by Leif Jensen | Aug 2, 2011 | General |
No waiver is allowed when a filer dies before completing a rollover. The Service privately rules. In this case, a retiree took a payout from his firm’s plan and died before he was able to complete a rollover to an IRA. The Revenue Service declined to waive the 60-day...
by Leif Jensen | Aug 2, 2011 | General |
The federal limits on the supply of imported sugar in the U.S. market are boosting prices for bakeries, candy makers and other small businesses, according to the president of the Sweetener Users Association, a beltway lobby group. The U.S. is currently the world’s...
by Leif Jensen | Aug 2, 2011 | General |
Financial troubles can now be an excuse for late payroll tax deposits, according to the Tax Court says. I am curious how this case would play in Illinois since this is a Florida case. Since the double impact of a recession and a significant decline in the region’s...
by Leif Jensen | Aug 2, 2011 | General |
The Service has developed a new audit guide for the business consulting industry. It instructs examiners on what issues to look for, such as bartering on the Internet, employee or independent contractor classification, and improper shifting of income to a related...
by Leif Jensen | Jul 25, 2011 | General |
I was having a discussion with a client regarding tax rates. I was sharing the limits for the top 10% of the US about $115,000 in Adjusted Gross Income (AGI). As the conversation went on we discussed the amount of taxes a couple pays. So we did a quick calculation...
by Leif Jensen | Jul 23, 2011 | General |
An outside payroll firms can be penalized for not turning over trust fund taxes, in a timely fashion, according to the IRS. It will assess the 100% penalty on employee leasing companies and the like that willfully fail to remit payroll taxes. Utilizing an outside...
