"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
As we wrap up this tax season and begin planning for the next, here’s something every business owner needs to remember: DETAILS AND DATES MATTER IN TAXES. A great example is the new bonus depreciation law. Under the new law, 100% bonus depreciation was permanently restored for qualifying property acquired and placed in service after January 19, 2025. That means when you tell me, “Oh, I bought it and started using it at the beginning of the year,” I’m going to ask: What was the actual date?...
A lot of business owners come to me asking about LLCs, trusts, S Corporations, and other strategies they've heard can help them save on taxes. The truth is this: An LLC by itself does not help you save on taxes. A trust by itself does not save you taxes either. Those are legal structures, and their tax treatment depends on how they are set up, used, and specific facts of your situation. Those are not one size fit all or copy and paste strategies. That's why when you become a new client, we...
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...