Big Firm Experience and Small Firm Focus
S Corporation payments or reimbursements of health and accident insurance premiums paid on behalf of a greater than 2% S corporation shareholder are subject to special rules which require careful attention. In order to preserve a tax deduction for the greater than 2% S corporation shareholder, it is important to comply with these rules. Health …
Greater than 2% S Corporation Shareholder Health Insurance IssuesRead More
The Tax Cuts and Jobs Act of 2017 that was enacted into law on December 22, 2017 included many dramatic changes to the tax laws. One of these changes was the creation of a new tax deduction for up to 20% of Qualified Business Income earned by sole proprietors, S corporations, and partnerships. This new …
New Tax Deduction of up to 20% of Qualified Business Income for Small BusinessesRead More
One of the most common types of contact from the IRS is a computer-generated notice in which the Service proposes to increase the tax liability for a return that has been filed. The IRS is authorized to make changes to your return in some cases without a formal audit. Sometimes these IRS notices are incorrect. …
When the IRS sends a notice proposing additional taxes, it usually adds penalties and interest. Penalties are authorized for things like filing your return late, paying your taxes late, where you are found to owe additional taxes, or have failed to file all required forms. The IRS can impose an accuracy-related penalty equal to 20% …
It is a crime to not file a tax return if taxes are owed. However, there is no criminal penalty if you file your return but can’t pay your taxes. It’s better to file delinquent tax returns before the IRS contacts you. Even if you are several years delinquent and don’t have the money to …
