a divorce or separation. The Tax Cuts and Jobs Act changed the rules around them, which will affect certain taxpayers when they file their 2019 tax…
Ansari Law Firm
July 8, 2019
IRS Tax

199A QBI Deduction

199A QBI Deduction Many individuals, including owners of businesses operated through sole proprietorships, partnerships, S corporations, trusts and estates may be eligible for a qualified business income deduction, also called the section 199A deduction. Some trusts and estates may also claim the deduction directly. The deduction allows them to deduct…
Ansari Law Firm
June 19, 2019
IRS Tax

Small businesses vehicle deductions

Small businesses vehicle deductions Businesses that use a car or other vehicle may be able to deduct the expense of operating that vehicle on their taxes. Businesses generally can use one of the two methods to figure their deductible vehicle expenses: Standard mileage rate Actual car expenses For 2019, here…
Ansari Law Firm
June 19, 2019
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