Some employers allow employees to accumulate overtime hours, sick leave, vacation time, etc. and use those hours to take time off from work with full pay. This is often referred to as paid time-off … [Read more...] about Paid Time-Off Plans are Taxable Compensation
Did You Know That the IRS Audited Your 2014 Tax Return?
Did you know that the IRS audits your Form 1040 every year? Or, did you think that only 3% of all Form 1040s are audited as is often published? Which is it . . . 100% or less than 3%? To paraphrase … [Read more...] about Did You Know That the IRS Audited Your 2014 Tax Return?
When Is a Filed Return Not Accepted by the IRS As a Filed Return?
A married couple filed their Form 1040 on a timely basis. Or, so they thought. In the Tax Court case of Reifler (B.C. Reifler, TC Memo. 2015-199, Dec. 60,425(M)), the couple was found to have failed … [Read more...] about When Is a Filed Return Not Accepted by the IRS As a Filed Return?
IRS Public Service – Identify Theft Guidance
Okay. We understand that it is a public service announcement. But it is ironic that the IRS is providing recommendations to tax return preparers on protecting client information (IRS Publication 4557, … [Read more...] about IRS Public Service – Identify Theft Guidance
Taxpayer Who Incorporated Business Could Not Deduct Business Expenses On Personal Tax Return
You’ve made your bed, now lie in it! This is the conclusion that the Tax Court came to in the case of (Rochlani v. Commissioner, TCM, Dec. 60,397(M)). The Taxpayers (husband and wife) had an … [Read more...] about Taxpayer Who Incorporated Business Could Not Deduct Business Expenses On Personal Tax Return
Scams on PA Business Owners
We have periodically reported about identify theft scams that focus on individuals. Business owners are also susceptible to these scams. … [Read more...] about Scams on PA Business Owners