Michael is the Managing Principal of Tax at CliftonLarsonAllen. Mike has more than 21 years experience as a highly respected Business Advisor and Tax Consultant to entrepreneurs and their businesses. His passion has been to help individuals and business owners implement strategies to minimize income, gift, and estate taxes throughout his career. Mike is a proactive professional services advisor and seeks to help his clients make sound financial decisions and bring peace of mind to his clients as they navigate the increasingly complex financial and tax landscape that many businesses face today.
The uncertainty around a new tax law is making planning this year particularly difficult. Here’s what advisors are recommending now.
The Oscar-nominated film "Everything Everywhere All at Once" includes a tax audit at an IRS office. But experts say actual IRS exams are not like in the movies.
It’s compared to a general population of other returns with similar income or deductions and when there’s an outlier or a number of outliers, it increases the likelihood that one might receive an audit notice.
The opportunity to get the 10% step-up after five years expires this year.