Innovative Strategies For Tax Controversies, Business Structuring And Estate Planning
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...
New Tax Law gives some breaks to Businesses
NEW TAX LAW PROVIDES A VARIETY OF TAX BREAKS TO BUSINESSES AND EMPLOYERS While you were celebrating the holidays, you may not have noticed that Congress passed a law with a grab bag of provisions that provide tax relief to businesses and employers. The “Further...
New 1099MISC and 1099 NEC for 2020
2020 Instructions for Forms 1099-MISC and 1099-NEC Miscellaneous Income and Nonemployee Compensation The IRS has released the 2020 Instructions for Forms 1099-MISC (Miscellaneous Income) and 1099-NEC (Nonemployee Compensation). The 2020 Form 1099-MISC and Form...
New Tax Law changes from 70 to 72 the Age for Required Distributions from IRA’s
After months of delay, the Setting Every Community Up for Retirement Enhancement (SECURE) Act was signed by President Trump on Friday, December 20, 2019. The Act, which was attached to a bipartisan fiscal year 2020 appropriations bill, will go into effect on January...
States are Forcing Business to Collect Sales Tax
WAYFAIR REVISITED — IT’S TIME TO REVIEW YOUR SALES TAX OBLIGATIONS In its 2018 decision in South Dakota v. Wayfair, the U.S. Supreme Court upheld South Dakota’s “economic nexus” statute, expanding the power of states to collect sales tax from remote sellers. Today,...
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...
Last Minute Year-End Tax Planning
SMALL BUSINESSES: IT MAY NOT BE NOT TOO LATE TO CUT YOUR 2019 TAXES Don’t let the holiday rush keep you from taking some important steps to reduce your 2019 tax liability. If you wait until next year when your tax return is being prepared, it’s too late! You still...
New 1099 Reporting for Businesses
SMALL BUSINESSES: GET READY FOR YOUR 1099-MISC REPORTING REQUIREMENTS A month after the new year begins, your business may be required to comply with rules to report amounts paid to independent contractors, vendors, and others. You may have to send 1099-MISC forms to...
