IRS to Audit 6,000 Companies to Test Employment Tax Compliance Source: Bloomberg By Ryan J. Donmoyer Sept. 18 (Bloomberg) — The Internal Revenue Service will audit 6,000 U.S. companies to determine whether they pay all their required employment taxes to fund Social Security and Medicare benefits. The IRS said the…
Thinking of hiring a $5000 tax attorney? HOLD IT. If you do not qualify for an IRS Offer in Compromise, an attorney CANNOT help you. That’s $5000 down the drain. Many of the unnamed tax attorneys that advertise are nothing but fast-talking salesmen trying to get your money without really…
Back taxes shutters Jack in the Box Source: Mercury-Register A state tax dispute is behind the sudden Jack in the Box closures Thursday. A press release issued this morning indicated that owner Abe Alizadeh, president of Kobra Properties, has temporarily closed the restaurants. Alizadeh owns 70 Jacks in northern and…
California – Corporate Income Tax: FTB Has Begun Contacting Return Nonfilers for 2007 The California Franchise Tax Board (FTB) has begun contacting more than 35,000 companies that did business in California in 2007, but failed to file a California corporation franchise or income tax return for that year. Businesses contacted…
IRS Appeals mediation program A new IRS revenue procedure updates Rev Proc 2002-44, 2002-2 CB 10, which formally established a mediation procedure for cases at the IRS Appeals administrative level. The new revenue procedure expands and clarifies the types of cases that may be mediated by Appeals. Generally, the program…
IRS Back Taxes Help for Financially Distressed Taxpayers IRS Back Taxes – IRS Tax Tip If you are facing financial difficulties and struggling to meet your tax obligations the IRS can help. As the 2009 tax filing season begins, in addition to new credits, deductions and exclusions, the IRS is…
What is Self-Employment Tax? Self-employment tax (SE tax) is a social security and Medicare tax primarily for individuals who work for themselves. It is similar to the social security and Medicare taxes withheld from the pay of most wage earners. You figure SE tax yourself using Schedule SE (Form 1040).…
Employee vs. Independent Contractor – Ten Tips for Business Owners IRS Tax Tip If you are a small business owner, whether you hire people as independent contractors or as employees will impact how much taxes you pay and the amount of taxes you withhold from their paychecks. Additionally, it will…
California – Multiple Taxes: Wildfire Relief Extended to Taxpayers in Three More Counties For taxes and fees they each administer, the California State Board of Equalization (BOE) and the Employment Development Department (EDD) have extended relief to qualifying taxpayers and fee payers who have been affected by wildfires in the…
CEO of Long Distance Phone Service Reseller Personally Liable for Unremitted Taxes (Brinskele, FedCl) An individual who was the chairman, president and CEO (“the CEO”) of a company that resold long distance telephone service had to pay the IRS an assessed penalty plus interest. The term “markup,” in the context…