Tim Nelson is no ordinary CPA.  In between 100-mile bike rides and blindfolded bungee jumping, Tim finds satisfaction in helping his clients at his firm, Evans Nelson & Company CPAs, where he enjoys advising small businesses and adding a dash of humor to the dry business of accounting.  He has worked in the casino-gaming industry, as well as for the multinational fruit company Dole, a high-tech NASDAQ company, a private equity company, and more.

Recently, Tim has been testifying in tax audit court cases, and he is here to give us the skinny on some pretty shocking stories!  Whether it’s about an office manager conning their dying boss out of their estate or the man who burned down his house in order to claim it as a tax deduction, Tim has something to say about it.  While these stories are entertaining and at times deplorable, ultimately, there’s a lot we can learn about successfully avoiding the perils of tax court.

To find about more about what types of businesses and tax returns are labeled as “high-risk” by the IRS, and to hear some specific tax court case examples, tune in to this week’s podcast.

Ways to Listen

Tim Nelson is no ordinary CPA.  In between 100-mile bike rides and blindfolded bungee jumping, Tim finds satisfaction in helping his clients at his firm, Evans Nelson & Company CPAs, where he enjoys advising small businesses and adding a dash of humor to the dry business of accounting.  He has worked in the casino-gaming industry, as well as for the multinational fruit company Dole, a high-tech NASDAQ company, a private equity company, and more.

Recently, Tim has been testifying in tax audit court cases, and he is here to give us the skinny on some pretty shocking stories!  Whether it’s about an office manager conning their dying boss out of their estate or the man who burned down his house in order to claim it as a tax deduction, Tim has something to say about it.  While these stories are entertaining and at times deplorable, ultimately, there’s a lot we can learn about successfully avoiding the perils of tax court.

To find about more about what types of businesses and tax returns are labeled as “high-risk” by the IRS, and to hear some specific tax court case examples, tune in to this week’s podcast.

In this episode, you’ll find out:

  • What types of business structures get audited the most and what “flags” the IRS is looking for
  • Why it is currently the “era of low audits” with 1 in 140 people getting audited across all income levels
  • How one man got his $42,000 monthly mortgage payment down to $27,000 by claiming bankruptcy
  • Why you should get divorced if you have a mortgage over $1 million
  • How an auto body shop owner dying of cancer got conned out of his entire estate by his office manager and what his family had to do to get it reversed
  • How one man had the fire department burn down his house in order to get a tax deduction
  • How an office manager embezzled $120,000 per year from 6 doctors and where she is now
  • Whether a woman’s $20,000 income from donating her eggs to an infertile couple was considered taxable
  • How the easy acronym C.A.R. can help you create strong internal control of your business assets
  • How the underfunded IRS relies on computer matching to locate tax evaders
  • How you can tell if a computer or an actual IRS employee has looked at your tax return

If you want to hear more from Tim, he will be giving us the 4-1-1- on tax deductions at Hughes Capital’s upcoming Invest X event on October 25thClick here to reserve your seat.

In this episode, you’ll find out:

  • What types of business structures get audited the most and what “flags” the IRS is looking for
  • Why it is currently the “era of low audits” with 1 in 140 people getting audited across all income levels
  • How one man got his $42,000 monthly mortgage payment down to $27,000 by claiming bankruptcy
  • Why you should get divorced if you have a mortgage over $1 million
  • How an auto body shop owner dying of cancer got conned out of his entire estate by his office manager and what his family had to do to get it reversed
  • How one man had the fire department burn down his house in order to get a tax deduction
  • How an office manager embezzled $120,000 per year from 6 doctors and where she is now
  • Whether a woman’s $20,000 income from donating her eggs to an infertile couple was considered taxable
  • How the easy acronym C.A.R. can help you create strong internal control of your business assets
  • How the underfunded IRS relies on computer matching to locate tax evaders
  • How you can tell if a computer or an actual IRS employee has looked at your tax return

If you want to hear more from Tim, he will be giving us the 4-1-1 on tax deductions at Hughes Capital’s upcoming Invest X event on October 25th.  Click here to reserve your seat.

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Tim Nelson

Tim Nelson

President, Evans Nelson & Company CPAs

Tim Nelson prides himself on being a CPA with a sense of humor.  Under all the excel spreadsheets and payroll forms, Nelson finds a way to make sense of the numbers.  Before settling in Northern Nevada, Nelson served as the CFO, CEO, president, and other executive roles for a casino-gaming establishment that grossed $25 million a year.  He has also worked for a high tech NASDAQ company, as an executive for a division of Dole, and for an insurance and financial services conglomerate.  He returned to Northern Nevada to run his management consultant company and begin a CPA company.  Today, Tim is focused on providing a variety of financial services to his clients.  He specializes in IRS representation, personal and small business tax preparation, and small business financial consulting.

 

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