By Joan Vines, CPA The Internal Revenue Service (IRS) released proposed regulations that provide guidance for the nonqualified deferred compensation arrangements of tax-exempt organizations in June. The regulations, which have been anticipated by the industry since 2007, address the interplay between Internal Revenue Code Section 457 and Section 409A, which govern the nonqualified deferred compensation Read More…
In an effort to reduce fraud the IRS has changed the deadline for the filing of Forms W-2 and Form 1099. The IRS now requires that Forms W-2 and 1099 be provided to recipients and filed with the IRS or Social Security Administration, by January 31st. In the past the January 31st deadline only applied Read More…
Unfortunately in this internet age, it has become easier for fraudsters to communicate fake IRS letters and other fake IRS communication to innocent taxpayers. Our office is receiving an increasing number of calls from clients, inquiring if the phone call they received from “the IRS” are legitimate. The latest scam that taxpayers are receiving is Read More…
The IRS Tax Code provides numerous penalties that can be assessed against both individual and business filers. These tax filings can range from income tax, payroll tax, excise tax or informational returns. By being aware of the filing and depository requirements, you can reduce your risk of being assessed an IRS penalty. However, IRS penalty Read More…
In this face paced electronic world, it can be easy for unscrupulous people to use stolen Social Security numbers, to file tax returns claiming a fraudulent tax refund. If you tried to electronically file your tax return and found out that someone had already electronically filed a tax return, with your social security number, you Read More…
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