Business owners: Make sure your employment taxes are actually paid. You can’t just rely on the word of an employee or accountant that it’s done. Take this case in which IRS slapped penalties on a firm for failing to pay such taxes. A manager was responsible for paying the company’s payroll tax, but he didn’t […]
CPA, Federal payroll tax, IRS, Payroll, S-Owners, Small Business Tax, Tally Tax Man, Tax CourtThe new cap on state and local tax (SALT) deductions faces a court test. Starting with 2018 returns, individual filers can deduct on Schedule A state and local income taxes or sales taxes, plus property taxes, up to a $10,000 limit. Conn., Md., N.J. and N.Y…all high-tax states…are suing the U.S. government. They challenge the […]
deductibles, deductions, Income Tax Planning, Income Tax Preparation, Internal Revenue Service, IRS, IRS requirements, New Tax Laws, Northside Tax Service, TallyTaxMan, Tax, tax changes, Tax Court, Tax DeductionsA firm that owns an apartment building gets bad news from the Tax Court. The property manager is an employee and not an independent contractor. His work on-site at the complex consists of leasing available units, collecting rents, doing maintenance and many other duties. He requires little to no supervision in his daily work. However, […]
casual labor, employers, Federal payroll tax, independent contractor, Northside Tax Service, Payroll, payroll tax, Payroll Taxes, Small Business Tax, Tallahassee Tax Service, TallyTaxMan, Tax CourtHoward Stern is in the clear for broadcasting a taxpayer’s data over the radio. But the Revenue Service doesn’t fare as well. A woman who called the agency for help with her tax account spoke with an employee who was on hold on another line with the Howard Stern radio show. While she and the […]
federal tax return preparers, Income Tax Preparation, IRS, Northside Tax Service, TallyTaxMan, Tax Court, tax returnBankruptcy creditors can’t grab a debtor’s individual retirement annuity. In a divorce, a woman was granted 50% of her husband’s retirement accounts, and her half was directly transferred tax-free into her 401(k) and 403(b) accounts. She subsequently used money from those two accounts to purchase the annuity in a direct trustee-to-trustee transfer and later filed […]
401k, 403(b), Bankruptcy, Divorce, Internal Revenue Service, IRA, IRS, Northside Tax Service, TallyTaxMan, Tax CourtThe cost of a battery can qualify for the 30% residential solar energy credit, the Service says in a private ruling. Here, the taxpayer added the battery and related components to a previously installed residential solar energy system. In concluding that the battery is qualified solar electric property that is credit-eligible, IRS relied on the […]
Home Energy Credit, IRS tax savings, New Tax Laws, TallyTaxMan, Tax Court, Tax DeductionsA settlement from a tax accounting firm for malpractice is tax-free, the Tax Court says. The firm advised a man to restructure his business as an ESOP-owned S corporation, and the taxpayer followed through with the plan. However, the accountants made a series of errors, including not forming the ESOP and failing to file the […]
IRS, IRS Audit, IRS Letters, malpractice, Northside Tax Service, S Corporations, TallyTaxMan, Tax Court