Summertime Child Care Expenses May Qualify for a Tax Credit

Did you know that your summer day care expenses may qualify for an income tax credit? Many parents who work or are looking for work must arrange for care of their children under 13 years of age during the school

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Posted in Child Tax, Children, Dependent, Family, Self Employ, Small Business, Tax Credit, Tax Problems & Requests, Tax Relief, Taxable Income

Inadequate Controls on IRS Contractors Place Taxpayer Data At Risk for Unauthorized Access or Disclosure

According to a Treasury Inspector General for Tax Administration (TIGTA) Report Issued on May 18th 2010 the Internal Revenue Service (IRS) procedures do not identify all contractors who process, store or house confidential taxpayer information at their facilities, thereby placing

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Posted in Privacy

10 Tips on the 10 Percent Tax on Tanning Services

Starting July 1, 2010, many businesses offering tanning services must collect a 10 percent excise tax on the tanning services they provide. This excise tax requirement is part of the Affordable Care Act that was enacted in March 2010. Here

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Posted in Excise Tax, IRS Penalties, IRS Penalty and Interest Abatement, Sub-chapter S, Tax Guidance & Preparation, Tax Problems & Requests

Trust Fund Penalty – Tax Court Case McCloskey v. US. 104 AFTR 2d 2009-6378

Shareholder Timothy McCloskey was assessed a trust fund penalty due to an unfortunate problem he had with his trusted bookkeeper and chief financial officer, Kathleen Lawson. On September 1, 2004, Kathleen left Timothy an apologetic letter of resignation. Upon reading

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Posted in Employment Tax, IRS Penalties, IRS Penalty and Interest Abatement, Payroll Tax Problems, Self Employ, Small Business, Social Security Tax, Sole Proprietor, Sub-chapter S, Tax Abuse, Trust Fund Recovery Penalty

Filing IRS Form 1099-C as a ‘non-applicable entity’ for someone else is not necessarily fraud

During 2002 and 2003, Mary allowed her daughter Susan and son-in-law Robert to charge $30,238 on her American Express account. Dumb Ass! As predicted and on queue, the couple divorced and could no longer make payments for their charges to

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Posted in Cancelled Debt, Tax Problems & Requests, Tax Relief, Taxable Income

Golf Carts and Qualified Electric Vehicle Tax Credit

Does a Club Car Carryall Villager LSV Crown CR-225, which looks like a fancy golf cart, qualify for the electric vehicle tax credit if it has a windshield and roof? The tax payers use the cart to drive around in

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Posted in Qualified Electric Vehicle, Tax Credit, Tax Guidance & Preparation

Tax Advice for Writers

If you’re like most writers, you’re probably beside yourself wondering what you can deduct against your writing income when it comes to taxes. What does the Internal Revenue Service allow? What deductions send up a red flag? Will you be

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Posted in Entertainers

Affordable Care Act Provides Expanded Tax Benefit to Health Professionals Who Received Student Loan Relief for Working in Underserved Areas

As part of a larger Administration announcement on efforts to strengthen the health care workforce, the Internal Revenue Service today announced that under the Affordable Care Act health care professionals who received student loan relief under state programs that reward

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Posted in Children, Health Care Tax Credit, Health Insurance, Student Loan

New 10% Tax on Tanning Service

The Internal Revenue Service issued regulations outlining the administration of a 10-percent excise tax on indoor tanning services that goes into effect on July 1, 2010. The regulations were published today in the Federal Register. In general, providers of indoor

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Posted in Excise Tax

More Security needed to protect IRS Automated Collection

The Treasury Inspector General for Tax Administration (TIGTA) issued the following report IMPACT ON TAXPAYERS The Automated Collection System (ACS) is a telephone contact system used by Internal Revenue Service (IRS) employees to perform critical IRS processes such as collecting

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Posted in IRS Collections, Privacy
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