Recently, Internal Revenue Service Revenue Officers (i.e., collection representatives) were directed to assess the Trust Fund Recovery Penalty pursuant to Internal Revenue Code Section 6672 faster and get more aggressive in the collection of those taxes from delinquent taxpayers. Internal Revenue Code Section 7501 requires employers to withhold and pay income and FICA taxes from...Read More
The people of United States are extremely charitable, especially during the holidays or upon the occurrence of natural disasters. Unfortunately, scammers and fraudsters prey upon people that are charitably inclined. If your charitable contribution is tax motivated, it is your responsibility to make sure the charitable contribution meets the requirements of the Internal Revenue Code...Read More
Sometimes in life we are forced to deal with unexpected events. In estate planning, we set out to create the customary control documents to address what is to happen with one’s estate when they pass. Those control documents are typically the Will, Revocable Living Trust (“Trust”), Durable Power of Attorney, and Advanced Health Care Directive. ...Read More
It is hard to believe we are entering the fourth quarter of 2013. Before we know it, year-end will be upon us. Thus, it is time to take a quick look at some tax planning issues for 2013 and what may lie ahead for us in 2014. For 2013, business owners need to remember that...Read More
Business owners decide to sell their businesses for a variety of reasons. Typical reasons to sell may involve a desire to capitalize on their investment and hard work, a desire to retire, or possibly because the business has not been as profitable or enjoyable as the owner had initially desired. No matter the reason for...Read More
Over the past couple of months employers have begun to try and understand rules and regulations concerning the Patient Protection and Affordable Care Act (“ACA”), affectionately known as “Obamacare.” Of particular concern has been trying to understand the rules with respect to full time employees and the employer mandate to provide affordable health care to...Read More
Last month we reviewed the new requirements under the Patient Protection and Affordable Care Act (“Obamacare”) for an applicable large employer to offer health insurance coverage to its employees. An applicable large employer is one with more than fifty full time employees or full time equivalent employees. This article will expand on that discussion with...Read More
We are six months away from the effective date of one of the biggest tax changes in history. Effective January 1, 2014, Internal Revenue Code Section 4980H, Shared Responsibility for Employers Regarding Health Coverage, goes into effect. Section 4980H came about as a result of the Patient Protection and Affordable Care Act back in...Read More
My home might get foreclosed and I might have a tax liability as a result? Are you kidding me? Unfortunately, not, but with some proper planning a person in such a situation might be able to avoid a tax liability resulting from the foreclosure. As a result of the decline in the real estate market...Read More
The attached articles were written based on the state of the law as of the date written. The authors of the attached articles assumes no responsibility to update the content of the articles as a result of any changes in the law. Anybody reviewing the attached articles should consult with the authors of the articles, or their professional tax or legal advisor to verify the current status of the law as it relates to their own personal transactions.
