Luxury Watches: The Unseen Connection to Money Laundering luxury watches money laundering tax evasion

Today, we're diving into the fascinating topic of money laundering, but with a twist. We'll be examining the role luxury watches, like Rolex, and how they can be a part of the process.

I’ll walk though a couple examples of how a money laundering scheme with luxury watches might play out.

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The Hunter Biden Tax Evasion Case and What it Means for You tax evasion

Hunter Biden, the son of President Joe Biden, has been charged with tax and gun charges. According to the latest court documents, he’s expected to plead guilty to two misdemeanor tax charges as part of a plea deal. It’s said that Hunter Biden has accepted the charges and is...

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Grant Cardone: What a CPA Think of Investing in Cardone Capital investing

A reader reached out to me and asked what I thought of investing in Cardone Capital. If you didn’t know, that’s the real estate investment fund run by motivational speaker and thought leader, Grant Cardone.

Although, I’m not an investment advisor and this isn’t investment...

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The Huge Mistake Business Owners Make! Hint: Paying Employees in Cash small business tax tips

A huge mistake that comes up in business is something that doesn’t actually seem like it’s a big deal at all. And that is, paying employees or independent contractors in cash. 

Here’s why. The all powerful Internal Revenue Service, can can disallow the deduction entirely....

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Side Hustle Essentials: Do You Really Need a Tax ID Number? side hustle taxes tax tips

So you’ve got a side hustle. And you might be wondering if you really need a tax ID number, also referred to as an EIN. In this blog post, I’ll discuss whether or not you should get an EIN or employer identification number for your side hustle business.

 

An EIN is a nine digit...

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IRS to Resume Balance Due Notices irs taxes

Breaking news from the Internal Revenue Service! 

The IRS just announced that they are sending out 8 million CP14 balance due notices starting this month.

What is an IRS CP 14 notice?

It’s the first notice the IRS sends you telling you that you owe them money. 

So, the IRS just...

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Disguised Wages: What You Need to Know! irs tax evasion taxes

Someone asked in one of my videos:

A popular luxury watch dealer has been paying his employees by way of paying for the rent for their beach front apartment, and other things like leasing a Corvette for the videographer to use. Is this legal? Can you comment on that from a tax point of view?

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Tax Season Uncovered A Tax Professional's Insights and Lessons Learned accounting taxes

I’ve been preparing taxes, on my own, for the past, at least 7 years. In this video, I wanted to share the biggest takeaways for anyone looking to get into taxes or the accounting field or someone looking to improve their business operations.

Since starting on my own, I have to say that...

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YouTube Vloggers & the 100% Meal and Entertainment Deduction Controversy

Someone asked me a very interesting question.

My channel is on Las Vegas travel. My tax person is telling me that I can only write off 50% of meals and entertainment while in vegas. It seems to me like that rule is meant if you are having a "business meeting." In the case of a vlogger, the meals...

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Why You Should Always File Your Income Tax Return individuals irs tax tips

As a tax professional for many years, my advice is to always file your tax returns. I know that seems obvious. But sometimes life happens and we find ourselves falling behind with lots of important stuff especially filing your taxes.

In this blog post, I’ll share a story about a friend of...

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Income Tax Extension Questions and Answers irs taxes

I want to clear up some confusion and misconceptions that go along with filing a tax extension. This information applies to individuals, sole proprietors, single member LLCs, and side hustle business owners.

The reality is, when someone hears that their tax professional insists on filing an...

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5 Accounting Career Lessons I Learned the Hard Way!

So, I’m an Accountant; a number cruncher, tax man, bean counter. Take your pick. The proverbial guy who looks at his own shoes when he’s talking to someone. Seriously, there are old accountants who do just this.

As a profession, accounting can be both rewarding and challenging, and...

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