Property Management Tax Reporting for Foreign Investors. Before agreeing to manage U.S. real property for a foreign taxpayer, a real estate professional or rental agent should discuss with the foreign client whether the rental income will be taxed as investment income (subject to withholding) or net income received as effectively connected with a U.S. trade or business (not subject to... Read More
Brief discussion of same sex marriage tax returns 2013 could represent advantageous tax implications for same sex marriage couples pursuant to Revenue Ruling 2013-17 New Tax Law (Revenue Ruling 2013-17) on Same Sex Couples / Same Sex Marriage On Aug. 29, 2013, the Internal Revenue Service (IRS) ruled that same sex couples, legally married in jurisdictions that recognize their marriages,... Read More
What you need to know about payroll tax. Payroll tax deposit due date. How to pay payroll taxes. Late tax penalties. When you can’t pay payroll taxes. Get Tax Relief Help! Trust fund recovery penalty. When Are Payroll Tax Deposits Due? Employers need to deposit payroll taxes every month or semi-weekly depending upon your employer classification. Monthly depositors must deposit... Read More
Perhaps, the number one IRS audit risk for many taxpayers will be the failure to report foreign bank accounts. There it is. I said it. Plain and simple. If you have a foreign bank account and you’re not reporting it to the IRS, you’re taking a huge risk, and I believe that sooner or later, you’re going to get caught.... Read More
Have you ever known someone who had an income tax audit by the IRS or state taxing authority? They’ll tell you that once was enough and in most all cases, will do everything not to have that sort of problem ever again. It’s important to know how an audit is triggered and what you can do to prevent one from... Read More
With the year-end fast approaching, many individuals and business owners are often left scrambling to take actions to reduce or eliminate income taxes they may need to pay. There are many significant tax changes to consider in year-end tax planning tips and strategies to consider. Of significant importance are the many of the previous tax relief provisions that are set... Read More
Here’s Nine Things You Really Need to Know Regarding S Corporations and Income Taxes What is an S-Corporation? An S-corporation is a corporation that makes a federal election to have the federal income taxes paid by its shareholders rather than to the Company. In most cases, S corporations do not pay any federal income taxes. Instead, all items of business... Read More
Recent changes to tax collection procedure established by the Internal Revenue Service (IRS) “Fresh Start” Initiative have now made it possible to often prevent federal tax liens or have existing tax liens by the IRS withdrawn. What is a Federal Tax Lien? The federal tax lien is one of many tools used by the IRS to help secure your tax... Read More
In 2010 (the most recent year for which figures are available) nearly 3.4 million taxpayers claimed deductions for the business use of a home. In January 2013, the IRS issued new simplified rules for the deduction of the home office expense [Rev. Proc. 2013-13]. This revenue procedure provides an optional safe harbor method that individuals may use to determine the... Read More
Or is it? These are the 3 main reasons people get in trouble with the IRS. Best Price Tax Preparation In the last three days, we acquired three new clients, for each of the three biggest reasons they got in trouble with the IRS. When I asked why they chose to have their taxes prepared by the tax preparer they... Read More