Internet Doesn't Work | Tulsa Financial Services | Oklahoma City Tax Services

As I sit here in the middle of another unpredictable Oklahoma weather cycle, I begin to let my mind wander. After reading a story in the newspaper about one of our competitors having to survive the last snow storm, I’m wondering why small business owners are so resistant to change. I’m not belittling small business… Read More

Tax on Toilet Paper | Tulsa Tax Services | Oklahoma City Tax Services

I know that no one likes taxes, and it would be a major coup to have 100 people agree on what is the best taxation method, but we’ve truly gone through the looking glass folks. Tax Types Generally, you can tax anything or any activity, but most taxes center around the big three, real property,… Read More

ESOP | Tulsa Payroll Services | Oklahoma City Accounting

One of the critical mistakes most business owners make is the lack of a succession plan. That is, there only plan is to die in their chair. The sad truth is that many business owners leave a lot of value on the proverbial table by not planning for the EVENTUALITY that they will someday die.… Read More

EVIL SUV'S | Oklahoma City Tax Services | Tulsa Tax Services

It’s like a B-grade horror flick, The Return of the SUV. Buried in the new tax law passed in December is provision to write off 100% (you read that correctly) of heavy Sports Utility Vehicles if it is used 100% for business. A Brief History Heavy SUV’s have long qualified for the popular Section 179… Read More

Where Did That $34 Million Go | Tulsa Payroll Services | Oklahoma City Accounting

It was right here, I swear! That was what one company was left asking after their VP of Finance embezzled from her employer. Details regarding the employee’s theft from her employer, Koss Corporation, are now becoming available. The individual, with only one other collaborator, stole $34 million dollars, representing HALF of the company’s earnings, over… Read More

40% Penalty | Oklahoma City Tax Services | Tulsa Tax Services

There aren’t many penalties that large in the world, but leave it to the IRS to come up with one. There has been plenty of press about the IRS going after foreign tax evaders, putting the Swiss banks over the coals, etc, but none of that has anything to do with little old you, right?… Read More

Tulsa Tax Services | Tulsa Payroll Services | Oklahoma City Tax Services

Sometimes for the fun of it, I read Tax Court cases. In a recent case, the IRS prevailed against a taxpayer who was trying to game the system and avoid payroll taxes by taking out little salary and a lot of dividends. Just the Facts Ma’am Funny thing is this taxpayer was a CPA in… Read More

Audits & Penalties | Tulsa Financial Services | Oklahoma City Tax Services

I’ve discussed this issue before in newsletters but wanted to remind taxpayers as filing season is upon us. Buried in the tax legislation passed in 2009 were increased penalties for S-corporation and partnerships that file their tax returns late. Many taxpayers were caught by surprise when their late 2009 returns generated penalties last year. In… Read More

Taxpayer Lacks Substance | Tulsa Payroll Services | Oklahoma City Tax Services

I’ve been accused of that a couple of times, but in this case, I’m talking about¬†economic substance. Recently a taxpayer lost their battle with the IRS, with the Tax Court citing that the transactions of their business entities lacked economic substance, and were only done to pay the couple’s personal living expenses. Believe it or… Read More

What Was Missing | Tulsa Tax Services | Tulsa Payroll Services

With great fanfare, and a giant love fest of political cooperation, Congress passed, and the President signed, the Job Creation Act of 2010. Much has been made about the extension of tax breaks, and some have been written about the temporary estate tax provisions, but I haven’t read anything about what was missing. Here are… Read More