by apexcpas | Jul 4, 2018 | Tax Planning
Do you have friends or relatives who have failed to file income tax returns in prior years? The IRS may be holding refunds meant for them. Some people whose withholding exceeds their tax liability don’t file tax returns. As a result, the IRS is holding over $1...
by apexcpas | Jul 4, 2018 | Tax Planning
The Tax Court has once again concluded that net earnings from self-employment is not reduced by a net operating loss carried forward or carried back to the tax year at issue. Joseph DeCrescenzo and the IRS both agreed that he earned $131,660 of self-employment income...
by apexcpas | Jul 4, 2018 | Tax Planning
An S corporation shareholder-employee’s $24,000 annual salary was unreasonably low, the Court of Appeals for the Eighth Circuit concluded, so it allowed the IRS to reclassify $67,000 in dividend payments as salary. As a result, the corporation owed employment...
by apexcpas | Jul 4, 2018 | Tax Planning
The IRS has issued a warning to senior citizens and other taxpayers about an emerging scheme that tempts them to file tax returns to claim fraudulent refunds. The scheme carries a common theme of promising refunds to people who have little or no income and normally do...
by apexcpas | Jul 4, 2018 | Tax Planning
Two federal tax credits – the American Opportunity Credit and the Lifetime Learning Credit – may help offset the costs of higher education for you or your dependents. To qualify for either credit, you must pay postsecondary tuition and fees for yourself,...
by apexcpas | Jul 4, 2018 | Tax Planning
Employers will have more time to file the required certification form for employees hired on or after Nov. 22, 2011, and before May 22, 2012. The IRS has released the guidance and forms that employers can use to claim the newly expanded tax credit for hiring veterans....