"I'm Just Going To Stop Paying Taxes"
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This was a common comment I heard during tax season. Primarily due to political reasons, people did not want their money going to the government. I guess Twista, a Chicago rapper, didn't want his money going to the government either. He is making the headlines for evading (not avoiding) taxes. Twista recently pleaded guilty to five counts of willfully failing to pay income taxes after allegedly failing to pay taxes from 2019 through 2023. According to court records, he earned income from performances, album sales, streaming, and royalties. Despite repeated notices from both the IRS and his own accountants about his tax obligations, he allegedly chose not to pay. Instead, prosecutors say he structured payments through advances on future royalties and continued making major lifestyle purchases, including multiple luxury vehicles. If you intentionally refuse to pay your taxes, they will follow the money. The result? He reportedly accumulated more than $440,000 in unpaid taxes and now faces criminal convictions and the possibility of prison time. This wasn’t about making an honest mistake on a tax return. It wasn’t about forgetting a deadline or miscalculating estimated payments. According to the government, this case came down to willfully ignoring tax obligations after repeated warnings. That’s why proactive tax planning matters. Tax planning doesn't happen during tax filing season. It happens now. The goal isn’t just to file your tax return. It’s to solve your existing tax problems and prevent future ones so they do not become criminal. If you’ve fallen behind on taxes, owe the IRS, received letters, or simply want to make sure you’re making smart tax decisions before they become costly, don’t wait until the IRS makes their next move. Let’s fix your existing problems and create a plan before a tax problem becomes a legal problem. Schedule your consultation now. The sooner you address a tax issue, the more options you usually have. Karitsa Kerns, CPA, EA
I help professional practice owners heal costly tax problems, reduce taxes legally, and prevent future tax issues with proactive tax strategies and expert tax resolution. DEADLINES September 15th -
October 15th -
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Welcome to the KNK Tax & Accounting Blog
Have you ever been shopping during a sale, gotten to the register, and the cashier says: “Actually, I can give you another 25% off.” It wasn’t advertised. You didn’t know about it. But the cashier did. Would you say, “No thanks. I’d rather pay full price”? Of course not. Yet private practice owners do something similar with taxes all the time. They wait until tax season to talk to a tax professional. They get hit with a large tax bill and immediately start figuring out how to pay it. Or they...
Running a profitable private practice does not automatically mean you are paying the lowest amount of tax legally required. In fact, many private practice owners overpay—not because they did anything wrong, but because their tax strategy has not kept pace with the growth of their practice. Here are five common reasons: 1. Your business entity no longer fits the practice The entity that worked when your practice first opened may not be the most tax-efficient structure now. As revenue and...
The IRS recently announced a change that could make it easier for some taxpayers to get penalty relief. Starting this summer, the IRS will begin automatically removing certain penalties for taxpayers who have a strong history of filing and paying on time. In the past, you generally had to contact the IRS and request the First Time Penalty Abatement. Under the new process, called the Automatic Exemption from Penalty, eligible taxpayers will not have to ask. You may qualify if you filed your...