by Leif Jensen | Oct 10, 2011 | General |
A funny thing happened in WASHINGTON —The Internal Revenue Service announced that it is issuing proposed regulations that would require paid tax return preparers, beginning in 2012, to file a due diligence checklist, Form 8867, with any federal return claiming the...
by Leif Jensen | Oct 10, 2011 | General |
Does your business have a corporate book? Does it have updated information? Do you have at least an annual meeting? What should be in your corporate books and records? It should include the following: • Article of Incorporation • Bylaws • Minutes of first...
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...
