IRS Expands Voluntary Worker Classification Settlement Program

IRS Expands Voluntary Worker Classification Settlement Program

Today’s press release from the IRS regarding the VCSP: IRS Expands Voluntary Worker Classification Settlement Program; Relief From Past Payroll Taxes Available to More Employers Who Reclassify Their Workers As Employees WASHINGTON — The Internal Revenue Service has expanded its Voluntary Classification Settlement Program (VCSP) paving the way for more taxpayers to take advantage of … Continue reading IRS Expands Voluntary Worker Classification Settlement Program

2013 Tax Changes for Individuals

2013 Tax Changes for Individuals

Tax Changes for 2013 Each year starts with some changes to our tax regime. The changes for 2013 have been much higher profile given the drama in Congress and the “fiscal cliff.” Here is a brief summary of the changes that will impact individuals this year. Individuals For 2013, standard deductions and the personal exemption, … Continue reading 2013 Tax Changes for Individuals

New Credit Card Reporting Requirement Will Impact Small Businesses

New Credit Card Reporting Requirement Will Impact Small Businesses

There’s a new 1099 reporting form that looks like it may have a big impact by capturing unreported income earned by small businesses., Form 1099-K, Merchant Card and Third Party Network Payments. The form is the result of compliance reporting requirements for some credit card and PayPal payments.  By requiring compliance reporting by credit card companies … Continue reading New Credit Card Reporting Requirement Will Impact Small Businesses

The IRS is Interested in Google's Offshore Profits

The IRS is Interested in Google's Offshore Profits

Moving your business offshore to avoid US tax exposure is an option, but doing so comes with significant risks, including increased scrutiny by the IRS and their interest in your offshore profits. IRS Auditing How Google Shifted Profits By Jesse Drucker    The U.S. Internal Revenue Service is auditing how Google Inc. (GOOG)avoided federal income taxes by shifting profit into … Continue reading The IRS is Interested in Google's Offshore Profits

IRS Announces Voluntary Worker Classification Settlement Program ("VCSP")

IRS Announces Voluntary Worker Classification Settlement Program ("VCSP")

Past Payroll Tax Relief Provided to Employers Who Reclassify Their Workers The Internal Revenue Service launched a new program on September 21, 2011 giving many employers an affordable option to resolve past and present worker classification issues by voluntarily reclassifying their independent contractor or nonemployee workers as employees.  The Vountary Classification Settlement Program (“VCSP”) is part of … Continue reading IRS Announces Voluntary Worker Classification Settlement Program ("VCSP")

IRS 2011 Offshore Voluntary Disclosure Initiative – Cost of Disclosure vs. Non-Disclosure

IRS 2011 Offshore Voluntary Disclosure Initiative – Cost of Disclosure vs. Non-Disclosure

Are you Feeling Lucky? You may be on the fence as to whether you want to raise your hand and tell the IRS you’ve been moving money around overseas for the past 20 years.  You may also be considering rolling the dice and betting that you won’t be caught.  Of course, one risk you’re running … Continue reading IRS 2011 Offshore Voluntary Disclosure Initiative – Cost of Disclosure vs. Non-Disclosure

Short Sales and Deficiency Judgments Under the New Rules in California

Short Sales and Deficiency Judgments Under the New Rules in California

On July 11, 2011, the governor signed a new law that prohibits second and third mortgage holders from pursuing deficiency judgments after they have agreed to a short sale.  This amends California Code of Civil Procedure Section 580e which prohibited the same practice by holders of first mortgages. Deficiency Judgments If a lender forecloses on … Continue reading Short Sales and Deficiency Judgments Under the New Rules in California