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 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 IRS posted the information on its […]

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 amount of the exclusion […]

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 […]

Keeping life insurance out of your estate

How to make sure the life insurance benefits your family will receive after your death and avoid the federal estate tax. Under the estate tax rules, insurance on your life will be included in your taxable estate if either:  Your estate is the beneficiary of the insurance proceeds, or  You possessed certain economic ownership rights (“incidents […]

real estate professional

How to qualify as a real estate professional

How to qualify as a real estate professional: 1. First, you must materially participate (see below) in a real estate business. The business of renting and leasing realty is a real estate business. 2. Second, more than 50% of the personal services you perform in all businesses during the year must be performed in real […]

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 […]

S corporation as choice of entity

S corporations the most suitable form of business for the new venture Here is an explanation of the reasons why. The biggest advantage of an S corporation over a partnership is that as S corporation shareholders you would not be personally liable for corporate debts. In order to receive this protection, it is important that […]

Substantiating employee expense account and expense reimbursement arrangements.

Substantiating employee expense account and expense reimbursement arrangements. Q- 1. Do you have an expense account or expense reimbursement arrangement with your employer? A- A. You get a better tax result on your own income tax return if your expense account or reimbursement arrangement qualifies as an “accountable” plan. (See B, below) Under such a […]

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David DennisCertified CPA