The Internal Revenue Service (IRS) has reopened its Preparer Tax Identification Number (PTIN) System.
If you think you know everything there is to know about tax havens, you might be surprised to hear what John Pantekidis has to to say: Pantekidis has written a paper that examines how wealthy foreign families are beginning to favor the U.S.… Read more
Nearly ten years after the discovery of a massive fraud scheme orchestrated by Bernie Madoff – and five years after the Department of Justice created a compensation fund to deal with the aftermath – Congressman Vern Buchanan (R-FL) claims that Madoff’s victims “have not received a penny” of relief.… Read more
Just because it’s summer doesn’t mean that scammers are taking a break. The Internal Revenue Service (IRS) has issued a warning about a new telephone scam.
In the scam, callers posing as IRS representatives advise potential victims that two certified letters were sent to the taxpayer in the mail but were returned as undeliverable.… Read more
The soda tax will live another day. An appeals court has upheld a lower court decision that Philadelphia’s tax on sweetened beverages is legal.… Read more
Interested in using an S corp to cut your payroll taxes? Here are some smart moves to protect yourself from the IRS:
- Make sure all payments are made to your corporation, not to you personally, and that contracts for work specify your corporation is the provider.
It’s natural to measure success by the size of your paycheck. If you own a business or are self-employed, get over it. You might be able to save tens of thousands of dollars in taxes by cutting your salary.
Newt Gingrich and John Edwards famously used this strategy, and it appears President Donald Trump did too.… Read more
With just over two weeks before a new regulation in Massachusetts was slated to take effect, the measure has hit a roadblock. NetChoice, a trade association of Internet companies and organizations, and American Catalog Mailers Association (“ACMA”), a trade association representing the interests of companies, individuals, and organizations engaged in and supporting catalog marketing, have filed suit to stop the commonwealth from requiring out-of-state online retailers to collect sales taxes.… Read more
Earlier this week, I got a call from a taxpayer who couldn’t find his old tax returns. He had called up his accountant to see if she had kept a copy (she hadn’t). What’s more, she had no advice for him about what to do next.… Read more