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...
by Leif Jensen | Mar 11, 2020 | Tax Court, Taxes |
Distributing bequests to beneficiaries before paying IRS costs an executor, according to a court ruling. The executor of a big estate knew additional estate taxes would be due after IRS audited the Form 706. He signed an agreement with IRS consenting to have the...
by Leif Jensen | Mar 10, 2020 | Tax Court, Taxes |
Ownership by tenancies by the entirety cannot be used as a defense to defeat IRS tax liens, an appeals court confirms, even when only one spouse owes the taxes. This precedent was set by the Supreme Court in a 2002 ruling. In the current case, only the husband owed...
by Leif Jensen | Jan 14, 2020 | Running a Business, Taxes |
Payroll tax scofflaws continue to be a major area of focus for the IRS. These are firms that withhold Social Security and Medicare taxes from employees’ paychecks, but use the withheld funds for personal expenses or to pay other creditors instead of sending the money...
by Leif Jensen | Dec 11, 2019 | Taxes |
I was reading an opinion piece in the WSJ about Warren and her “2 cents” Wealth Tax campaign, and it reminded me of this story. Granted the percentages have changed since this was first printed, but the meaning is still valid. Also, I think this was originally done is...
