CERTIFIED PUBLIC ACCOUNTANT
The IRS expanded its matching program to business tax returns starting with the 2011 tax year. Payment settlement entities (“PSEs”) such as credit/debit card companies (ex. Visa) and third-party payers (ex. PayPal) are now required to report payment card transactions made to merchants for goods & services. PSEs report on... Continue reading →
If a taxpayer doesn’t file required tax returns, or files false tax returns, the IRS has the authority to prepare returns for the taxpayer and assess taxes. This authority applies to both individual and business tax returns. The IRS has specific programs for each type of taxpayer. The program for... Continue reading →
The IRS began new reporting requirements for certain individuals filing their 1040 income tax returns. Unless an exception applies, you must file Form 8938, Statement of Foreign Financial Assets, if you are a specified person that has an interest in specified foreign financial assets, and the value of those assets... Continue reading →
The Internal Revenue Code requires employers to withhold federal income tax and Social Security & Medicare tax from employee’s wages. These payroll taxes are considered “trust fund taxes” because the employer holds this money in trust, for the exclusive use of the United States government. Cash-strapped businesses sometimes use trust... Continue reading →
The Taxpayer Advocate Service (“TAS”), an independent office of the Internal Revenue Service, was formed to help taxpayers resolve problems with the IRS. TAS consists of approximately 2,000 employees; about 1,400 of these are Case Advocates who personally assist taxpayers. But according to a recent TAS notice, “…we can’t possibly... Continue reading →
