Nationwide tax resolution firm Omni Financial under investigation by the Florida Attorney General. Will this be the next nationwide firm to go down?
Trust Fund Penalty – Who is the responsible person?
The IRS will hold individuals in a company personally liable for trust fund recovery penalties. The IRS will conduct an investigation to make this determination. This blog discusses the factors the IRS evaluates during the investigation to determine the individuals considered a “responsible person” for trust fund penalties.
Continue reading…
Trust Fund Recovery Penalty – What is it?
When a business is in a difficult financial situation, a decision may be made to temporarily not pay payroll taxes. What may not be known is when the payroll taxes are left unpaid, the IRS can make individuals in the business personally responsible for the payroll taxes. This is called Trust Fund Recovery Penalty. Continue reading…
The Lark
I was invited by Merrill Lynch for 1 hour of CPE and dinner at the restaurant, the Lark. The Lark is located in West Bloomfield, Michigan, near the corner of Farmington and Maple. The CPE course was fine. However, the food was amazing.
Continue reading…
Livingston Interdisciplinary Professional Association (LIPA)
Livingston Interdisciplinary Professional Association (LIPA) is offering a free seminar on divorce and family law. LIPA’s mission is to inform and guide Livingston county couples and families in order to reach smarter, more helpful and less costly outcomes in divorce and family law situations through non-court processes.
IRS New "Fresh Start" Program works!
Earlier this year the IRS announced the “Fresh Start” program. The IRS implemented this program to provide relief to struggling taxpayers. I discussed the need for program in my blog posting, “IRS Overwhelmed by Offer in Compromise Requests, Changes Made.” I must admit that I was a little skeptical of this program in the beginning. But now I am a believer.
Continue reading…
28th Annual Michigan Challenge Balloonfest in Howell
I was not aware of Michigan Challenge Balloonfest until I started doing business in Livingston County. When I was asked to volunteer at the event by the Howell Chamber of Commerce, I was more than happy to accept. I am sure glad I volunteered. My family and I had a blast!
Bush tax cuts, what is at stake?
There has been a considerable amount of press on Bush Tax Cuts set to expire on December 31, 2012. What is not well publicized is there are many other tax provisions that have expired or are set to expire this year. So what really is at stake?
Continue reading…
Supreme Court Rules in Favor of the Taxpayer
The Supreme Court ruled in favor of the taxpayer in a 5-4 vote concluding that an overstatement of basis is not considered an omission of gross income for the purposes of the six year limitation rules.
Continue reading…
IRS overwhelmed by Offer in Compromise requests, changes made
According to the Treasury Inspector General for Tax Administration (TIGTA) report, the IRS was overwhelmed by Offer in Compromise (OIC) requests. Due to the backlog of OIC requests, TIGTA recommended changes to the OIC program. The IRS did implement some of the recommended changes.