A business owner is responsible for unpaid employment taxes. A U.S. District Court has upheld a $4.3 million trust fund recovery penalty that resulted from a $100,000 “preferential payment.” Denying a motion for reconsideration, the court upheld its decision that the owner of a medical practice who lent his business $100,000 to pay its next payroll, […]
March 31 is the deadline for employers, businesses and others to file certain information returns with the IRS electronically. Forms with a March 31 deadline include W-2G (Certain Gambling Winnings), 1096 (Annual Summary and Transmittal of U.S. Information Returns), 1098 (Mortgage Interest Statement), 1098-T (Tuition Statement), 1099 (except 1099-MISC for nonemployee compensation), 3921 (Exercise of […]
Taxpayers may deduct losses up to the amount of their at-risk investment, under certain conditions. But deducting a loss if no risk was involved could lead to a civil fraud penalty of 75% of the resulting underpayment. A U.S. District Court denied one taxpayer’s loss, stating he hadn’t engaged in an at-risk financial activity, and […]
The Congressional Budget Office (CBO) gives its “score” to the American Health Care Act (AHCA). The CBO issued a report projecting the proposed law would reduce federal deficits by $337 billion from 2017-2026. The largest savings would come from reduced Medicaid outlays and eliminating the Affordable Care Act (ACA) subsidies for nongroup health insurance. Savings […]
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