IRS Tax Planning Ideas, Tips & News

Starting a new business has many challenges. One of the more significant challenges is generating sufficient cash flows to sustain the business. Working with an experienced tax professional for tax … [Read more...] about HOBBY VS. BUSINESS – PROFIT MOTIVE NEEDED

One of the most significant issues facing S Corporations is whether they pay their shareholder-employee(s) a reasonable compensation. Unfortunately there is no definition of “reasonable compensation” … [Read more...] about HOW TO AVOID IRS ASSESSMENTS – S CORP SHAREHOLDER-EMPLOYEE NEEDS TO BE PAID A REASONABLE COMPENSATION

Every tax season we hear a familiar question: “Why didn’t my employer withhold enough federal income taxes from my paycheck and what can I do about it?” Why am I subject to underwithholding … [Read more...] about Why IRS Form W-4 Results in Underwithholding of Taxes

We continuously see new clients who had been using a tax preparation software package to prepare their personal tax returns and discover that preparation errors have been inadvertently made by the … [Read more...] about IRA 60-DAY ROLLOVER DEADLINE MISSED – TAXPAYER, NOT BANK, IS HELD RESPONSIBLE

Apparently, not all IRS employees believe in proper tax planning and tax preparation. A former IRS supervisory and group manager has been fined $20,000 and sentenced to a year in prison, followed … [Read more...] about IRS AGENTS – SAD BUT TRUE STORIES

Since the exemption from the federal estate tax is currently $5,250,000, indexed for inflation, some may say that federal estate tax planning and estate tax preparation are dead. If the emphasis is on … [Read more...] about EFFECTIVE ESTATE PLANNING TOOL – INTENTIONALLY DEFECTIVE GRANTOR TRUST