Employment taxes are a common area where businesses can run into trouble with the Internal Revenue Service (IRS). One area of frequent problems is related to how business owners classify workers as either: Employee, Independent Contractor, or Unpaid Interns.
IRS Tax Attorneys
- sean@mcmahontaxlaw.com
- 617.600.5400
Tax Attorney Blog
One of the first decisions entrepreneurs face is selecting a business entity. Before selecting an entity, you should be aware of the federal income tax consequences related to the various business entity designations.
Can same-sex married couples file amended federal income tax return/refund claims based on the Supreme Court’s decision in United States v. Windsor or the Defense of Marriage Act (DOMA)? The federal recognition of same-sex marriages means gay couples could be entitled to tax refunds for filing situations for which married couples receive tax breaks.
A tax issue is at the heart of the United States v. Windsor or the Defense of Marriage Act (DOMA) decision by the Supreme Court of the United States. It has potentially far-reaching implications that will affect federal, and most likely state, tax policies, including the estate and gift taxes and income tax.
Here is another Internal Revenue Service (IRS) training video, CPE FY 2012, a parody of the popular tv show Mad Men.
Here it is, the Internal Revenue Service (IRS) dance training video. The music video along with Gilligan’s Island and Star Trek videos were produced for IRS training purposes.
Eighth Business Fundamental Bootcamp – Leveraging the Cloud for Growth: This Bootcamp is designed especially for CEOs and CXO’s of early stage and rapidly growing companies with a focus on the tactical and operational expertise that you need to manage your growing business.
Offers in Compromise (OIC) offers taxpayers an option to resolve their tax debt for less than the amount owed. The Internal Revenue Service (IRS) website has a new tool to help determine if a taxpayer is eligible for an OIC and calculates a preliminary offer amount. Taxpayers will need to enter asset, income and expense information to generate a proposal an offer. If eligible, taxpayers must complete an OIC application.
Wegelin & Co., Switzerland’s oldest bank, has agreed to pay $74 million to the United States to settle charges that it aided U.S. taxpayers in evading taxes. This is the first time a foreign bank has plead guilty to U.S. tax law violations. In pleading guilty, Wegelin acknowledged the government’s claims that it hid more than $1.2 billion in secret accounts for U.S. clients. According to the Justice Department, Wegelin conspired with U.S. taxpayers, to hide assets held in offshore bank accounts from 2002 – 2011.
Switzerland and the U.S. Department of the Treasury have signed a bilateral agreement to share tax information and facilitate the implementation of the Foreign Account Tax Compliance Act (FATCA). Included as part of the HIRE Act of 2010, FATCA seeks to prevent U.S. taxpayers from evading taxes through offshore accounts.
Contact Us
Recent Posts
Categories
- Common Tax Problems (24)
- Criminal Tax (5)
- DOMA (5)
- FATCA (12)
- FBAR (19)
- Installment Agreements (7)
- IRS (54)
- Offers in Compromise (10)
- Offshore Accounts (25)
- Tax Attorney (28)
- Tax Evasion and Fraud (24)
- Tax Humor (2)
- Voluntary Disclosure (19)
