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Tax Articles

Can a Personal Service Corporation (PSC) elect Sub-chapter S Status? IRS Form 2553

This is a GREAT question that I’ve been getting lately. The basic answer is – as ALWAYS – it depends. Internal Revenue Code (IRC) 448(d)(2) defines a qualified personal service corporation as an entity where substantially all of the activities involve the performance of services in the fields of health, law, engineering, architecture, accounting, actuarial…


Injured Spouse IRS Form 8379 Explained

IRS Form 8379 (Injured Spouse Allocation) helps calculate the allocation of income and tax liability to each spouse for the purpose of determining how much of an overpayment should be applied to a spouse’s liability and how much is refunded to the non-liable spouse. For tax purposes, a liability includes debts for federal or state taxes, child support, and delinquent student loans.…


Questions Asked by the IRS in an Initial Interview Audit

The following is a sample set of questions the IRS uses when conducting an initial ‘interview’ Mandatory Statements/Questions by IRS: IRS Agent /Officer Name? Taxpayer Name? Audit Date/time? Do you have concerns regarding the audit process? I have enclosed a copy of Pub 1 and Notice 609, which was included with your Internal Revenue Service…


Retirement Plan Early Distribution Tax Consequences

Payments received from your Individual Retirement Arrangement before you reach age 59 ½ are generally considered early or premature distributions. Early distributions must be reported to the IRS and are usually subject to an additional 10 percent tax.  Distributions you rollover to another IRA or qualified retirement plan are not subject to the additional 10…