by Leif Jensen | Apr 8, 2020 | Tax Court, Taxes |
A retired Mary Kay consultant owes self-employment tax on deferred pay that she got after she retired. During her tenure with the company, she was treated as an independent contractor and was compensated with commissions. The payments that she received under the...
by Leif Jensen | Apr 7, 2020 | Tax Court, Taxes |
S corporations that file late returns face a stiff fine $205 for each month late, up to a maximum of 12 months, multiplied by the number of shareholders in the firm. Prior to 2014, the penalty was a mere $195. In this case, in which a nine-owner S corporation lacked...
by Leif Jensen | Apr 6, 2020 | Money Management, Rant, Running a Business, Taxes |
The IRS’s private tax-debt-collection program is raking in the dollars. From its April 2017 start through Sept. 30, 2019, four private firms have collected about $300 million in revenue from seriously delinquent taxpayers. Compare this with the program’s $132 million...
by Leif Jensen | Apr 1, 2020 | Tax Court, Taxes |
The IRS remains committed to combatting payroll tax fraud and has it as a high priority The Justice Department is pursuing an increasing number of civil injunctions against businesses, and their officers whom have repeatedly failed to deposit taxes withheld from...
by Leif Jensen | Mar 31, 2020 | Running a Business, Taxes |
Remember, if you are an employer that outsources payroll you retain all tax roll tax liability responsibilities and remain liable for unpaid taxes. So, take these steps to protect yourself if your business uses a payroll agent, enroll in the Electronic Federal Tax...
by Leif Jensen | Mar 23, 2020 | Taxes |
Now that the deduction for private mortgage insurance premiums has officially been revived. You can go back and claim it on my 2018 return? You will need to file an amended return on Form 1040-X and attach a 2018 updated Schedule A, which IRS is revising. The new...
