by apexcpas | Jul 4, 2018 | Tax Planning
A case brought before a federal district court this month once again demonstrated the perils faced by anyone who becomes involved in running a financially distressed company. The court concluded that the volunteer chairman of the board of a tax-exempt organization was...
by apexcpas | Jul 4, 2018 | Tax Planning
Tonda Dickerson was one lucky waitress – at least until she got to Tax Court. One day in 1999, while Dickerson was working at a Waffle House restaurant, a regular customer gave her a lottery ticket. Unbeknownst to both the customer and Dickerson, the numbers on...
by apexcpas | Jul 4, 2018 | Tax Planning
If you know people who might not file their returns because they don’t have the money to pay the tax, the IRS may offer them some assistance. The IRS has expanded its so-called Fresh Start initiative to help financially distressed taxpayers by providing...
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...