J Dixon Tax Advisory Services, PC

08/28/2021

Inc. magazine has recognized WealthAbility® as one of the fastest-growing companies in America.   The Tempe, Arizona-based company joins the prestigious Inc. 5000 list. WealthAbility®’s three-year revenue growth of 132% earned the company a ranking of 2,962 out of 5,000 of the fastest-growi ...

06/08/2021

Staying on top of your finances and cash flow are two of the most important things you can do as a business owner.

05/22/2021

"Many accountants approach taxes as something to fear. Therefore, you hear them saying that taking advantage of certain tax benefits will trigger an audit.

Tom and his team of accountants take the opposite approach. They view the tax code as a series of incentives. As a result, they believe it’s their responsibility to help you benefit from these incentives and reduce your taxes."

Check out the full blog on the podcast here: https://bit.ly/345kAqb

03/12/2021

Timing your income tax filing just right could mean a bigger stimulus check

For some Americans, filing 2020 taxes before or after the latest federal Covid relief package is passed could change the size of their stimulus check.

03/11/2021

Please disclose to your tax return preparer if you have any foreign accounts, big or small, and then let them tell you if you have a filing obligation or not.

Former Florida Resident Indicted for Tax Evasion and Failing to Report Foreign Bank Accounts

A federal grand jury returned an indictment today charging Lucia Andrea Gatta, a former resident of Palm Beach County, Florida, with tax evasion and failing to file Reports of Foreign Bank and Financial Accounts (FBARs), among other offenses, announced Acting Deputy Assistant Attorney General Stuart...

03/11/2021

My guess is they will extend the deadline, but I would still recommend getting your return done as soon as possible. It may affect your ability to collect any future stimulus payments.

The COVID-19 pandemic turned the tax season upside down last year, and even now millions of people are still dealing with the aftermath in 2021. The Internal Revenue Service said in mid-February that it had yet to process 6.7 million individual income...

03/10/2021

Not paying employment taxes can get you in trouble fast! If you have payroll issues, please contact us to see what can be done to help keep you out of trouble and get back on track!

Doctor Pleads Guilty to Not Paying Employment Taxes

A doctor, formerly of Great Falls, Virginia, pleaded guilty today to willful failure to pay employment taxes, announced Acting Deputy Assistant Attorney General Stuart M. Goldberg of the Justice Department’s Tax Division and Acting U.S. Attorney Raj Parekh for the Eastern District of Virginia.

03/09/2021

"But I just own a car wash... the IRS won't bother with a little business like me...." except when it comes to tax evasion!

Long Island Car Wash Owner Pleads Guilty to Tax Evasion

A Coram, New York, car wash owner pleaded guilty today to tax evasion, announced Acting Deputy Assistant Attorney General Stuart M. Goldberg of the Justice Department’s Tax Division and Acting U.S. Attorney Seth D. DuCharme for the Eastern District of New York. According to court documents and sta...

03/09/2021

Justice Department Sues to Shut Down Florida Tax Return Preparers http://ow.ly/y0IL50DM3JK

Be sure to check these items on your return as they are often used in tax preparation scams: charitable contributions, unreimbursed employee expenses, residential energy credits, head-of-household filing status, fabricating business income or expenses

The United States has filed a complaint in the U.S. District Court for the Southern District of Florida seeking to bar three Miami Gardens-area tax return preparers and their businesses and franchises, from owning or operating a tax return preparation business and preparing tax returns for others, t...

03/08/2021

The IRS Paid $3 Billion In Interest To Taxpayers Because It Failed To Get Refunds Out On Time

Washington Post, The IRS Paid $3 Billion in Interest to Taxpayers Because It Failed to Get Refunds Out on Time: The IRS penalizes taxpayers who don’t pay their tax bills on time, but the agency’s own delays are costing taxpayers billions of dollars as well. The IRS paid $3.03 billion...

03/08/2021

Failure to report cryptocurrency on your tax return can lead to trouble with the IRS

Taxpayers who had 2020 income or gains from cryptocurrencies — regardless of the transaction — may regret it if they fail to report it on their tax return.