by apexcpas | Jul 4, 2018 | Tax Planning
A court of appeals has upheld a Tax Court decision that a sausage manufacturer received ordinary income, rather than capital gain, when it settled a lawsuit involving trade secrets. In the early 1980s, C&F Packing Co., Inc. (C&F), developed a process for...
by apexcpas | Jul 4, 2018 | Tax Planning
The IRS has released a summary of the rules governing under what conditions retirement plan distributions are subject to withholding. The summary is contained in the Summer 2011 edition of the IRS Retirement News for Employers. Distributions from an employer-sponsored...
by apexcpas | Jul 4, 2018 | Tax Planning
On Sept. 1, 2011, the IRS announced that it is granting taxpayers whose preparers were affected by Hurricane Irene until Sept. 22 to file returns normally due Sept. 15. Your preparer must be located in an area that was under an evacuation order or a severe weather...
by apexcpas | Jul 4, 2018 | Tax Planning
With children returning to school, cash-strapped parents may be looking for tax savings in their back-to-school expenditures. Listed below are a few tax-saving tips, as well as a few items that do not offer a tax break, although you may wish they did. Tuition – Most...
by apexcpas | Jul 4, 2018 | Tax Planning
The IRS has attempted to clear up a dilemma that has perplexed businesses that desire to treat certain workers as independent contractors rather than employees. Employers are generally required to withhold and pay employment taxes (FICA, FUTA and withheld income tax)...
by apexcpas | Jul 4, 2018 | Tax Planning
As is most often the case, the Tax Court has once again concluded that a taxpayer must suffer the tax consequences of the transaction he entered into – not the transaction he wished he had entered into – after the IRS pointed out the tax result. (Jess L. Miller v....