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Tax Court takes Broad View of IRA "Prohibited Transactions"

A recent decision by the U.S. Tax Court, Peek v. Commissioner, could have huge implications for some individuals with qualified retirement plans. In 2001, Lawrence Peek and Darrell Fleck decided to purchase a company called Abbott Fire & Safety. The partners structured the purchase, utilizing an aggressive tax strategy presented by a CPA.

Corporations Troubled by the IRS Need to Check State Filing Requirements

Defending against an IRS audit can be a long and arduous process, often draining the time and resources of a corporation's accounting or legal department. When this happens, the stress of responding to IRS demands for information and records will often lead to some everyday tasks being missed. However, it's important to remember that keeping current or getting up to date with your state's filing requirements may be a vital part of making sure the corporation is able to fight a notice of deficiency in Tax Court.

IRS TEGE Group Criminally Investigated by the FBI: How It Affects the Average Taxpayer

In response to an audit report by the Treasury Inspector General for Tax Administration (available here: http://www.treasury.gov/tigta/auditreports/2013reports/201310053fr.pdf) and a slip of the tongue by Lois Lerner, director of the IRS's Exempt Organizations Division at an American Bar Association meeting, the FBI is looking into reports that certain employees at the IRS improperly scrutinized the tax exemption applications submitted by social welfare organizations with a conservative political slant.

Third-Party Payroll Services Are Not Always the Best Option

Managing the many aspects of a small business is a lot to keep up with. For many small business owners, the answer is to use outside service providers to handle aspects such as bookkeeping, information technology, and payroll. According to the National Small Business Association, approximately 40% of small businesses now use third-party payroll services.

After the income tax deadline: facing up to tax debt

The overall odds of getting a tax refund are good. Three out of four taxpayers receive one. But the other side of the coin is more challenging. The IRS says that one in every six taxpayers owes money to Uncle Sam.

What is the status of the IRS whistleblower program?

One of the means used by the IRS to go after tax evasion is the use of whistleblowers. The idea is to use financial incentives to encourage people who know of suspected tax compliance problems to report those problems to the government.

Worker classification and payroll taxes at issue in Texas

Much of the news regarding the payroll tax in recent weeks has concerned the impact on the economy that the end of the payroll tax cut is likely to have. To be sure, that is a legitimate concern. But regardless of what the rate is for employment taxes, employers can run into payroll tax problems when they do not make those payments to the IRS in a timely manner.

IRS Examiner Seeks Payoff

Being examined by the IRS may be a financial institution's worst nightmare, so when former IRS International Examiner Dennis Lerner offered to influence a favorable outcome for the bank he was auditing in exchange for a high-paying private sector job, it may have seemed like a dream come true. Just over one year after the audit concluded, however, there was a rude awakening for all parties involved.

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