Tony Nitti has published a great piece over at The Tax Adviser which explains the current state of affairs on the issue of compensation of S Corporation shareholders. Here is the Executive Summary, but read the whole thing. S corporation shareholders generally prefer dividend distributions of their S corporations’ profits over compensation payments from the [...]
Tags: S Corporations · Tax Tips
In the wake of the Roni Deutch tax resolution scam fiasco, here is some excellent advice from Russ Fox: As for the firms that still advertise and promise you that they’ll stop the IRS, and you will qualify to pay “pennies on the dollar,” remember that: Only about 15% of Offers in Compromise successfully make it [...]
Tags: Tax Tips
The IRS graciously gives taxpayers the following tips for how to choose a tax preparer: If you pay someone to prepare your tax return, the IRS urges you to choose that preparer wisely. Taxpayers are legally responsible for what’s on their tax return even if it is prepared by someone else. So, it is important to choose carefully [...]
Tags: Individual Taxation · Tax Tips
Eva Rosenberg of SmartMoney has an excellent article today about why you should avoid tax relief firms like Roni Deutch, Tax Masters and J.K. Harris: Let’s look at recent court cases filed against television and radio advertisers, preying on your fears, your insecurities, and your tax terrors. All cases involve national tax resolution firms who have [...]
Tags: Tax Collections · Tax Tips
Laura Sanders of the Wall Street Journal gives a rundown of some of the important tax changes for 2010 in Taxes – April 18 (Yes, that’s right) Is Coming Up: Here are [some major] changes affecting 2010 returns. First-time homebuyer tax credit: There have been several versions of this credit, but most taxpayers who claimed it for [...]
Tags: Individual Taxation · Tax Tips
I just published my new tax facebook page. It’s called Taxonomics and on it we will be discussing tax developments, tips and tax strategies to help folks get through tax season and beyond. Please visit and add to the discussion. Here’s the link: Bookmark & Share:
Tags: Facebook Tax Tip · Tax Tips · Taxes 101
Robert Flach announces his publication of a new newsletter for sole proprietors and single-member schedule C filers entitled, aptly enough, The Schedule C Letter: THE SCHEDULE C LETTER is a bi-weekly newsletter that provides tax planning and preparation advice, information, and resources for sole proprietors and one-person LLCs who report their business activity on IRS Schedule C.¹ I have [...]
Tags: Business advice · C Corporations · S Corporations · Self-Employed Taxpayers · Tax Tips
