Grego Law Related News
In Rev. Rule. 2012-18, affecting restaurant employees, waiters and bartenders, the IRS has updated guidance on what will be considered tips, to which FICA rules do not apply, and service charges, which are wages subject to the FICA rules, requiring the applicable employee wage withholdings. In summary, the IRS will look beyond how the payment […]
Perhaps you find yourself in the unenviable position of being audited by the IRS and many of the deductions you claimed are being challenged. If you are unable to claim your legitimate deductions through lack of receipts or documentation you may find that you owe substantially more in taxes and may even owe penalties and […]
In ongoing efforts to identify US taxpayers hiding assets overseas and raise additional tax revenue, the IRS announced changes to its Voluntary Disclosure Program and the Closing of an Offshore Loophole. Under previous iterations of the Voluntary Disclosure program, the IRS states that it has collected in excess of 4.4 billion in additional taxes, bringing […]
Business owners are generally required to pay a variety of taxes associated with their business. If the business owner owns real estate associated with the business then property taxes must be paid to the city or county where the property is located. Businesses which engage in transportation, communications or fuel consumption will also be required […]
Obviously it’s a crime to cheat on your taxes or to willfully or even accidentally fail to file your taxes. That being said, in the past few years less than 2,000 have actually been convicted of a tax crime although over 4,000 are annually investigated. This number is roughly 0.0023% of all taxpayers which is […]
Like many people, you may believe that should the IRS file a lien against you it will be impossible to every market your house. Many times, even professionals are not fully aware of how the lien procedure operates. In fact, you can sell your home with a lien by the Feds against it so long […]