Businesses that receive more than $10,000 in cash in one transaction (or several related transactions) must file IRS Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business. According to Program Manager Technical Advice (PMTA) 2010-012. Reg. §1.6050I-1(c)(1) and the instructions to Form 8300, “cash”...
If you owe money because of certain delinquent debts, the IRS or the Department of Treasury's Financial Management Service (FMS), which issues IRS tax refunds, can offset or reduce your federal tax refund or withhold the entire amount to satisfy the debt. If you owe...
Usually when when economists define a business transaction in a free market society it involves a willing buyer and a willing seller coming together on terms. More often than not however it seems to me that in a wide variety of transactions there is not...
A substantial benefit for those individuals who have formed small to mid-sized C corporations before the end of 2010. IRC §1202 has been previously used by taxpayers to exclude one half of the capital gain they realize when they sell qualifying §1202 stock at a gain. To qualify, the stock had to be...
For those of you fortunate enough to have actually invested in your operations through the purchase of certain 'qualified property' last year you are going to want to read IRS Revenue Procedure 2011-26 which provides guidance on the new 100 percent bonus depreciation from the...
Personal Service Corporations (PSC) - the Sub Chapter S Election and Wages/Employment Taxes As I have blogged before a Personal Service Corporation can indeed elect Sub Chapter 'S' corporate status and be treated as a disregarded entity for income tax purposes. This requires the filing of...
Many people are completely underestimating their tax liabilities this year. It is absolutely incredible. So these are some of my suggestions for those of you in this position: Pay as much as possible now to minimize interest and penalties. Request an Offer in Compromise. Finance the...
Oh boy, another bankrupt independent farmer with questions. Yes there are a few left but extinction is eminent with the exception perhaps of local co-ops. So please support the local people that care about food, even if you have to pay a little more. Think...
The Colorado Department of Revenue will unveil its new service called “Revenue Online” on April 25, 2011 at www.Colorado.gov/revenueonline. With this new system taxpayers will be able to: · File an individual amended return online, regardless of whether the original return was filed electronically or on paper. ·...
Publication 594 (PDF), The IRS Collection ProcessPublication 1660 (PDF), Collection Appeal RightsIRS Collection Actions include:Filing a Notice of Federal Tax Lien. The federal tax lien is a legal claim to your property, including property that you acquire after the lien arises. The federal tax lien arises automatically when...