Attention farmers and fishermen: If you didn’t make quarterly estimated payments in 2016, the IRS reminds you that you have until March 1, 2017, to file your 2016 Form 1040 return, or face being subject to a penalty. These special rules allow farmers and fishermen to forgo making estimated tax payments. Those who don’t file […]
A restaurant didn’t send payroll taxes it collected from employees to the IRS. The U.S. Tax Court has concluded that the father of the co-manager wasn’t a “responsible person” for purposes of the tax code’s trust fund recovery penalty just because he signed a few checks. The father lacked sufficient control over the business; wasn’t […]
If last year your business made repairs to tangible property, such as buildings, machinery, equipment or vehicles, you may be eligible for a valuable deduction on your 2016 income tax return. But you must make sure they were truly “repairs,” and not actually “improvements.” Why? Costs incurred to improve tangible property must be depreciated over […]
Tax fraud and scams targeting senior citizens are a major concern. Scams involving sweepstakes, lotteries, investments, phishing and thieves impersonating IRS employees are among the top 10 fraud schemes used by criminals to target seniors, according to Timothy Camus, Deputy Inspector general for investigations at the Treasury Inspector General for Tax Administration (TIGTA). Speaking to […]
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