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Category Archives: EMPLOYMENT TAXES
UPDATE ON IMPACT OF GOVERNMENT SHUT-DOWN ON IRS AND TAX COURT OPERATIONS
As reported by the Journal of Accountancy as of October 1, 2013: IRS OPERATIONS ONGOING Processing tax returns submitted with payments. Processing all e-filed returns. Filing deadlines remain as required by law. Thus, individual returns must be filed by 10/15/13 … Continue reading
IMPACT OF THE SUPREME COURT’S DECISION IN U.S. V WINDSOR: LEGALLY MARRIED SAME- SEX COUPLES NOW WILL LIVE IN THE SAME TAX WORLD AS DO OTHER MARRIED COUPLES
The Defense of Marriage Act (DOMA), as enacted, had two-prongs, namely: Section 2 of the Act provided and still provides that no state need recognize same-sex marriages legally consecrated under the laws of another state. Section 3 of the Act … Continue reading
IRS FIRST TIME ABATE POLICY PROVIDES PENALTY RELIEF IN CERTAIN SITUATIONS
The IRS today clarified its policy with regard to abatement of certain penalties for first time offenders. The policy was modified to clarify that relief applies only where the taxpayer is current with all tax filings and tax payments. See IRM … Continue reading
Posted in COMPLIANCE, DELINQUENT RETURN, EMPLOYMENT TAXES, IRS COLLECTIONS, POLICY, RETURNS, TAX, TRUST FUND PENALTY, UNFILED RETURNS
Tagged # INDIVISIBLE, FAILURE TO DEPOSIT PENALTY, FAILURE TO FILE PENALTY, FAILURE TO PAY PENALTY, FIRST TIME ABATE, FTA, Robert S. Steinberg, TAX PENALTIES
6 Comments
S CORP OFFICERS ARE EMPLOYEES: IF THEY PERFORM SERVICES, DISTRIBUTIONS WILL BE RE-CHARACTERIZED AS WAGES IN AMOUNT OF DETERMINED REASONABLE COMPENSATION
Yet another court has held that under the Federal Insurance Contributions Act (FICPA), an officer of an S Corporation is an employee and must be paid reasonable wages if he or she performs services. Distributions will be re-characterized as wages, … Continue reading
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