Innovative Strategies For Tax Controversies, Business Structuring And Estate Planning
Taxation
File Your Tax Return Early to Lessen Identity Theft
Do-it-yourselfer loses US Tax Court case for offer in compromise
Instead of hiring a tax lawyer to help him fight the IRS, Matthew Banks decided that a simple Google search is good as a tax law degree! The US Tax Court disagrees and kicked out his appeal when the IRS denied his requested offer in compromise. In Banks v Commissioner...
Change Employee Reviews
IRS Attacking Virtual Currency with audits
IRS Keeps Attacking Virtual Currencies it appears that a sure way to be audited by the IRS is to have virtual currency transactions. I have been saying for many years, since I first learned about Bitcoin, that it is a commodity not a currency and therefore is subject...
2020 Tax deadlines
2020 Q1 TAX CALENDAR: KEY DEADLINES FOR BUSINESSES AND OTHER EMPLOYERS Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2020. Keep in mind that this list isn’t all-inclusive, so there may be additional...
Holiday Parties and Gifts have important tax considerations
HOLIDAY PARTIES AND GIFTS CAN HELP SHOW YOUR APPRECIATION AND PROVIDE TAX BREAKS With Thanksgiving behind us, the holiday season is in full swing. At this time of year, your business may want to show its gratitude to employees and customers by giving them gifts or...
Congress Finally Addressing Tax Reform
Congress refused for over a decade to make the Estate and Gift Tax law changes. They only passed a last-minute 2 year extension in December. The Internal Revenue Code was last overhauled in 1986 in the Reagan era attempt toward simplification. Since then, more than...
IRS Form 990 Burdens NonProfits
Filing the revised IRS form 990 is a big burden for Non Profits. Many non-profits are now being required to maintain more sophisticated records and to do complex tax compliance. I anticipate Nonprofits and Churches will be subject to heightened IRS scrutiny and IRS...
Worker Savings Accounts Proposed
Rep. McHugh (R-NY) introduced the Worker Savings Account Act of 2008 on August 1, 2008. H.R. 6799 would create Unemployment Savings Accounts. These accounts would be treated like IRAs for tax purposes. Workers could contribute to these accounts to protect them during...
