The better your estimates are, the better the odds that your tax planning efforts will succeed. Accounting irregularities such as a business’s failure to keep adequate records or a discrepancy between amounts reported on a corporation’s return and amounts reported on its financial statements. Bijan Kohanzad is an Enrolled Agent (EA), a professional tax practitioner licensed by the U.S.
- If you need assistance figuring out which method is best for your business, don’t hesitate to contact the office.
- Thus, providing an accounting analysis that is suitable for court.
- Keeping these receipts makes it so much easier to determine percentages of deductions later on in the year.
- The arrests capped an 18-month investigation by the Drug Enforcement Administration and FBI that began when German authorities intercepted nearly $5 million worth of opium in Dusseldorf, Germany.
- If you use your car for business such as visiting clients or going to business meetings away from your regular workplace you may be able to take certain deductions for the cost of operating and maintaining your vehicle.
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problems. Lari’s wife, Marjan Sarshar, 47, who was accused of loan fraud, was released on bail. During the first of 10 narcotics transactions by the ring, a confidential informant traveled with Nasseri-Jafar and other couriers in April 2002, as they transferred 11 suitcases of opium from Germany to the United States, the affidavit said. The informant said four suitcases were handed to Mojaddam and another person during a meeting at a Santa Monica motel, Pullen said. According to the affidavit, telephone records showed that Nasseri-Jafar was in contact with Lari, 47, of Santa Monica and Mojaddam, 32, of Los Angeles. And bank records established that Nasseri-Jafar used Mojaddam’s home address on a California account, the affidavit said.
IRS Warns Consumers of Possible Scams…
Bijan is an Enrolled Agent (EA), a professional tax practitioner licensed by the U.S. Department of Treasury to represent taxpayers before the Internal Revenue service. OptimaNet Tax Services specializes in Tax Audit representation as well as Tax and Accounting services for small and medium-sized businesses.
- Lari’s wife, Marjan Sarshar, 47, who was accused of loan fraud, was released on bail.
- Claims for fictitious or improper deductions on a return such as a sales representative’s substantial overstatement of travel expenses or a taxpayer’s claim of a large deduction for charitable contributions when no verification exists.
- Tax planning is the process of looking at various tax options to determine when, whether, and how to conduct business transactions to reduce or eliminate tax liability.
- In order to qualify as a deduction, business must be discussed before, during, or after the meal and the surroundings must be conducive to a business discussion.
- Section 179 expensing for tax year 2016 allows you to immediately deduct, rather than depreciate over time, up to $500,000, with a cap of $2,000,000 worth of qualified business property that you purchase during the year.
Both were held by federal authorities after initial court appearances late Wednesday, according to the U.S. attorney’s office. This will result in either a smaller refund or a larger balance due. • If the premium tax credit computed on your return is more than the advance credit payments made on your behalf during the year, the difference will increase your refund or lower the amount of tax you owe. Federal agents in Los Angeles arrested 11 people early Wednesday in connection with an international money-laundering and drug-trafficking ring that allegedly funneled large shipments of opium from Iran through Germany and into the United States. OptimaNet Tax Services was established in 1985 by Bijan Kohanzad.
IRS Warns of Latest Scam Variation Involving…
A leading provider in the Tax Service business with a friendly and knowledgeable staff committed to providing the best quality service in IRS Audit Representation and preparing the most accurate tax returns with reasonable fees. As your trusted tax practitioners, we are always an email or a phone call away. We help our clients keep their books and accounting record in such a way that they would be audit-proof and will be able to survive any tax audit. We help our clients minimize their tax liability with the knowledge and expertise that we have in tax work since 1985. In addition to the arrests, authorities including IRS agents and Glendale police served search warrants at 13 locations throughout the county. Section 179 expensing for tax year 2016 allows you to immediately deduct, rather than depreciate over time, up to $500,000, with a cap of $2,000,000 worth of qualified business property that you purchase during the year.
Advance Payments of the Premium Tax Credit
Department of Treasury to represent taxpayers before the Internal Revenue Service (IRS). EAs are different from other tax professionals because they are the only practitioners required to demonstrate competence, specifically in matters of taxation. They are the only taxpayer representatives who receive that right from the U.S. government, rather than from individual states. Bijan https://accounting-services.net/bookkeeping-california/ is also a Certified Fraud Examiner and provides Forensic Accounting Services. The wiretaps, Pullen alleged, also indicated that Lari had laundered the drug money through numerous property purchases. Citing bank records, telephone calls and informant reports, Pullen alleged that several Los Angeles suspects used local businesses to sell the opium and launder the proceeds.
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Our mission is to remove the burden of business accounting from your operation altogether. Whether you have a wage garnishment, bank levy, un-filed tax returns, have business payroll issues, or need to restructure a payment plan, we are confident our team of tax professionals can help. Repayment limits by household income as a percentage of the federal poverty line are listed below.
Our Firm will evaluate and analyze your internal control system. We will make recommendations for long term solutions and improvements in areas of weakness. Forensic Accounting utilizes accounting, auditing, and investigative skills to conduct an examination into company financial statements. Thus, providing an accounting analysis that is suitable for court.
How Selling Your Home Can Impact Your Taxes
Prime distractions are theater locations, ski trips, golf courses, sports events, and hunting trips. Improper allocation of income to a related taxpayer who is in a lower tax bracket such as where a corporation makes distributions to the controlling shareholder’s children. We are proud of our track record with a long history and extensive experience with all Taxing Agencies.
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Once the opium arrived in Los Angeles, Nasseri-Jafar would make large deposits in U.S. banks and then wire the money to his accounts in Germany and Switzerland, Pullen said. Some of the money was then transferred from German accounts to people in Iran, he said. In order to qualify as a deduction, business must be discussed before, during, or after the meal and the surroundings must be conducive to a business discussion. For instance, a small, quiet restaurant would be an ideal location for a business dinner. Be careful of locations that include ongoing floor shows or other distracting events that inhibit business discussions.