A new law in effect November 5, 2015 in H.R. 22 creates IRC (Internal Revenue Code) Section 7345. It allows the IRS to REVOKE, DENEY or LIMIT PASSPORTS if the debt owed is greater than $50,000. This includes penalty and interest. If you have an installment agreement, or in Tax Court this does not apply. More detailed […]
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Who: All employers interested in retirement plans (this is what we do) What: Simple IRA’s When: Can sign up until September 30, 2014 for new plans and fund later. Why: Cause you are going to want to retire someday. It is never too early nor too late to start. How Much Can an Employee Contribute: Up to $12,000 per employee […]
Can you deduct unused rental losses in a bankruptcy? LAW: Under IRC § 469(g), current and carryforward passive activity losses are fully deductible in the year of an entire disposition in a fully taxable transaction to an unrelated party. A qualifying disposition may create a Net Operating Loss (NOL) which can be carried back. See IRC § 172 Once […]
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The latest year data available form the IRS indicates the top 10% of US taxpayers in 2011 paid 68.3% of all federal income tax paid in 2011. […]
Click here for IRS Electronic Payment Options (goes directly to IRS website) […]
2013 Sub Chapter S corporations owned by an estate, trust or disregarded entity (i.e. sole member LLC) must attach Schedule B-1. The new Form B-1 lists the name and tax ID of the shareholder. This helps IRS monitor tax cheats and check for Sub S potential terminations due to ineligible ownership. […]
China is the world’s second largest economy…. 2012 sales in China accounted for 11.2% of revenue reported by U.S. companies listed on Standard & Poor’s 500 (research by The Economist… quoted in the Journal of Accountancy..a publication of the American Institute of CPAs). […]
This has never been easy to explain…. here is the latest…. The penalties were increased two years ago to the following amounts: $30 per form, or per statement, if it was corrected within 30 days (maximum $250,000 per year), $60 per form, or per statement, if corrected more than 30 days after the filing due […]
Click here to See what happens if you don’t pay payroll tax […]
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Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts The United States Department of Treasury has announced that beginning July 1, 2013, Form TD F 90-22.1 must be filed electronically by the taxpayer. To file the 2012 form after June 30, 2013, file the form through http://bsaefiling.fincen.treas.gov/Enroll_Individual.html […]
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