by Leif Jensen | Apr 18, 2011 | General |
A break for small firms on reporting the value of health coverage on W-2s: The IRS won’t require it for 2012 W-2 forms, either. The Revenue Service already suspended the reporting rule for 2011 W-2s that will be filed in early 2012. That relief applied to all...
by Leif Jensen | Apr 17, 2011 | General |
It has been repealed, President Obama has signed the legislation to repeal the expansion of the 1099 reporting rules. The law which scraps the requirement that businesses issue 1099s when paying $600 or more to corporations or for goods. Also gone is the rule making...
by Leif Jensen | Apr 17, 2011 | General |
Employees who file individual taxes based upon their W-2 can get refunds in spite of the unpaid deposits. Employees catch a break when employers don’t deposit withheld taxes: They still can claim a credit for the withheld income taxes when they file,according to IRS...
by Leif Jensen | Apr 17, 2011 | General |
Business owners can not escape liability for the firm’s unpaid payroll taxes, even though they didn’t know about the shortfall, an Appeals Court says. The bookkeeper for a business failed to deposit the company’s employment taxes. The owners first learned about her...
by Leif Jensen | Apr 17, 2011 | General |
Bankruptcy creditors cannot get at inherited IRAs, a district court says in reversing a previous bankruptcy court decision in favor of the creditors. The case involved a debtor who inherited her mom’s IRA and then filed for bankruptcy. Now all district courts and the...
by Leif Jensen | Apr 17, 2011 | General |
Acquiescence to an abusive boyfriend’s theft won’t negate a theft loss deduction, according to the Tax Court. A boyfriend of a business owner worked for her firm. Although she knew he was stealing money from the business, she remained silent because he was verbally...
