Employers Who Outsource Payroll…Beware!
Outsourcing payroll duties to third-party service providers can streamline business operations, but the IRS reminds employers that they are ultimately responsible for paying federal tax liabilities. Recent prosecutions of individuals and companies who – acting under the guise of a payroll service provider – have stolen funds intended for payment of employment taxes makes it important that employers who outsource payroll are aware of the following three tips from the IRS: 1. Employer Responsibility The employer is ultimately...
read moreCorporation/Partnership Extended Tax Return Deadline Is 09/15
Corporations who extended the filing of their annual 1120 or 1120S tax return from March 15th, and Partnerships who extended the filing of their annual 1065 from April 15th, must file their returns no later than September 15th. Now is the time to gather your accounting data and call Accounting Consortium at 678-696-0tax (0829).
read moreDoes the IRS Have Money Waiting For You?
If you earned income in the last few years but you didn’t file a tax return because your wages were below the filing requirement, the Internal Revenue Service may have some money for you. The IRS also has millions of dollars in checks that are returned each year as undeliverable. Here’s what you need to know about these two types of “missing money” and how to claim it: Unclaimed Refunds Some people earn income and may have taxes withheld from their wages but are not required to file a tax return because they have too little income. In...
read moreThey Tried To Deduct What?!
From pornography to emu feathers, here are 10 of the wackiest things taxpayers have tried to deduct. Uncle Sam and the U.S. Tax Court were not amused. Prostitutes Sex with prostitutes is apparently not considered a legitimate medical expense. Who would have guessed?A lawyer from New York kept track of his visits with prostitutes in a journal and tried to deduct their “services” as medical expenses. The whopping $65,934 may have tipped off the IRS to a problem. He also attempted to deduct nearly $5,000 for pornography and sex...
read more
