When a husband says, “We are partners,” what does he REALLY mean?
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When a husband says, “We are partners,” what does he REALLY mean?

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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.

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

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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 proposed collection action should proceed”. (per T.C. Memo. 2021-142 UNITED STATES TAX COURT Petitioner v. COMMISSIONER OF INTERNAL REVENUE, Respondent…

Liabilities

Liabilities

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Liabilities are company obligations Notes Payable: Rights and obligations Existence Check with banks about your company liabilities. Never look for a way to produce fictitious paperwork-proof. Check loans, collateral, and checks for correct amounts. Send confirmations to creditors about your accounts payable, to lenders about notes payable, to customers about customers’ advances, to mortgagor and…