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Tag Archives: IRS
IRS continutes to go after S corporations that pay low salaries to owners
Many owners of S companies take low salaries so the bulk of the profits are passed through to their own returns free of Social Security and Medicare taxes. IRS and the courts balk at this practice. In a recent case, … Continue reading
More Flexible Offer-in-Compromise Terms Help Taxpayers Make a Fresh Start
The IRS has expanded its “Fresh Start” initiative by offering more flexible terms to its Offer-in-Compromise Program. These newest rules enable some financially distressed taxpayers to clear up their tax problems even quicker. An offer-in-compromise (OIC) is an agreement between … Continue reading
Keep the Child and Dependent Care Tax Credit in Mind for Summer Planning
During the summer many parents may be planning the time between school years for their children while they work or look for work. The IRS wants to remind taxpayers that are considering their summer agenda to keep in mind a … Continue reading
Offer-in-Compromise Terms Made More Flexible
The IRS has announced another expansion of its Fresh Start initiative by offering more flexible terms to its Offer-in-Compromise (OIC) program that will enable some of the most financially distressed taxpayers to clear up their tax problems, and in many … Continue reading
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Tagged Form 656, Form 656-B, Fresh Start, IRS, Offer-in-Compromise, OIC
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The IRS continues to feast on S firms that pay very low salaries to owners
In many cases, S firm owners take low salaries so they can receive the bulk of the corporation’s profits as dividends, which are not subject to payroll taxes. IRS and the courts balk at this practice. In a recent case, … Continue reading
Eight Tax-Time Errors To Avoid
If you make a mistake on your tax return, it can take longer to process, which in turn, may delay your refund. Here are eight common errors to avoid. 1. Incorrect or missing Social Security numbers When entering SSNs for anyone … Continue reading
Deducting Charitable Contributions: Eight Essentials
Donations made to qualified organizations may help reduce the amount of tax you pay. The IRS has eight essential tips to help ensure your contributions pay off on your tax return. 1. If your goal is a legitimate tax deduction, then … Continue reading
IRS Offers Tax Tips for Taxpayers with Foreign Income
The Internal Revenue Service reminds U.S. citizens and resident aliens, including those with dual citizenship who have lived or worked abroad during all or part of 2011, that they may have a U.S. tax liability and a filing requirement in … Continue reading
Tax Rules May Affect Your Child’s Investment Income
Parents may not realize that there are tax rules that may affect their child’s investment income. The IRS offers the following four facts to help parents determine whether their child’s investment income will be taxed at the parents’ rate or … Continue reading
Six Tips for Reducing Tax-Time Stress
Tax preparation doesn’t need to give you a headache. There are several ways to make it easier on yourself. The IRS offers six tips to help make your tax-filing experience a breeze this year. 1. Don’t procrastinate. Resist the temptation … Continue reading