Entries by Tax Attorney

Year-end Tax Checkup If You Are Older Than 70.5 Years – Have you satisfied your 2014 required minimum distribution?

Do not be at risk for a major tax penalty. Don’t let the hustle and bustle of the holiday season distract you into a hefty tax penalty come April. As the end of a year approaches, many consumers begin taking distributions from many of their retirement accounts-including 401(k) and 403(b) plans, and traditional IRAs-starting in […]

Jeffrey B. Kahn, Esq. Discusses IRS Progress In Finding Taxpayers With Undisclosed Foreign Accounts On ESPN Radio – November 7, 2014 Show

Topics Covered: The Story Of Bradley Charles Birkenfeld And How Because Of His Actions No Longer Can Foreign Accounts Be A Secret. A. With full implementation of FATCA, Foreign Account Tax Compliance Act, when do you start disclosing your foreign bank accounts and foreign income and how should you disclose? Nine Things That Will Elevate […]

Five Payroll Tax Mistakes to Avoid

If you have at least one employee, you are responsible for payroll taxes. These include withholding federal (and, where appropriate, state) income taxes and FICA tax from employees’ wages as well as paying the employer share of FICA tax and federal and state unemployment taxes. The responsibility is great and the penalties for missteps make […]

IRS Attacks On Businesses Classifying Workers As Independent Contractors – A Settlement Alternative

So where a business has been treating its workers as independent contractors and there is a concern that the IRS in an audit would not respect this arrangement, what can the business do? The business should consider entering into the IRS’ Voluntary Classification Settlement Program (VCSP). The VCSP is a voluntary program that provides an […]

Jade’s Story Of Her IRS Audit.

If the IRS asked to examine your business’ Federal Tax returns, would you survive the audit? For Jade Phuong who operates a nail salon, it was a nightmare that came very close to ending her business. Before the IRS turned her world upside down, Jade already had beaten the odds as a small-business owner. Her […]

Ten Year-end Tax Moves To Make Now!

Tax planning: What’s the good news? It’s never a waste of time… there still are some tax breaks on the books that you can use to your advantage before the end of 2014. Some types of time or monetary investments have risks, but not tax-planning. This is why EVERYONE should do it. The bad news […]