| Rollovers from Retirement Plans |
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| If you withdraw assets from one qualified employer retirement plan and contribute them within 60 days to another qualified retirement plan or traditional Individual Retirement Account (IRA), you do not have to include the amount withdrawn in your taxable income for the year. You are entitled to roll over most distributions except for the nontaxable part of a distribution, a distribution that is one of a series of payments based on life expectancy or paid over a period of years, a required minimum distribution, or a hardship distribution.More... |
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| Business Structure |
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| The manner in which the business files its income tax returns and pays its taxes depends on the way the company was organized. The most common forms of business are sole proprietorships, partnerships, corporations, S corporations, and limited liability companies, and both state and federal legal and tax considerations enter into the selection.More... |
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| Disabled Access Credit Scam |
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| The Disabled Access Credit was designed to help small businesses with the costs of bringing their business into compliance with the Americans with Disabilities Act (ADA). To claim the credit, a taxpayer must have a bona fide business and must have made the expenditures to comply with the ADA. The Internal Revenue Service disallows the credit if it is claimed by a taxpayer who is not operating as a business or who does not qualify as an eligible small business. In addition, the IRS will not permit a credit for a purchase that does not make a business accessible to disabled individuals.More... |
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| What to Do If You Have Not Received a Form 1099 |
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| You received a certain type of income during the year, and you know that you should be getting some type of form in the mail from the payer in order to prepare your federal income tax return. You wait and you wait, but your mailbox is filled with nothing but after Christmas sale flyers. You really wanted to file early this year and get your refund, but you don't know how long you should have to wait.More... |
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| Abusive Tax Return Preparers |
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| Return preparer fraud usually involves the intentional preparation and filing of false income tax returns by unscrupulous preparers who may claim inflated business or personal expenses, false deductions, unallowable credits, or excessive exemptions. Specifically, the IRS has found that dishonest preparers often fill out fraudulent schedules showing false supplemental losses or expenses from a business that have not been paid by a taxpayer in order to offset certain items of income. Another area of abuse is the claim of false or inflated itemized deductions for charitable contributions or medical and dental expenses, along with false claims for earned income credits. The taxpayer may or may not have knowledge of the false items shown on the tax returns; however, it is the taxpayer who has the ultimate responsibility for all the information on the return, no matter who prepared it.More... |
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