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Tax Articles

CORRESPONDENCE AUDITS OF SOLE PROPRIETORS

Estimates by the Internal Revenue Service (IRS) show that $68 billion of the $345 billion tax gap in 2001 was due to sole proprietors who underreported their income. Treasury Inspector General for Tax Administration (TIGTA) evaluated closed correspondence audits of individual returns reporting sole proprietor operations and found significant tax issues were not addressed during…

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Special Payroll Tax Exemption Form Now Available

The Internal Revenue Service today released a new form that will help employers claim the special payroll tax exemption that applies to many newly-hired workers during 2010, created by the Hiring Incentives to Restore Employment (HIRE) Act signed by President Obama on March 18. New Form W-11, Hiring Incentives to Restore Employment (HIRE) Act Employee…

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Contributing to an Individual Retirement Plan

If you haven’t made all the contributions to your traditional Individual Retirement Arrangement that you want to make – don’t worry, you may still have time. Here are the top 10 things the Internal Revenue Service wants you to know about setting aside retirement money in an IRA. You may be able to deduct some…

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Taxpayer Advocate Service

The Taxpayer Advocate Service is an independent organization within the Internal Revenue Service whose employees assist taxpayers who are experiencing economic harm, who are seeking help in resolving problems with the IRS, or who believe that an IRS system or procedure is not working as it should. Here are seven things every taxpayer should know…

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Husband and Wife Business

One of the advantages of operating your own business is hiring family members. However, the employment tax requirements for family employees may vary from those that apply to other employees. How spouses earn Social Security benefits A spouse is considered an employee if there is an employer/employee type of relationship, i.e., the first spouse substantially…

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Small Business Health Care Tax Credit Summary with examples

The new health reform law gives a tax credit to certain small employers that provide health care coverage to their employees, effective with tax years beginning in 2010. The following questions and answers provide information on the credit as it applies for 2010-2013, including information on transition relief for 2010. An enhanced version of the…

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