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Payroll Tax Fraud

The IRS remains committed to combatting payroll tax fraud and has it as a high priority The Justice Department is pursuing an increasing number of civil injunctions against businesses, and their officers whom have repeatedly failed to deposit taxes withheld from...

Outsourced Payroll

Remember, if you are an employer that outsources payroll you retain all tax roll tax liability responsibilities and remain liable for unpaid taxes. So, take these steps to protect yourself if your business uses a payroll agent, enroll in the Electronic Federal Tax...

Employee Hiring Credit

An employer tax break has been extended. The work opportunity tax credit or hiring economically challenged employees will be available throughout 2020. This credit is for employers who hire qualified veterans, ex-felons, certain youth, the long-term unemployed and...

S-Corp Election

Want your calendar-year firm taxed as an S corporation for all of 2020? Then you need to file to elect S status by filing Form 2553 with IRS by March 16. The IRS has a simplified method for businesses to handle late S elections. Generally, firms have three years and...

Election Employees

This election season, many people will get part-time jobs working at the polls. This compensation is taxable, as is all earned income. But income tax withholding is not required unless the worker requests it by giving a completed W-4 to the state or municipality. FICA...

The PMI revival

Now that the deduction for private mortgage insurance premiums has officially been revived.  You can go back and claim it on my 2018 return? You will need to file an amended return on Form 1040-X and attach a 2018 updated Schedule A, which IRS is revising. The new...

The walk and talk

New research proves that conducting a meeting while walking has clear health benefits for the participants, but it turns out it benefits the meeting, too. The research from the University of Hong Kong shows that walking side by side helps people connect to each other....

The tax rates for the wealthy

I was curious of the historic tax rates for the wealthy, or at least the highest levels of taxation.  Some of the rate jumps seems arbitrary, others are simply explained by WWI and WWII.  But the jumps before our entry seem to be harbingers of our path. 1913...

Virtual Currency

Surprise, the IRS is intensely interested in filers who transact in virtual currencies. They are requiring more disclosure. Starting with returns filed this year, people must answer on Schedule 1 of the 1040 whether they’ve received, disposed of, sold, exchanged or...

Estate Taxes

Distributing bequests to beneficiaries before paying IRS costs an executor, according to a court ruling. The executor of a big estate knew additional estate taxes would be due after IRS audited the Form 706. He signed an agreement with IRS consenting to have the...

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