Year End Tax Planning

Checklist of things to do before the end of 2017. There are many tax-saving steps that can be taken before the end of this year. Here is a list of the most important actions that should be taken no later than Dec. 31, 2017 to save taxes: … Realize losses on stock while substantially preserving […]

irs voluntary classification program

IRS’s Voluntary Classification Settlement Program for misclassified workers

The Voluntary Classification Settlement Program  This program allows employers to reclassify as employees those workers they have erroneously treated as independent contractors. The program has generous payment terms, and participants get relief from employment tax audits for previous years. Here are the details. Employee or independent contractor? Whether a worker is classified as an employee […]

Small employer health insurance credit

The credit is specifically targeted to help small businesses and tax-exempt organizations that primarily employ moderate-income workers and lower-income workers. For tax-exempt employers, the credit is a refundable tax credit limited to the amount of the payroll taxes (as defined below). During the first phase of the credit, (i.e., tax years beginning in 2010, 2011, 2012, or […]

Why it is necessary for you to make estimated tax payments.

Why it is necessary for you to make estimated tax payments. Individuals must pay 25% of a “required annual payment” by Apr. 15, June 15, Sept. 15, and Jan. 15, to avoid an underpayment penalty. (When that date falls on a weekend or holiday, the payment is due on the next business day.) The required […]

irs settlement

The IRS ease some fears about settlement offer for misclassified workers

Among other things, the IRS Explained that  Voluntary Classification Settlement Program participation won’t trigger a federal audit and that IRS won’t share information about participants with the Department of Labor (DOL) or state agencies. Background. Earlier this year, IRS launched this new program  that allows employers to prospectively reclassify—as employees—those workers that they have erroneously […]

data for taxes

Tax responsibilities of U.S. citizens and dual citizens living abroad

Tax responsibilities of U.S. citizens and dual citizens living abroad Posted by on 14 December 2011 The IRS has provided info to clarify the tax responsibilities of U.S. citizens and dual citizens living abroad in response to concerns from expatriates about penalties that might be levied on their unpaid taxes and undeclared bank accounts. The […]

S Corporation Officer/Shareholder/Owner Compensation

Reasonable Compensation How the IRS and Tax Court Assess S Corporation Officer/Shareholder/Owner Compensation S corps are pass-through entities, whereby the IRS does not tax income at the corporate level, but allows income to flow through directly to S corp shareholders. The result is that income is only taxed once on shareholders’ personal tax returns, eliminating […]

Giving Tax Friendly Gifts

As I illustrate below, taxpayers can transfer substantial amounts free of gift taxes to their children or other donees through the proper use of this exclusion. The statutory exclusion amount ($10,000) is adjusted for inflation annually, using 1997 as the base year. The amount of the exclusion for 2017 is $14,000. The exclusion covers gifts […]

The Telecommuting Tax Adventure

So you work at home, and communicate with your employer mainly by telephone, e-mail, fax, electronic data transfer, express mail services, etc., you should know about the strict rules that govern whether you can deduct your home office expenses. You may deduct your home office expenses if your home office is for the convenience of […]

Independent Contractor or Employee

The question of whether a worker is an independent contractor or employee for federal income and employment tax purposes is a complex one. It is intensely factual, and the stakes can be very high. If a worker is an employee, the company must withhold federal income and payroll taxes, pay the employer’s share of FICA […]

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David DennisCertified CPA