Holly Roundtree CPAAug 29, 20191 min2019 – 08/21When income tax is unpaid, interest generally accrues from the tax return due date. After notifying a taxpayer of a deficiency, the IRS m...
Holly Roundtree CPAAug 28, 20191 min2019 – 08/21Taxpayers engaged in business, with the intent to make a profit, can generally deduct the related expenses on their tax returns. One taxp...
Holly Roundtree CPAAug 28, 20191 min2019 – 08/20During time as a restaurant dishwasher, an employee was paid in cash and didn’t receive any type of wage statement. He sued his employer ...
Holly Roundtree CPAAug 28, 20191 min2019 – 08/20 – Taking distributions from your traditional IRAIf you’re like many people, you’ve worked hard to accumulate a large nest egg in your traditional IRA (or a SEP-IRA). It’s critical to ca...
Holly Roundtree CPAAug 27, 20191 min2019 – 08/20New IRS guidance may be of interest to fraternal organizations. The guidance concerns the auditing of the exempt status of these organiza...
Holly Roundtree CPAAug 27, 20191 min2019 – 08/20According to news reports, White House officials have been discussing a possible temporary payroll tax cut to stimulate consumer spending...
Holly Roundtree CPAAug 27, 20191 min2019 – 08/23 – The tax implications of a company carThe use of a company car is a valuable fringe benefit for business owners and key employees. This perk results in tax deductions for the ...
Holly Roundtree CPAAug 26, 20191 min2019 – 08/19The U.S. Tax Court ruled that it wasn’t an abuse of discretion for the IRS to sustain a levy on a taxpayer’s property because she hadn’t ...
Holly Roundtree CPAAug 26, 20191 min2019 – 08/19A portion of ancestry genetic testing qualifies as medical care, the IRS has stated, and thus some of the costs may be deductible. In a P...
Holly Roundtree CPAAug 26, 20191 min2019 – 08/19 – Should you elect S corporation status?Operating a business as an S corporation may provide advantages, including limited liability and no double taxation (at least at the fede...
Holly Roundtree CPAAug 23, 20191 min2019 – 08/16New federal budget figures show mixed results. For the first 10 months of fiscal year 2019, the U.S. government recorded an estimated bud...
Holly Roundtree CPAAug 23, 20191 min2019 – 08/16Generally, amounts withdrawn from an individual retirement account (IRA) before age 59-1/2 are subject to an additional 10% tax. Exceptio...
Holly Roundtree CPAAug 23, 20191 min2019 – 08/16Is an uncashed check from a retirement plan includable in gross income? The IRS said “yes” in a recent Revenue Ruling. In the case, a qua...
Holly Roundtree CPAAug 22, 20191 min2019 – 08/15Are you a surviving spouse who inherited an IRA? The beneficiary of a deceased spouse’s IRA must decide whether to roll it over into his ...
Holly Roundtree CPAAug 22, 20191 min2019 – 08/15The IRS is automatically waiving an estimated tax penalty for eligible 2018 tax filers. The waiver applies to taxpayers who paid at least...
Holly Roundtree CPAAug 22, 20191 min2019 – 08/14A U.S. District Court has dismissed a lawsuit that contended that IRS employees recklessly disregarded IRS rules when they seized a taxpa...
Holly Roundtree CPAAug 21, 20191 min2019 – 08/14The IRS has updated its third-party contact notice procedures to comply with the Taxpayer First Act (TFA). Under the TFA, the IRS is requ...
Holly Roundtree CPAAug 21, 20191 min2019 – 08/13Misuse of corporate funds could be deemed taxable dividends. One performer was compensated for his comedy shows and speaking engagements w...
Holly Roundtree CPAAug 21, 20191 min2019 – 08/13Taxpayers who use their homes for business may qualify to claim home office deductions on their tax returns. To determine if you’re eligi...
Holly Roundtree CPAAug 20, 20191 min2019 – 08/13IRS employees can lose their jobs if they willfully don’t comply with tax laws. However, a 2017 audit by the Treasury Inspector General f...
