New Rules for Children of Divorced or Separated Parents
Apr 18, 2011
New Rules for Children of Divorced or Separated Parents
Revocation of release of claim to an exemption. For tax years beginning after July 2, 2008 (the 2009 calendar ...
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Refund Offsets: For Unpaid Child Support, And Certain Federal, State, and Unemployment Compensation Debts
Apr 18, 2011
The Department of Treasury's Financial Management Service (FMS), which issues IRS tax refunds, has been authorized by Congress to conduct the Treasury Offset Program. Through this program, your refund ...
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Tax Intercept Program
Apr 18, 2011
The California Department of Social Services , in conjunction with the Internal Revenue Service , the Food and Nutrition Service , the State Controllers Office , and the Franchise Tax Board , administe...
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Reporting Bank Transactions
Apr 18, 2011
Purpose of Form
U.S. persons (and executors of estates of U.S. decedents) file Form 3520 to report:
Certain transactions with foreign trusts,
Ownership of foreign trusts under the rules of sectio...
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Business v. Nonbusiness Bad Debts
Apr 18, 2011
"There are two kinds of bad debts business and nonbusiness. Generally, a business bad debt is one that comes from operating your trade or business. The following are examples of business bad debts (if...
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Collection Due Process Hearing
Apr 18, 2011
CDP hearings are informal proceedings that provide a delinquent taxpayer with an opportunity to be heard before the IRS can levy upon his or her property in order to satisfy outstanding tax liabilities...
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Increased Penalties for Information Returns Not Repealed
Apr 18, 2011
The 1099 Act did not repeal the increase in the information reporting penalties that were mandated by the Small Business Jobs Act of 2010. The first-tier penalty under IRC 6721 for failure to timely f...
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Increased 1099 Reporting Repealed
Apr 18, 2011
On April 14, 2011 the President signed legislation that repealed the increased 1099 reporting that were enacted in 2010.
As a result of the repeal, the 1099 reporting rules continue unchanged: Namel...
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Single Member LLC and Payroll Taxes
Apr 11, 2011
Employment tax and certain excise tax requirements for an SMLLC that is a disregarded entity have changed over the past few years. In August, 2007, final regulations (T.D. 9356) (PDF) were issued requi...
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Single Member Limited Liability Companies
Apr 11, 2011
An LLC is an entity created by state statute. The IRS uses tax entity classification, which allows the LLC to be taxed as a corporation, partnership, or sole proprietor, depending on elections made by ...
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