TAX PREPARATION
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IRS to block, suspend tax returns that lack Obamacare disclosures
The IRS’s new policy, which will bolster compliance with Obamacare, comes as the Trump administration takes other actions to undercut the law.
Employee or Independent Contractor?: The Worker Classification Dilemma
The worker classification issue persists due to the inherent tug-of-war between workers, who tend to prefer employee status, and payers/businesses, which often prefer to classify their workers as independent contractors. The reasons are simple: Workers want payers to be held responsible for payroll taxes and employee benefits (pensions, insurance, etc.), and payers/businesses want to shift that responsibility to their workers to save money and lessen their administrative burdens.
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Form 1099-C and COD income: Key timing issues
A tax adviser faces a challenge when advising a client about the taxability of a canceled debt. In addition to breaking the news that the transaction is possibly a taxable event under Sec. 61(a)(12), the adviser may also need to assist the client in determining when to include the debt forgiveness in income.
Signing a Return Is Still Not Optional
The Tax Court held that neither the substantial compliance nor the tacit consent doctrine excused a taxpayer’s failure to sign a joint return. Background Bradley and Nancy Reifler were married in 1988. Over the years, Mr. Reifler generally handled their family financial and tax matters, including the preparation of income tax returns, and for the 2000 tax year he arranged for a CPA to prepare their joint return.
Signing a Return Is Still Not Optional
The Tax Court held that neither the substantial compliance nor the tacit consent doctrine excused a taxpayer’s failure to sign a joint return. Background Bradley and Nancy Reifler were married in 1988. Over the years, Mr. Reifler generally handled their family financial and tax matters, including the preparation of income tax returns, and for the 2000 tax year he arranged for a CPA to prepare their joint return.
IRS Unveils New Procedures for Reinstating Tax-Exempt Status
Tax-exempt organizations that have had their tax-exempt status automatically revoked because they failed to file required annual returns for three consecutive years have new procedures for getting their exempt status reinstated, under guidance issued by the IRS (Rev. Proc. 2014-11). Earlier guidance providing methods for reinstating exempt status (Notice 2011-44) is modified and superseded.
What To Do If Form 1099 Reports More To IRS Than You Received
Pay attention to every IRS Form 1099, even ones that are wrong. Here’s how to deal with incorrect forms, with the issuer or with the IRS.