Posts tagged Tax
Tax Reform for Businesses

The recently enacted tax reform bill has made significant changes to the taxation of business.  This post summarizes some of the more substantial changes.

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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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Multiple Businesses and the IRS

A recent decision by the Tax Court should serve as a warning to people that own multiple businesses but don't always "respect the corporate formalities" associated with each business entity. If you own more than one business and sometimes have Company A pay the expenses of Company B, or perhaps task an employee of Company A to do things for Company B, the IRS may deny your deductions.

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Private Collection Agencies Working for the IRS

Private collection agencies are now working for the IRS. In fact, for some hard to collect bills, the law now requires—rather than just permits—the IRS to use private collectors. Many people think that having the IRS farm out collection work to private contractors is a bad idea.  Here are 10 things you should know:

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IRS Criminal Investigations--How Initiated

Criminal Investigations can be initiated from information obtained from within the IRS when a revenue agent (auditor) or revenue officer (collection) detects possible fraud.  Information is also routinely received from the public as well as from ongoing investigations underway by other law enforcement agencies or by United States Attorneys offices across the country.

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IRA Withdraw Penalty Exceptions

If you withdraw money from your individual retirement account before age 59 1/2, you will generally have to pay a 10 percent early withdrawal penalty in addition to income tax on the amount withdrawn. This means a $5,000 withdrawal taken by a mid-career worker in the 25 percent tax bracket would result in $1,750 in taxes and penalties. But there are a variety of ways to avoid the IRA early withdrawal penalty if you meet specific criteria:

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IRS--Potential Tax on Employer On-Site Meals

The idea that there’s no such thing as a free lunch could eventually ring true for employees who get complimentary meals at work, as the Internal Revenue Service and Department of the Treasury have taken a step closer to potentially taxing such meals. Last year, the IRS suggested in its Priority Guidance Plan that it was exploring modifying sections of the Tax Code concerning employer-provided meals that it believed were problematic.

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Interesting Facts on the Estate Tax

Interesting Estate Tax Facts.  The federal estate tax is a tax on property (cash, real estate, stock, or other assets) transferred from deceased persons to their heirs. Only the wealthiest estates pay the tax because it is imposed only on the portion of an estate’s value that exceeds a specified exemption level — $5.43 million per person (effectively $10.86 million per married couple) in 2015.

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