FlexPay Payroll Services recently published a quick note on its website concerning David E. Watson P.C. v. U.S. 668 F.3d 1008, 8th Cir., 2/21/12, a taxpayer loss case against the IRS concerning reasonable salaries paid to S-Corp owners [subject to FICA tax] versus reasonable dividends paid to the owners [not subject… Read More
30 JUNE “FBAR” DEADLINE!
If you are a US citizen and hold foreign bank accounts abroad, or other accounts where you hold signature authority (abroad), you SERIOUSLY need to pay attention the 30 JUNE deadline to make FBAR disclosures to the Internal Revenue Service. See: www.irsfbartaxhelp.com The penalties are SEVERE and there are NO extensions… Read More
IMPORTANT UPDATES FROM ANNUAL TAX CONFERENCE
I recently attended my annual tax conference in South Carolina. Tax practitioners from all over the country attended and shared their knowledge and expertise in emerging tax matters and areas of concern coming down the pipeline. Two, I think, are most notable. First, with FATCA now in play,… Read More
A Little IRS “LIEN”-iency for a change?
TAX LIEN HELP FROM THE IRS With tax time behind us, many of us e-filed or mailed tax returns with balances due that we cannot pay. In the past, one of the biggest fears was the high probability that a tax lien being filed. And tax liens are… Read More
Code Blue, STAT!
In our 27 March blog, we discussed proposed IRS assessments based on Service-Filed (IRS) tax returns (“SFRs”). We also discussed how to rebut those SFRs by filing your own tax returns. However, an IRS Statutory Notice of Deficiency (“STAT Notice”) is a different animal altogether, and a proper and timely… Read More
No “END” in sight (Unfiled Tax Returns)?
If your tax returns are delinquent or not filed, the dangers are probably more serious than you think. Two things concern us about unfiled tax returns. The first is that the statute of limitations for collection (the IRS collecting from you via wage garnishment, levies against bank accounts, etc) never… Read More