On June 10, 2014 the IRS adopted the Taxpayer Bill of Rights. Every taxpayer has 10 fundamental rights they should be aware of when dealing with the IRS.
The IRS is starting to increase their scrutiny on tech companies for the free meals provided to employees throughout the work day. Currently, this perk is tax-exempt, but recent audits by the IRS have shown these are being classified as a taxable fringe benefit.
On September 1st the Massachusetts Department of Revenue (DOR) began a two month period, which ends October 31, 2014, that cuts late tax payers a potentially huge break.
If you owe money to the Massachusetts DOR, as an Individual or a corporation, you may very well qualify for what they are calling a Tax Amnesty. What this Amnesty does is allow you to waive any late penalties that you have accrued on your state taxes.
Tax identity theft happens when someone files a phony tax return using your personal information (i.e., your SSN) to get a tax refund from the IRS. It also can happen when someone uses your Social Security number to get a job or claims your child as a dependent on a tax return.
Tax identity theft is the most common form of identity theft reported to the Federal Trade Commission. Tax identity theft is a top priority for the IRS, and the IRS has hired new staff, explored new technologies, and adopted new procedures to fight it.
As we near the end of the first week of August, we wanted to remind you of some upcoming filing deadlines.
September 15, 2014
- 2014 third quarter estimated tax payments are due.
- Final deadline to file 2013 Forms 1120, 1120A and 1120S—corporate tax returns.
- Final deadline to file 2013 Form 1041—trust income tax returns.
- Final deadline to file 2013 Form 1065—partnership tax returns.
October 1, 2014
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.