Forming a business entity as a corporation comes with a slew of benefits. The biggest upside is that the corporate entity provides a shield protecting the individual shareholders personally from liabilities against the business. For example, if the...
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Federal Taxation
Are Moving Expenses Tax Deductible?
On December 22, 2017, President Donald Trump signed the Tax Cuts and Jobs Act of 2017 into law which provided the most significant changes to the Internal Revenue Code in the last 30 years. One of the rule changes affects the deductibility of moving expenses...
What Is The Accumulated Earnings Tax?
An accumulated earnings tax is a tax imposed by the federal government on corporations with retained earnings deemed to be unreasonable or unnecessary. The point of this tax is to encourage companies to issue dividends to their shareholders rather than sit on...
Are Holiday Gifts From Employers To Employees Subject To Federal Income Taxes?
Employers often show their gratitude to their employees for all the hard work during the year by giving holiday gifts (either cash or non-cash). In most circumstances, these gifts, bonuses or awards are considered taxable income that must be reported on the...
Do You Have To Pay Taxes On U.S. Savings Bonds?
A U.S. savings bond is a government bond offered to U.S. citizens to purchase which in turn helps fund federal spending. In exchange, the U.S. savings bond provides the investor with a guaranteed return backed by the federal government. Although the return on...
Do I Have To Pay Taxes On Social Security Benefits?
Many Americans wonder if the Social Security benefits they receive from the U.S. government as a result of retirement age, disability, or survivorship will be subject to federal or state taxes. The answer: it depends. The amount of tax you pay (if any) is...
Cheek v. United States: Is Ignorance Of Federal Tax Laws A Defense?
An old adage in countries with a Roman law tradition is ignorantia juris non excusat, translated to “ignorance of the law excuses not”. Generally speaking, being unaware of a law in a particular jurisdiction does not excuse a person from liability if that law...
What Are The Advanced Child Tax Credit Payments For 2021?
On March 11, 2020, The COVID-19 pandemic was declared to be a pandemic by the World Health Organization and what followed was nearly eighteen months of business closures, lockdowns and other government restrictions designed to prevent the spread of infection. ...
Can I Resolve My Tax Debt With The IRS With An Offer-In-Compromise?
If a taxpayer is unable to pay their tax bill now or in the foreseeable future with monthly income or current assets, then he or she may qualify for the IRS’s Offer-In-Compromise program to settle the total debt for less than the full amount. The idea that you...
Congress Permits Exclusion Up To $10,200 Of Unemployment Compensation From Gross Income On 2020 Federal Tax Returns
On March 11, 2020, the World Health Organization declared that the COVID-19 outbreak was officially a pandemic as rates of infection rose significantly is the U.S. and across the world. On March 13, 2020, President Donald Trump declared a national emergency in...
