by Leif Jensen | Mar 1, 2022 | Taxes |
IRS is disbursed its last monthly child credit payment for 2021 on Dec. 15. Taxpayers who file a federal return next year will use Schedule 8812 to reconcile their 2021 advance payments with the child credit they are entitled to. For most, the credit will exceed the...
by Leif Jensen | Feb 28, 2022 | Taxes |
There are some LLC and LP members who don’t pay SECA taxes that are now on the IRS’s radar. The IRS has an ongoing audit campaign on when limited partners and LLC members owe self-employment tax on their distributive share of the firm’s income. In 2017, the Tax Court...
by Leif Jensen | Feb 23, 2022 | Taxes |
It seems that the IRS’s Criminal Investigation division is pursuing fewer payroll tax dodges… In 2021, the CI began 215 of these cases, compared with 298 the prior year. Apparently the probes of nonfilers, abusive tax schemes and cross-border crimes are also down. But...
by Leif Jensen | Feb 22, 2022 | Tax Court |
When having an issue with your taxes and calling the IRS of instructions, is what we have been instructed to do, it is in the instructions. They are supposed to be the experts. Relying on an IRS phone operator’s incorrect advice doesn’t avoid a tax bill. A man called...
by Leif Jensen | Feb 21, 2022 | Running a Business |
Expenses incurred before business starts aren’t deductible right away. An engineer bought vacant land with the intent to eventually farm and develop it. Although he spent time and money working on the land, began constructing a barn, and even came up with a business...
