The IRS and Dept. of Labor have an existing audit program to determine if business owners are properly classifying workers as independent contractors. In these audits, the burden of proof is upon the … [Read more...] about Is The Person Hired An Employee Or An Independent Contractor?
Citibank Taxing Frequent Flyer Miles???
The Journal of Accountancy (JOA) reported in its August issue that Citibank issued Forms 1099-MISC to its customers to report the value of frequent flyer miles received in a promotion program to open … [Read more...] about Citibank Taxing Frequent Flyer Miles???
CHARITABLE CONTRIBUTIONS DENIED BY IRS
The IRS continues to audit and deny tax deductions to taxpayers who fail to FULLY satisfy the required charitable contribution reporting requirements. David and Veronda Durden had made contributions … [Read more...] about CHARITABLE CONTRIBUTIONS DENIED BY IRS
Pennsylvania—Income Tax: Guidance for Submitting Copy of Federal Form 1099-MISC
The Pennsylvania Department of Revenue (PA DOR) issued on Sept. 6, 2012 Informational Notice Personal Income Tax 2012-02 that provides guidance to payors of (1) either nonemployee compensation or (2) … [Read more...] about Pennsylvania—Income Tax: Guidance for Submitting Copy of Federal Form 1099-MISC
IRS Offers New Penalty Relief
The IRS announced on March 7, 2012, IR 2012-31, a major expansion of its “Fresh Start” Initiative to help struggling taxpayers by providing penalty relief to the unemployed. A six-month grace period … [Read more...] about IRS Offers New Penalty Relief
Unreimbursed Employee Expenses
If you are an employee and incur work-related expenses on behalf of your employer, and such expenses are not reimbursed by your employer, you may be able to deduct those unreimbursed employee expenses … [Read more...] about Unreimbursed Employee Expenses
