by Leif Jensen | Oct 3, 2011 | General |
A win for the states is in the works. A bill limiting states’ power to chase tax revenue from out-of-state firms is not likely to pass. The legislation has been approved by a House committee, but is not expected to get much farther. The planned measure would bar...
by Leif Jensen | Oct 3, 2011 | General |
IRS has never been comfortable with how some firms classify some workers and independent contractor. To assist with turning this issue towards the direction they wish they have issued a carrot and a stick for firms that misclassify workers as contractors. Firms not...
by Leif Jensen | Oct 3, 2011 | General |
The costs are in for the unenrolled return preparers. They will have to stick their hands in their pockets for two new user fees to the IRS; $33 for fingerprinting and $27 to take the competency exam. These levies cover only the Service’s costs and don’t include what...
by Leif Jensen | Oct 3, 2011 | General |
It seems it’s never over until it’s over with the IRS. You must ask IRS in writing to withdraw a tax lien once the tax liability is fully paid. A withdrawal of a federal tax lien is more beneficial than a release because a withdrawal expunges the lien immediately from...
by Leif Jensen | Oct 3, 2011 | General |
The IRS has broad discretion to allocate partial payments of back taxes. They will do so to its own advantage unless you state how to apply the payment. Shocking that they look at their best intrests and not yours. This court case, a firm owed income and payroll...
by Leif Jensen | Oct 3, 2011 | General |
According to the Tax Court, an asset must be ready for business use by year-end to qualify for expensing. In the court case the owner of an S corporation put the cart before the horse, buying a plane for her cargo delivery business without having anyone who could fly...
