Author: John Eberhard
Asset Protection Mistakes of Donald Trump: Lessons to Learn!
By Dave Horwedel, the CEO of Torchlight and GuardDog Tax. Millions of Americans are worried about protecting their assets, or SHOULD BE. 100 million lawsuits are reportedly filed in America annually. There are only about 132 million households in America. That is almost one lawsuit per household per year. Consider Donald Trump–a billionaire who successfully […]
Tax PreparationDo I Need an IRS Identity Protection Personal Identification Number (an IP PIN)?
by Dave Horwedel, EA The IRS is offering an IP PIN to taxpayers who request them. If you are concerned that someone may steal your refund or file something incorrect with the IRS under your name or Social Security Number, this offers an extra layer of protection. In prior years only taxpayers who had been the victims of Identity theft could apply. […]
Tax PreparationCorporate Transparency Act Found Unconstitutional
By Dave Horwedel, EA, CEO of Torchlight and GuardDog Tax A federal district court in Alabama held that the Corporate Transparency Act (CTA), P.L. 116-283, which requires the reporting of Beneficial Ownership Information (BOI) by businesses, is unconstitutional. No Celebration Yet This is a lower court opinion that is sure to be appealed to the […]
IRS Representation, Tax Blog, Tax PreparationERC 2024: The Partial Suspension Test – ERC REVIEW and AUDIT DEFENSE
by Dave Horwedel, EA The Employee Retention Credit is in the news with the IRS sending out thousands and thousands of IRS Audit (aka Examination) Letters and offering a discount if you voluntarily withdraw your ERC . To understand what to do with your ERC, you need to understand the ERC “partial suspension” test. If […]
Employee Retention CreditERC 2024: The Gross Receipts Test – ERC REVIEW and AUDIT DEFENSE
by Dave Horwedel, EA It would seem by reading IRS announcements that ERC Law has changed or that the IRS has recanted on their earlier IRS Guidance. This is not true. Nothing has changed except the IRS has taken on a much sterner tone and is asking those who falsely claimed the ERC to voluntarily […]
Employee Retention CreditThe Story of Torchlight Tax
Hi. This is Dave Horwedel. I am an Enrolled Agent, EA, the highest federal tax credential, and the founder of Torchlight and Guard Dog Tax. I would like to introduce you to my firm. I apprenticed at another EA/CPA firm before starting my own practice in 2015 in Las Vegas. I started my firm working […]
Employee Retention Credit, IRS Representation, Tax PreparationIs the ERC Cancelled?
by Dave Horwedel, EA No. The ERC is not cancelled for those who submitted on or before 12/31/2023. The IRS has paid or is still processing these ERC claims. Are new claims being accepted? Proposed legislation ends acceptance of new ERC claims as of 12/31/2023, if the House and Senate agree, and it is signed […]
Employee Retention CreditShould I Withdraw My ERC???
The IRS is offering a voluntary program that allows you to withdraw your Employee Retention Credit (ERC) if you have already received it, and “only” pay back 80% of what you received. Is this a smart move? Should you withdraw your ERC? Before you withdraw your ERC, or not, you should carefully review the impact […]
Employee Retention CreditTaxes in Under a Minute by Torchlight Tax
by Dave Horwedel Learn to Maximize your deductions. Maximize your tax credits. Employee Retention Credit, R&D credit, child tax credit, earned income credit, solar tax credit. Maximize your assets while minimizing your taxable income. Create future income and assets by deducting expenses that create future income and assets. Defer taxes using 1031 exchanges and other […]
Tax PreparationBest Small Business Tax Structure
By Dave Horwedel, EA There is a C-Corporation which is the major corporations like those you see on the stock market. C-Corporations have stockholders, and they can make a lot of money. They have corporate meetings and boards of directors’ meetings and so on. They pay 21 % corporate income tax on the profits that […]
Tax Preparation