Tax planning–even tax avoidance–can be OK, but not tax evasion, so how do you tell the difference? It is tax filing season and whether you’ve started or not, it isn’t pleasant. And the stakes are high. After all, every IRS tax return must be filed under penalties of perjury. Many people assume that the IRS will not impose penalties if you weren’t actually trying to cheat on your taxes. Taxes are complex, and mistakes happen. But the burden is on you to show that you acted reasonably (such as by relying on professional tax advice). If you can’t, you will probably end up with penalties.
The Internal Revenue Service has issued a notice explaining how small businesses can take advantage of a new option allowing them to apply a portion or all of their research credit against their payroll tax liability, instead of their income tax liability.
Before 2016, taxpayers could only take the research credit against their income tax liability, but thanks to the PATH Act legislation passed at the end of 2015, they have a new option.
Financial statement audits are not just a compliance exercise, but also an opportunity to gain knowledge that can generate positive business results, according to a new survey.
In many cases, though, companies are not taking full advantage of the insights that audits provide, a survey of 300 executives and 100 audit committee members by Deloitte’s US audit practice revealed.
Relationship between two or more persons based on a written, oral, or implied agreement whereby they agree to carry on a trade or business for profit and share the resulting profits. Unlike a CORPORATION’S shareholders, the partnership’s general partners are liable for the DEBTS of the partnership.
WASHINGTON – With the 2017 tax season underway, the IRS reminds seniors to remain alert to aggressive and threatening phone calls by criminals impersonating IRS agents. The callers claim to be IRS employees but are not.
The IRS on Friday issued the 2017 inflation adjustments to the depreciation limitations and lease inclusion amounts for certain automobiles under Sec. 280F (Rev. Proc. 2017-29).
This year’s guidance includes figures for vehicles that are placed in service in 2017 and to which first-year bonus depreciation applies. For passenger automobiles (other than trucks or vans) placed in service during the calendar year 2017, the depreciation limit under Sec. 280F(d)(7) is $11,160 for the first tax year, including bonus depreciation, and $3,160 if bonus depreciation does not apply.
Will sale of a deceased’s stock under a cross-purchase insurance-funded buy-sell agreement result in income tax liability to the deceased’s estate?
Tax season is a great time to make sure your Social Security statement accurately reflects your earnings history. You will have all the documents you need at your fingertips to correct any mistake.
The annual statement details how much you earned each year to estimate monthly benefits, which are based on an average of your highest 35 years of earnings. An error in your earnings history could cost you thousands of dollars in retirement.
A few weeks after the national election, the Internal Revenue Service began to issue notices to employers who may have failed to comply with the Patient Protection and Affordable Care Act.
These notices appeared to be the first salvo in the IRS ACA audit process. Failure to successfully defend this IRS audit could mean significant ACA related penalties. A recent industry report projects that companies could face up to $31 billion in ACA penalties in the 2016 tax reporting period for noncompliance with ACA requirements. These penalties, which include the Section 4980H penalties and Section 6721 and 6722 penalties, may be imposed on what the ACA terms Applicable Large Employers, or ALEs, namely, those employers with 50 or more full time or full-time equivalent employees.