In a Revenue Procedure, the IRS has provided guidance to employers on the requirements for employee consents used to support a claim for the refund of overpaid Federal Insurance Contributions Act (FICA) taxes. It allows employee consents to be requested, furnished and retained in an electronic format as an alternative to a paper format. It […]
Under an IRS Offer in Compromise (OIC), a taxpayer can settle a tax debt for less than the amount owed if certain requirements are met. In one case, a man filed an OIC and the IRS rejected it because the taxpayer’s “collection potential” was higher. The IRS included an unpaid receivable as an asset because […]
In a complex dispute between two businessmen, one (the payor) wrote a check to the other for the amount he believed was owed. The payee didn’t cash it. The payor filed a Form 1099 with the IRS for the amount and sent a copy to the payee. A U.S. District Court held the 1099 filing […]
Despite opposition, the Affordable Care Act (ACA) repeal and replacement moves ahead. Issues include: Conservative Republicans want a faster end to the ACA Medicaid expansion, which the bill has set for 2020, and want to add work requirements for able-bodied, childless Medicaid recipients. They also call age-based tax credits to help people buy insurance a […]
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