Tag: IRS
Where’s My Cancelled Check?
The Check Clearing for the 21st Century Act (Check 21 act), P.L. 108-100, was signed into law on October 28, 2003 and went into effect on October 28, 2004. For most consumers, this means that they now receive scanned images...
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...
SCAM ALERT: IRS warns of “largest ever” Phone Fraud Scam
Be aware! Thousands of Americans nationwide have been targeted since August by a phone scam in which fraudsters claim to be from the U.S. Internal Revenue Service and demand money for unpaid taxes, said the IRS' watchdog on Thursday. The...
How to deal administratively with the death of an employee
It's a difficult thing to think about, but the death of an employee has tax implications for his employers in closing out accrued wages, vacation pay and taxes withheld. As soon as the death is reported to an employer, payroll...
IRS website explains tax provisions of the health care law; provides guide to online resources
In July, we told you that large employers could take more time implementing the new "Obamacare" health insurance changes. Now, the IRS has launched a new Affordable Care Act Tax Provisions website at IRS.gov/aca to educate individuals and businesses on...
First-time offenders offered abatement from IRS
The IRS has updated its First-time Abate (FTA) policy, which allows a first-time non compliant tax payer abatement of certain penalties for a single tax period. The change comes after an April 2013 report from the Treasury Inspector General for...
LGBT couples, don’t forget about the 1099-INT
A reminder from the Pittsburgh Post-Gazette about the extra step lesbian, gay, bisexual and transgendered couples (and any other non-married couples sharing a bank account) need to take to stay on the good side of the IRS: 1099-INT spells trouble...
Tips for Dealing with IRS Notices
Each year, the IRS sends MILLIONS of letters and notices to taxpayers for a variety of reasons. Here are a few things you should know about IRS notices in case one shows up in your mailbox. Do not panic, a...
Update: IRS is now accepting all forms!
The Internal Revenue Service announced today that it has finished updating its tax-processing systems allowing all remaining individual and business taxpayers to file their 2012 federal income tax returns. Over the weekend, the IRS completed reprogramming and testing of its...
How to make an S-Corp Election
A corporation informs the Internal Revenue Service of its choice to be taxed as an S-Corporation instead of as a C-Corporation using IRS Form 2553. It is extremely important for a newly formed corporation to make this decision early. Forming...