Category: Tax
Guest Author Jennifer Oertel: Is the L3C Right for Your Social Enterprise?
By Jennifer Oertel, Partner Not For Profit Team Leader Jaffe Raitt Heuer & Weiss P.C. L3Cs were designed to encourage private foundations to pursue their missions through investments in social enterprises. Private foundations are subject to many restrictions, including that...
IRS reports increase in criminal investigations surrounding refund fraud
Tax Day has just passed, meaning millions of last-minute filers are waiting anxiously for their tax refund. For some, that check won't be in the mail, thanks to identity theft and refund fraudsters who steal refunds and tax IDs. The...
SR Client Question: Can scholarship money awarded to my child be taxed?
Recently, we have been working with a client with a child who received Scholarships and Grants for college in excess of their qualified tuition and fees. Great news for Mom and Dad, right!? Yes, but unbeknownst to the client, this...
A checklist for victims of tax return fraud
We have had two clients in the last two week be victims of a fraudulent return filed with the State. The clients were indirectly notified by receiving an audit notice from the State requesting information related to the client’s 2013...
Below-market loans must adhere to IRS regulations
There are tax planning opportunities that are available for many common family situations, and below-market loans made by family to family could be one of them. The tax laws generally require that all loans must include a charge for a...
SCAM ALERT: IRS warns of 2014 “Dirty Dozen” tax scams
This Dirty Dozen is no band of renegade outlaws, just the IRS's collection of the most common taxpayer scams: Identity Theft Phone Scams Phishing False Promises of "Free" Money due to Overinflated Tax Returns Return Preparer Fraud Hiding Income Offshore...
Guidance for restauranteurs on “comped” meals
The practice of providing a restaurant meal for no charge, or "comping", is fairly common in the hospitality business. Reporting this meal correctly for tax purposes is less common, as the State of Michigan tax code is fairly ambiguous on...
IRS Adds Tax Refund Status Tracker to Smartphone App
If you've wondered where in the world your tax refund is, the IRS has an app for that. The Internal Revenue Service has updated and improved its IRS2Go mobile app this tax season, adding new features including a way to...
Apply online for IRS tax installment plan
You can avoid unnecessary penalties and interest by paying your taxes in full and on time. If you can't meet this important obligation, the IRS would like to help you or your authorized representative (Power of Attorney) apply for an...