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Category: News - Page 2

Responding to Tax Audits: Let a Virginia IRS Audit Lawyer Help

Posted in News on June 26, 2019

For Virginia professionals, being targeted by the IRS for a tax audit can be a daunting prospect. With an audit, the IRS can challenge a professional’s tax reporting on his or her business income. And the taxpayer could face additional taxes, interest and penalties at the end of the process.

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Virginia Tax Audits: Your Rights and Responsibilities

Posted in News on May 6, 2019

Virginia taxpayers are routinely audited on their state taxes. Just as the IRS performs its audits, the Virginia Department of Taxation also audits tax returns to ensure compliance with state tax law. It is important for Virginia taxpayers to know their rights during these audits. And since a Virginia tax audit is a serious process, it is just as important for taxpayers to be aware of their responsibilities.

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Tax Implications of Commingling Expenses from Different Businesses

Posted in News on March 29, 2019

For U.S. taxpayers who own multiple businesses, they must be wary of commingling expenses between the businesses. If one company is used to pay the other’s expenses, the tax consequences could be severe. This point is demonstrated by the recent IRS case of Key Carpets v. Commissioner.

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How and When to Report Gambling Winnings and Losses

Posted in News on February 28, 2019

You might have big dreams of hitting the big progressive slot machine jackpot in Las Vegas. Maybe you are a whiz at Texas Hold ‘Em and just know that it is only a matter of time until you make it to the final table of the World Series of Poker. Perhaps blackjack is your game and you are doubling down on your chances of taking your 21 winnings and retiring someday. Read More

Options for Structuring Your New Business in Virginia

Posted in News on January 31, 2019

One of the most important decisions a Virginia business owner must make is what type of business structure he or she wants to establish. Read More

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