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Huntsville Lawyer Articles & News

Tax, Bankruptcy, Business, Divorce

IRS Taxation of Employer Owned Life Insurance

Employer-owned life insurance policies issued after August 17, 2016 are subject to taxation by the IRS unless they qualify for an exception and meet notice and consent requirements.

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IRS Collection Fast Track Mediation

The purpose of the mediation is to resolve disputes in the early stages of the collection process and within 40 days after the mediation application is accepted by the IRS.  In order to be accepted into the process, taxpayers must make a good faith effort to resolve matters with the IRS collection officer followed by a conference with the officer's manager.  Acceptance into the mediation process does not mean that taxpayers can't pursue other options if mediation doesn't resolve their case.  

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2017 Hidden Tax Hike

The increase in the earnings limit for social security represents the largest one-year increase in history.  The maximum social security tax is jumping from $7,346 in 2016 to $7,886 in 2017 for employees.  There is a larger increase for the self-employed as their social security taxes will be increased from $14,694 to $15,773 in 2017.  

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