If the IRS gets a court judgment for unpaid taxes, can you challenge the judgment after it is entered? What if you can show that no tax is due? Can you fix the erroneous judgment after the fact? Can you just prepare corrected returns and file them? The court addresses this in United States v.… Continue reading Correcting an Erroneous Judgment for Unpaid Taxes
Tax Articles
What Every New Employer Needs to Know About Form 941
If you’re a business owner, you probably know about Form 941. But if it’s your first time to start a […]
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How to Add Credit Card Charges in QuickBooks
Most companies use credit cards to pay for supplies and services. And as a business owner, you need to know […]
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Bad Debt Tax Deduction for Guarantee Payment?
If you guarantee a loan for a third party and have to make payments due to the guarantee, do you get to deduct the payment as a bad debt for tax purposes? The court addresses this in Baker Hughes, Inc. v. United States, No. 18-20585 (5th Cir. 2019) in the context of a payment made… Continue reading Bad Debt Tax Deduction for Guarantee Payment?
Five Simple Tax Prep Tips Before Time Runs Out
The tax year is almost over! Aside from starting to put your books to order, it pays to learn some […]
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Urgent Bookkeeping Year End Tasks: Here’s a Checklist
Time usually feels like a blur after Thanksgiving. With the year coming to a close, it’s time to review your […]
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Foreign Trust Beneficiary Liable for a Double Tax Penalty?
Can the sole owner of a foreign trust who is also its sole beneficiary be penalized twice for not filing a single Form 3520? Can the IRS choose the higher penalty for the beneficiary in this situation? In Wilson v. United States, No. 19-cv-5037 (BMC) (E.D.N.Y. 2019), the IRS argued that it could impose pick… Continue reading Foreign Trust Beneficiary Liable for a Double Tax Penalty?
Sale of Long-Term Service Contracts: Capital or Ordinary Gain?
If a taxpayer sells a business that owns long-term service contracts, is the gain attributable to the contracts subject to tax at ordinary or capital gains rates? The IRS’s recent action on decision for the Greenteam Materials Recovery Facility PN v. Commissioner, T.C. Memo. 2017-122 court case deals with this in the context of a… Continue reading Sale of Long-Term Service Contracts: Capital or Ordinary Gain?
Estate Plan Triggers Liability for Unpaid Taxes
Estate planning often involves transferring business interests from one generation to the next. But what if the parent owes unpaid taxes? Can the children be held liable for the unpaid taxes? What about the surviving spouse? What if they were not aware of the steps taken to avoid paying taxes? The recent United States v… Continue reading Estate Plan Triggers Liability for Unpaid Taxes
Why Is Everyone Obsessing About Bookkeeping
(And What Happens When You Neglect Those Messy Books) You need to keep a firm handle on your finances. This […]
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