Posts tagged "Tax Controversies"

When tax problems arise for a business owner

There are many tax regulations businesses are subject to. These regulations touch on all sorts of things, such as reporting requirements, executive compensation, employee classification and employee wages, just to name a few. Given this, there are a considerable number of areas in which tax troubles could potentially arise for a business owner and their business. 

Does an IRS tax dispute always require a Tax Court appearance?

A tax dispute with the Internal Revenue Service does not necessarily implicate a future appearance in U.S. Tax Court. In fact, even the IRS’s website claims that over 100,000 taxpayers are able to resolve their tax controversies outside of that forum, using an administrative route called the Office of Appeals. 

Potential tax traps facing limited liability companies

Readers may be familiar with or even use tax preparation software. Such programs may guide users through the process of filing various federal and state income tax returns. Many of those programs advertise both business and personal tax return assistance. However, is this advisable? 

Can a dispute over an asset's basis result in a tax controversy?

Readers likely know that capital gain must be reported to applicable authorities, such as to state revenue agents or on a federal income tax return filed with the Internal Revenue Service at the federal level. However, tax disputes can arise over the basis used in calculating such gains.

Are educational deductions contributing to tax controversies?

With another academic year in full swing, readers may have questions about the tax implications of college expenses. The Internal Revenue Service offers some guidance in IRS Publication 970. However, taxpayers who itemize their deductions rather than claiming the standard deduction may appreciate the clarity that a tax attorney can bring to the table. 

Do interest and penalties always accompany tax controversies?

One of the most discouraging aspects about a tax dispute is the late fees and penalties that may attach. Although a taxpayer may have a good-faith belief in his or her defense, the consequences, if proven wrong, can be costly. In other scenarios, a taxpayer may not have realized that he or she was delinquent, only to discover that the oversight comes with fines and interest from the date the tax was owed.

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