Tag: tax
New law will improve offer in compromise program for Michigan taxpayers
On June 27, 2014, Michigan Governor Snyder signed legislation to provide an offer in compromise program in Michigan for any tax administered under the Revenue Act. This is another big step in making Michigan and its tax collection agency more...
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...
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...
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...
Gift Cards – New Guidance on Deferral of Income
Gift cards and gift certificates have an appealing feature that makes the desirable to both givers and receivers – convenience. Nowadays, may gift cards are not limited to a specific retailer: some gift cards are accepted by multiple merchants. Under...
Defer Tax with an Installment Sale
When you sell an asset on installment, you may be able to avoid paying tax in the year of sale and instead pay tax on your gain as you receive payments over future years. Under the tax law, an installment...
SCAM ALERT! Tax return identity theft is on the rise
Tax-related identity theft has increased substantially in the past couple of years. More and more individuals are finding out that fraudulent tax returns have been filed under their social security number. Not only does this create a reporting nightmare, but...
It’s April 16: See where your tax dollars are headed!
Check out this nifty tool offered by the White House to see where your federal tax dollars go: http://www.whitehouse.gov/2012-taxreceipt
IRS Audit Technique Guide Sheds Light on Examinations of Cash Businesses
The IRS has previously issued an Audit Techniques Guide (ATG) for examinations of cash intensive businesses. The IRS noted in the ATG that many cash intensive businesses have weak internal controls, lack an audit trail, and have inadequate books and...