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October 2014 Archives

Favorable Tax Treatment on Canadian Retirement Plans and Annual Reporting Requirements Simplified

On Oct. 7, 2014 the Internal Revenue Service made it easier for those of us holding interests in either registered retirement savings plans (RRSPs) and registered retirement income funds (RRIFs) to receive favorable U.S. tax treatment. In short, the IRS eliminated Form 8891, and taxpayers are no longer required to file this form for any year, past or present.

Some IRS Managers Using Investigation Quotas to Assess Agents

With any investigation of your taxes by the Internal Revenue Service (IRS), you would like to think that the agents involved are most interested in a reasonable and just settlement of the tax controversy.

Trust Fund Recovery Penalty

It is not surprising that during poor economic times, small businesses employ cost saving measures to keep up with operating expenses. One commonly used, but ultimately fatal, method is by using funds withheld from their employees' wages for Social Security, Medicare and income taxes instead of remitting them to the IRS. Although business owners may intend to borrow this money, it often leads to successive quarters of "borrowing", which is never repaid. In instances like these, the IRS assesses a penalty that is not dischargeable in bankruptcy on any persons responsible for collecting and remitting payroll taxes to the IRS.

Do You Know Your Rights?

Many taxpayers are not aware of their rights when it comes to dealing with the IRS. They assume that their only option is to accept whatever the IRS says at face value. Here are a few things to remember when dealing with the IRS.

Maryland Tax Attorneys
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