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Preview: carnahanlaw.com tax and law items

carnahanlaw.com tax and law items



tax and other legal items



Published: Sun, 28 Nov 2004 00:00:00 GMT

Last Build Date: Thu, 10 Aug 2017 13:00:00 GMT

Copyright: Copyright 1997-2015, Frank C. Carnahan, all rights reserved
 



Multistate Tax Commission Announces Terms of Voluntary Disclosure Initiative for Fulfillment by Amazon Seller

Thu, 10 Aug 2017 13:00:00 GMT

The Multistate Tax Commission (MTC) announced the terms of its voluntary disclosure initiative for Fulfillment by Amazon (FBA) sellers and other online sellers who have nexus in a state because of the presence of inventory at an Amazon warehouse or because of activities performed on behalf of the online seller by an online marketplace. (Online Marketplace Seller Voluntary Disclosure Initiative, 08/08/2017.)



The IRS Small Business and Self-Employed Tax Center

Fri, 28 Apr 2017 13:00:00 GMT

This online information center features links to a wealth of useful tools, including Small Business Taxes: The Virtual Workshop and common IRS forms with instructions. Find help on everything from how to get an Employer Identification Number online to how to engage with the IRS during an audit. The IRS Tax Calendar for businesses and Self-Employed is a convenient, at-a-glance resource designed to show key tax dates for businesses. Download the Calendar Connector tool to get the dates even when offline.



The IRS Self-Employed Individuals Tax Center

Fri, 28 Apr 2017 13:00:00 GMT

A resource for sole proprietors and others who are in business for themselves, this site has many handy tips and references to tax rules a self-employed person may need to know. In addition to many other subjects, taxpayers will find information on: How to Make Quarterly Payments; Requirements for Information Returns; How to File an Annual Return; Business Structures; and Qualified Joint Ventures



How to know it's really the IRS calling or knocking on your door

Fri, 21 Apr 2017 13:00:00 GMT

Understand how and when the IRS contacts taxpayers and how you can determine whether a contact you received is truly from an IRS employee. The IRS initiates most contacts through regular mail delivered by the United States Postal Service. There are special circumstances in which the IRS will call or come to a home or business, such as when a taxpayer has an overdue tax bill, to secure a delinquent tax return or a delinquent employment tax payment, or to tour a business as part of an audit or during criminal investigations, but even then, taxpayers will generally first receive several letters (called "notices") from the IRS in the mail.



Private Collection of Some Overdue Federal Taxes Starts in April

Tue, 04 Apr 2017 13:00:00 GMT

Starting in April 2017, the IRS will begin sending letters to a relatively small group of taxpayers whose overdue federal tax accounts are being assigned to one of four private-sector collection agencies. The new program authorized under a federal law enacted by Congress in December 2015 enables these designated contractors to collect, on the government's behalf, unpaid tax debts.



Eligible small businesses can apply all or part of their research credit against their payroll tax liability instead of just their income tax liability

Tue, 04 Apr 2017 13:00:00 GMT

An eligible small business with qualifying research expenses can choose to apply up to $250,000 of its research credit against its payroll tax liability, by filling out Form 6765, Credit for Increasing Research Activities, and attaching it to a timely-filed business income tax return. After choosing this option, a small business claims the payroll tax credit by filling out Form 8974, Qualified Small Business Payroll Tax Credit for Increasing Research Activities. This form must be attached to its payroll tax return, for example Form 941, Employer's Quarterly Federal Tax Return. This will benefit any eligible startup that has little or no income tax liability.



IRS Tips about the sharing ecnomy

Thu, 30 Mar 2017 13:00:00 GMT

If taxpayers use one of the many online platforms to rent a spare bedroom, provide car rides, or a number of other goods or services, they may be involved in the sharing economy, and sharing economy activity is taxable. The IRS now offers a Sharing Economy Tax Center, to help taxpayers find the resources they need to help them meet their tax obligations



Tax Credit for Retirement Savings Contributions

Tue, 28 Mar 2017 13:00:00 GMT

Taxpayers who contribute to a retirement plan, like a 401(k) or an IRA, may be able to claim the Nonrefundable Saver's Credit. The maximum contribution is $2,000 per person. Those filing a joint return can also contribute $2,000 for the spouse.The credit cannot be more than the amount of tax that a taxpayer would otherwise pay in taxes. This credit will not change the amount of refundable tax credits



The IRS has established a process for employers and payroll service providers to quickly report any data losses related to the W-2 scam

Tue, 28 Mar 2017 13:00:00 GMT

A dangerous email scam currently is circulating nationwide and targeting employers, including tax exempt entities, universities and schools, government and private-sector businesses. The scammer poses as an internal executive requesting employee Forms W-2 and Social Security Number information from company payroll or human resources departments. They may even send an initial "Hi, are you in today" message before the request. The IRS has established a process that will allow employers and payroll service providers to quickly report any data losses related to the W-2 scam.



IRS Updates Allowable Living Expense Standards for 2017

Fri, 17 Mar 2017 13:00:00 GMT

Collection Financial Standards are used to help determine a taxpayer's ability to pay a delinquent tax liability. Allowable living expenses include those expenses that meet the necessary expense test. The necessary expense test is defined as expenses that are necessary to provide for a taxpayer's (and his or her family's) health and welfare and/or production of income.



The IRS has updated its policy covering Offer in Compromise? applications

Fri, 17 Mar 2017 13:00:00 GMT

Beginning with Offer applications, the IRS will return any newly filed Offer in Compromise application received on or after March 27, 2017 if the applicant has not filed all required tax returns. Any application fee included with the OIC will also be returned. Any initial payment required with the returned application will be applied to reduce your balance due. This policy does not apply to current year tax returns if there is a valid extension on file.



Taxpayer Allowed Only One "Opportunity" To Challenge Penalty Assessment

Wed, 01 Mar 2017 13:00:00 GMT

In Keller Tank Services II, Inc., CA-10, February 21, 2017, the Tenth Circuit held that the Tax Court properly decided that a taxpayer was not entitled to challenge a penalty in a collection due process (CDP) hearing assessed against it after previously challenging the penalty with IRS appeals. In so doing, the appeals court affirmed that it was reasonable to interpret the applicable statute as only offering one chance to challenge an assessment.



IRS Guide to Community-Based Free Tax Preparation

Thu, 09 Feb 2017 13:00:00 GMT

The Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) programs help people every year. Through these IRS-sponsored programs, millions of lower-to-moderate income individuals and families get their taxes done free. The IRS works with local community groups to train and certify VITA and TCE volunteers to offer this service. Eligible taxpayers, including those with disabilities or limited English, should take advantage of these free programs.