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Tax Articles

IRS Expanding Audits to Unrelated Tax Years and Tax Matters

According to the Treasury Inspector General for Tax Administration (TIGTA) the IRS needs to expand audits to other tax years and tax matters when large dollar amounts are involved in a preexisting audit making it all the more important to know exactly what you are doing when communicating with the IRS. A couple of general…


IRS Implications of Paying Yourself

Another fabulous question came my way today from a small business owner that is actually proving to be monetarily successful and wants to know how to pay herself while minimizing her tax burden. Basically the answer depends first on the type of business structure elected, sole proprietorship, partnership, corporation, S-corporation, or LLC.  The following is some text…


IRS Voluntary Worker Classification Settlement Program: Apply using IRS Form 8952

The Internal Revenue Service launched a new program that will enable many employers to voluntarily reclassifying their workers in an effort to resolve past worker classification issues. It is called the Voluntary Classification Settlement Program (VCSP). This new program will allow employers the opportunity to make a minimal payment covering past payroll tax obligations rather than waiting…


Basis Calculation

Under §165, in general, the basis of a partnership interest equals the sum of the amount of money contributed, the partner’s share of partnership liabilities and the partner’s distributive share of partnership income and losses. How to compute the adjusted basis of the partnership interest when there is an initial contribution to the partnership, followed by a large distributed loss that exceeds the partner’s…