There has recently been a surge of U.S. companies moving their legal homes to foreign countries in order to minimize their U.S. taxes this year. Only last week, the Chicago based AbbVie announced an agreement on a $54.7 billion merger with Britain’s Shire designed to cut its U.S.
IRS Tax Fraud: What is it? Why you should care? How can it affect you?
Firms that make late S Corporation elections get welcome news from IRS: A simplified method to request relief without having to seek a private ruling.
One of our clients recently had a situation regarding sales tax and using sub-contractors. Below is the synopsis of the situation as well as how it was handled and the different state tax parameters of New York.
Today, June 26, 2013 the Supreme Court repealed aspects of the Defense of Marriage Act, same-sex partners who reside in a state which recognizes same-sex marriage will be entitled to a plethora of benefits which were previously denied to them.
There will be some restriction of benefits if you are a same sex couple who was married in a state which recognizes it but live in a state which does not. The U.S. Department of Defense, however, will distribute military veteran’s spousal benefits to same-sex couples based on laws in the state where they got married.
The deadline for Voluntary Worker Classification Settlement Program, June 30th, is quickly approaching. Determine if this is something that could save you future scrutiny by reading the below excerpt or following the link to the IRS article. Contact our office with questions or if you need assistance in making the switch.
The IRS has provided tax relief to individuals and businesses affected by the tornadoes in Moore and Oklahoma City and other severe storms occurring in parts of Oklahoma. The tax relief postpones various tax filing and payment deadlines that occurred starting on May 18, 2013, and affected individuals and businesses in Cleveland, Lincoln, McClain, Oklahoma and Pottawatomie counties will have until September 30, 2013, to file these returns and pay any taxes due. This includes the June 17 and September 16 deadlines for making estimated tax payments, the July 31 deadline for second
"The Senate on Monday is likely to pass an Internet sales tax bill that would end tax-free online shopping and require online retailers to collect sales tax on products sold in states other than the ones in which they have a presence."
Read more about it here:
The IRS has provided a three-month extension of time to file and pay tax for individuals who were affected by the Boston Marathon explosions that occurred on April 15, 2013. Those affected include persons who were participating in the race as well as spectators. The closure of streets after the explosion to allow investigation and pursuit of suspects disrupted business activity in the area and potentially the ability of some taxpayers and return preparers to access their files.
The IRS has expanded its Voluntary Classification Settlement Program (VCSP), which allows taxpayers to achieve legal certainty by reclassifying their workers as employees for future tax periods. Several eligibility requirements have been changed to allow more employers, particularly larger ones, to apply for the VCSP.