Author: Sean McMahon

Federal Tax Return Guidelines for Same-Sex Married Couples

The Internal Revenue Service (IRS) and Treasury Department have ruled that legally married same-sex couples will be treated as married for federal tax purposes, including income and gift and estate taxes. Starting with their 2013 tax returns, same-sex married couples generally must use “married filing jointly” or “married filing separately” filing status.

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Common Tax Problems for Businesses: Employment Taxes

Employment taxes are a common area where businesses can run into trouble with the Internal Revenue Service (IRS). One area of frequent problems is related to how business owners classify workers as either: Employee, Independent Contractor, or Unpaid Interns.

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Common Tax Problems for Businesses: Choice of Entity

One of the first decisions entrepreneurs face is selecting a business entity.  Before selecting an entity, you should be aware of the federal income tax consequences related to the various business entity designations.

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DOMA and Income Tax Refunds

Can same-sex married couples file amended federal income tax return/refund claims based on the Supreme Court’s decision in United States v. Windsor or the Defense of Marriage Act (DOMA)? The federal recognition of same-sex marriages means gay couples could be entitled to tax refunds for filing situations for which married couples receive tax breaks.

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The Tax Implications of DOMA

A tax issue is at the heart of the United States v. Windsor or the Defense of Marriage Act (DOMA) decision by the Supreme Court of the United States.  It has potentially far-reaching implications that will affect federal, and most likely state, tax policies, including the estate and gift taxes and income tax.

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IRS Mad Men Training Video

Here is another Internal Revenue Service (IRS) training video, CPE FY 2012, a parody of the popular tv show Mad Men.

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IRS Music Video

Here it is, the Internal Revenue Service (IRS) dance training video. The music video along with Gilligan’s Island and Star Trek videos were produced for IRS training purposes.

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Avoiding Tax Problems for a New Business – June 7, 2013

Eighth Business Fundamental Bootcamp – Leveraging the Cloud for Growth: This Bootcamp is designed especially for CEOs and CXO’s of early stage and rapidly growing companies with a focus on the tactical and operational expertise that you need to manage your growing business.

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IRS Offer in Compromise Tool

Offers in Compromise (OIC) offers taxpayers an option to resolve their tax debt for less than the amount owed. The Internal Revenue Service (IRS) website has a new tool to help determine if a taxpayer is eligible for an OIC and calculates a preliminary offer amount.  Taxpayers will need to enter asset, income and expense information to generate a proposal an offer. If eligible, taxpayers must complete an OIC application.

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Swiss Bank to Pay $74 Million in Tax Evasion Case

Wegelin & Co., Switzerland’s oldest bank, has agreed to pay $74 million to the United States to settle charges that it aided U.S. taxpayers in evading taxes. This is the first time a foreign bank has plead guilty to U.S. tax law violations. In pleading guilty, Wegelin acknowledged the government’s claims that it hid more than $1.2 billion in secret accounts for U.S. clients. According to the Justice Department, Wegelin conspired with U.S. taxpayers, to hide assets held in offshore bank accounts from 2002 – 2011.

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