by Leif Jensen | May 14, 2011 | General |
It appears that the Internal Revenue Service plans to scrutinize 1042-S forms. The 1042-S is used to report payments made to nonresident aliens, along with any tax withheld. The crackdown is in response to a report issued by Treasury inspectors last year criticizing...
by Leif Jensen | May 14, 2011 | General |
A foundation doesn’t qualify as a public charity, an Appeals Court states. When its operating documents don’t identify the charities it plans to support. The foundation in the case was set up to aid charities that promote and perform public health or Christian...
by Leif Jensen | May 14, 2011 | General |
The Internal Revenue Service is looking to address two issues involving tax-exempt organizations: Payment of fringe benefits and treatment of unrelated business income. The agency is concerned that charities aren’t including the value of fringe benefits when figuring...
by Leif Jensen | May 14, 2011 | General |
Taxes shown on IRS-prepared late returns (returns prepared with only the second party information sent to the IRS; 1099’s,, 1098’s W-2’s) will not be discharged in bankruptcy, a court says. When a couple fails to file tax returns, the Service audited them and assessed...
by Leif Jensen | May 8, 2011 | General |
The Illinois Small Business Job Creation Tax Credit gives small business owners an extra boost to grow their business over the next year. After creating one or more new, full-time positions that meet the eligibility requirements, small businesses can register here to...
by Leif Jensen | May 8, 2011 | General |
On May 18th, the Illinois CPA Society (ICPAS) has its annual Estate and Gift Tax Conference. As a purely biased member of the committee that plans this event, I strongly encourage any one who deals with these issues to attend. We have Susan Bart , Elliott Friedman ,...
