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...
by Leif Jensen | Jul 23, 2011 | General |
It appears that the IRS is aware that they exist! “Ghost Preparers” are those who charge fees for tax preparation but refuse to and don’t sign returns. To help track down these culprits, the IRS have sent mailings to taxpayers, who’s tax returns are somewhat...
by Leif Jensen | Jul 23, 2011 | General |
Having a large dollar volume of stock purchases does not always make you a trader in the eyes of the IRS. in this case a businessman who had 313 transactions for over $20 million in securities during a year; but he traded only on 29% of the available days and rarely...
