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IRS
Dealing with the Internal Revenue Service (“IRS”) can be a daunting and intimidating task for any person or business. The unfortunate reality is that the IRS has the power to completely disrupt an individual’s life or a business’ operations. However, taxpayers are not powerless. Individuals and businesses have rights when dealing with the IRS that...
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On December 2015, Congress enacted the Fixing America’s Surface Transportation Act (FAST Act). Contained within the FAST Act was the requirement that the IRS enter into qualified tax collection contracts with private collection agencies (PCAs) for the collection of outstanding inactive tax receivables. The assignment of inactive accounts to PCAs was scheduled to begin in...
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Last September 16th, I wrote an article in the Central Valley Business Journal (“CVBJ”) about the new partnership audit rules titled “Partnership Audit Rules Are Changing.” That article goes into the basic mechanics of the rules established by the Bipartisan Budget Act of 2015 signed by Barack Obama in 2015 and for your reference I...
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The due date of April 15 for your federal and state taxes is fast approaching. However, don’t fret, you are getting a reprieve this year. The actual due date for your return is Tuesday, April 18, 2017 due to the 15th being a Saturday, and the following Monday being Washington D.C. Emancipation Date holiday. I...
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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...
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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...
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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...
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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...
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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.