Author Archive | Borbala Banto, CPA

If you get an IRS audit notice, you probably expect to spend hours responding to endless document requests, visiting bland government offices, and meeting with faceless bureaucrats. You might hope you get lucky and find yourself assigned to a pleasant, friendly examiner, one who acknowledges how intrusive and annoying the audit process can be. But […]

Every year, the IRS Criminal Investigation unit releases an annual report detailing how they pursue and prosecute tax-law violations. It’s full of the usual dry statistics you would expect from any IRS report: investigations launched, tax preparers indicted, identity thieves sent to prison, and even average sentences for different crimes (29 months for tax preparers, […]

Labor Day has come and gone, and, while fall isn’t “officially” here, it’s time to put away those summer whites. Never mind that the mercury is still hitting 100 degrees in parts of the country; forget about those pennant races still heating up in the AL West and NL Central. This weekend, the National Football […]

When people misbehave – badly enough – they go to jail. But when corporations misbehave, they can’t go to jail. So they pay fines instead. Recent years have brought a wave of enforcement actions for various corporate offenses, from banks ripping off customers, to investment managers trading on inside information, to drug companies poisoning patients, […]

Let’s start by saying that no one likes getting audited. But the average income tax audit isn’t the end of the world. For tax year 2012, the IRS audited just 1,481,966 returns out of over 143 million filed, or barely one in a hundred. And according to the IRS Databook, the average “deficiency notice” demanding […]

Back in 2007, a Los Angeles judge sentenced actress Lindsay Lohan to one day in jail for misdemeanor drunk driving and cocaine charges. California’s prisons are notoriously crowded, so Lohan walked out of the joint after just 84 grueling minutes. She didn’t even have time to change into an orange jumpsuit. Lohan’s “sentence” drew headlines […]

Benjamin Franklin famously said that “three may keep a secret, if two of them are dead.” And that was before the National Security Agency and other government agencies could track your phone calls, browsing history and even your driving habits. Keeping secrets is especially hard in politics – just ask Carlos Danger or Client Number […]

August is here, and golf season is in full swing. Duffers are filling the air with curses as colorful as their outfits. Tiger Woods is taking a break from romancing pancake-house waitresses to work on his game. And Phil Mickelson is the latest man of the hour. Earlier this month, he took a one-hole playoff […]

Let’s imagine, just for a minute, that you decided on a new line of work: ripping off the IRS. How do you think you would launch your new business? Maybe you’d open a secret bank account in one of those “sunny places for shady people” like the Cayman Islands or Bahamas. You might rent a […]

Junior high school is a difficult time for parents as well as students. It’s a time when boys start to discover girls, and girls start to discover boys. (Reports differ on exactly which group discovers the other first, but I hear it’s equally terrifying for most parents.) One of the very first things junior high […]