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C-Corp News

What Affects OIC
Assets Bookkeeping Business C-Corp Revenue Tax Planning Tax Problems?

What Affects OIC

On February 23rd, the U.S. Tax Court filed T.C. Memo. 2022-5 deciding whether the Office of Appeals abused its discretion in rejecting an offer-in-compromise (OIC) . The United States Tax Court found no abuse of…

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Recent Tax Related Charges and Tax Crimes
Business C-Corp Economy Expenses Financial Statements

Recent Tax Related Charges and Tax Crimes

January 24, 2022 Owner of a network of health care and rehabilitation facilities willfully failed to withhold and pay over employment taxes on behalf of his employees. Charged with tax evasion, and failing to file…

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IRS’ application of petitioner’s remittance after the tax liabilities has been assessed constituted a payment of that tax liability.
Assets Business C-Corp Income Liabilities Owner Equity Tax Tax Planning Tax Problems?

IRS’ application of petitioner’s remittance after the tax liabilities has been assessed constituted a payment of that tax liability.

On December 28th, 2021 the US Tax Court reviewed and decided whether “the taxpayer has paid more than was owed, where such a determination is necessary for a correct and complete determination of whether the…

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S-Corp News

Filing the K-2 and K-3 with 1065/1120-S

Form 1116, Claim the Foreign Tax Credit Per IRS link https://www.irs.gov/instructions/i1116 , no requirement to file Form 1116 if all prerequisites are met: -(1) Your…

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