Disregarded Entities Required to Pay Own Employment Taxes

Beginning with wages paid in 2009, final regulations require "disregarded entities" to pay their own employment taxes and file their own tax reports. A new employer identification number (EIN) will be needed if the disregarded entity does not have one.

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Posted in Employment Tax

IRS Conducts Backgroud checks when POA filed

IRS to Begin Background Checks When POA is FiledThe Office of Professional Responsibility (OPR) has announced that tax practitioners who file Form 2848, Power of Attorney, will automatically undergo a background check. The background check is to ensure that they

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Posted in IRS Enforcement

Identity Theft – impact on personal taxes

The IRS has created a special unit if you or your clients believe you are the victim of identity theft. The hotline provides assistance for individuals who believe they may be a victim of identity theft with no known tax

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Posted in Theft Loss

IRS Soft notice

The IRS is testing a pilot program in which it will mail a new notice to about 31,000 taxpayers who may be under reporting income on tax returns. The IRS designed the so-called soft notice to encourage taxpayers to self-correct

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Posted in IRS Audit

Moving Expenses Related to a New Job May Be Tax Deductible

How far you moved and the amount of time you spend on the job will have a major impact on whether you qualify for the tax break. Moves that are only short hops and jobs that are short-term or part-time

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Posted in Moving Expenses

Debit Cards for Social Security Benefits

The debit cards are targeted to the 4 million Social Security recipients who have no bank accounts. Social Security recipients electing to sign up for the debit program will receive a Master-Card debit card, which will be reloaded each month

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Posted in Social Security

Filing extensions changing for some business tax payers

Internal Revenue Service officials announced a change in the extended due date on certain business returns to help individuals better meet their filing obligations. The change, which reduces the extension period from six to five months, eases the burden on

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Posted in Extension

Advanced Earned Income Tax Credit

To receive part of the credit now with your pay, you must expect to have at least one qualifying child for the current year, expect to fall within certain income limits, and expect to meet certain other conditions. You cannot

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Posted in Earned Income Tax Credit

Gambling winnings and losses

Gambling winnings are fully taxable and must be reported on your tax return. You must file Form 1040 and include all of your winnings. Gambling income includes, among other things, winnings from lotteries, raffles, horse races, and casinos. It includes

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Posted in Gamble

Online Payment Agreement with IRS

The Internal Revenue Service introduced several new features to the interactive Online Payment Agreement application which will make it easier for taxpayers and their authorized representatives to make changes to existing installment agreements. The system will now permit: Individuals to

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Posted in Paying Taxes, Tax Guidance & Preparation
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