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 benefit plan reports. January 24, 2022 a North Carolina man did not file any federal income tax returns, allegedly submitted…
charitable contribution and social security benefits taxable
Disallowing Deductions.
The husband ran a successful medical practice earning over $650,000 in gross income. He employed his wife as a sales representative and paid her a little over $30,000/year. The couple had four small children. The wife didn’t participate in her husband’s meeting over finances and management.
The IRS found that the medical practice underreported its income by over $100,000. Over $40,000 tax liability notice of deficiency was mailed to the couple. The couple also faced a significant penalty for the underreporting/ underpayment.
Business Tax Deductions: Home Office Deduction.? According to the IRC?26 U.S. Code???280A,?https://www.law.cornell.edu/uscode/text/26/280A home-office must be in connection with your trade or business (or with your income-producing activity) (1)Certain business use?Subsection (a) shall not apply to any item to the extent such item is allocable to a portion of the?dwelling unit?which is exclusively used on a…
This article is a compilation of explanations by the Federal Register, Law Cornell, USA Tax Court cases, and the IRS, all referenced in the text.? Meals and Entertainment are surprisingly under-explained.? Let?s start with the basics: https://www.law.cornell.edu/uscode/text/26/274?explains the basics of what can be deducted https://www.federalregister.gov/documents/2020/02/26/2020-03723/meals-and-entertainment-expenses-under-section-274? explains in details? https://www.ustaxcourt.gov/UstcInOp2/OpinionViewer.aspx?ID=11982? Court Case Fitch v Commr. Court…
