The IRS and Department of Labor have joined forces to reduce employer misclassification of workers. Last fall, the IRS began auditing 6,000 companies to determine if they have misclassified workers as independent contractors or properly classified the workers as employees and paid the required employment...
A corporate officer who performs substantial services for the corporation and receives compensation is considered to be an employee. The corporation should issue a Form W-2 reporting the compensation as wages and withhold proper amounts for federal income tax, FICA, and FUTA purposes. ...
The Internal Revenue Service issued new guidance to make it easier for small businesses to determine whether they are eligible for the new health care tax credit under the Affordable Care Act and how large a credit they will receive. The guidance makes clear that...
A retired widow who enjoys playing the slot machines became a regular patron of a casino, and traveled there with friends every other week or so during 2004. Normally the widow would spend at least eight hours at the casino and then return home....
Currently Not Collectible means that a taxpayer has no ability to pay his or her tax debts. The IRS can declare a taxpayer "currently not collectible," after the IRS receives evidence that a taxpayer has no ability to pay. Such evidence is usually obtained from...
As a result of changes made by the recently enacted Affordable Care Act, health coverage provided for an employee's children under 27 years of age is now generally tax-free to the employee, effective March 30, 2010. The Internal Revenue Service announced today that these changes immediately...
One good reason to use a professional tax preparer to do your taxes may be the cautionary tale that appeared the other day in a Washington State newspaper. The Kitsap Sun reported that a Bremerton woman told police there that an older friend who prepared her...
The Hiring Incentives to Restore Employment (HIRE) Act, which was signed into law on March 18th, 2010 provides tax incentives for hiring and retaining workers and purchasing equipment and many other business assets. It also includes new measures that heighten disclosure and reporting requirements for...
There is no standard form available for an application for a Certificate of Discharge of Property from a Federal tax lien. This makes the application a type written letter. Submit your request and all accompanying documents in duplicate to the IRS, Attention Technical...
The Tax Court yesterday rejected the taxpayer's use of the "Geithner defense" and held that blaming TurboTax for errors on her return did not excuse her from penalties. Lam v. Commissioner, T.C. Memo. 2010-82 (Apr. 19, 2010): Petitioners' 2004 and 2005 joint Forms 1040 ...
