by Leif Jensen | Jan 11, 2017 | General |
There is a project in the works to determine if the US can line up with underdeveloped countries, such as Kenya and Honduras. The goal of the project is to capture data that reveals if free money on a regular basis (basic income) really does help people escape...
by Leif Jensen | Jan 10, 2017 | General |
I was recently at an ICPAS Chapter meeting where an IRS Special Agent (the ones who carry guns) was discussing the increase in payroll withholding cases. There has been a 33% increase in investigations into payroll tax issues. This is where employers do not pay...
by Leif Jensen | Jan 9, 2017 | General |
An employee’s larceny doesn’t void a penalty for undeposited payroll taxes in this case. After the company’s owner learned about the embezzlement and that the taxes were unpaid, he had the firm pay part of its liability to IRS and he loaned the business money for the...
by Leif Jensen | Jan 5, 2017 | General |
Employers are now required to file W-2s with the federal government by Jan. 31, this is up from the prior deadlines of Feb. 28 for paper returns and March 31 for e-filings. This earlier deadline matches the date for sending copies of the forms to employees. The Jan....
by Leif Jensen | Jan 4, 2017 | General |
In a recent tax case it was decided that partnership expenses cannot be taken directly on a partner’s tax return. A taxpayer reported on Schedule C income and expenses from two side businesses that he operated with his brother. Even though no partnership return...
by Leif Jensen | Jan 3, 2017 | General |
The tax burden on the wealthy has gone up, according to IRS statistics. The top 1% of individual filers paid 39.5% of all federal income taxes in 2014, the most recent year the Revenue Service has analyzed (yes, they are behind). This is an increase from 37.8%...
