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Articles
Tax Requirement for Gig Income
One of the unique changes from the great recession is the advent of the”sharing economy” and emergence of the the “Gig” worker. The “gig income” you earn is taxable income.
Tax Requirement for Income from Gambling
Taxable income comes in many forms. Gambling winnings from gambling are considered taxable income; therefore, gambling losses, with specific limitations, may be tax deductible.
Know what to expect in IRS tax audits
Individuals receiving notice of an audit from the IRS, they should understand what will happen so that they can better prepare for the process.
Correcting tax injustices
The Internal Revenue Code is notoriously complex, particularly for rules governing business taxes. It is easy for business owners to run afoul of the IRS when trying to calculate and pay its payroll taxes. How Does the IRS Determine Responsibility for Unpaid Payroll Taxes?
How Does the IRS Determine Responsibility for Unpaid Payroll Taxes?
July 9 2012, Wall Street fraud watchdog now warns all U.S. citizens with a IRS tax liability to hire a top tax attorney not a cable tv scam & they worry about the IRS taxpayers bill of rights. http://www.chron.com/default/article/Wall-Street-Fraud-Watchdog-Now-Warns-All-US-3692400.php
Foreign Financial Asset Reporting
On September 19, 2011, the Secretary of Labor signed a memorandum of understanding with the Internal Revenue Service that will improve the efforts of the Department of Labor to end the business practice of misclassifying employees as independent contractors: http://www.dol.gov/opa/media/press/whd/WHD20111373.htm . To the business owners this means one thing: If you are treating your workers as independent contractors, now is time to determine whether all your workers are properly classified as contractors. You may face substantial fines and penalties if your workers are reclassified into employees.
On September 21, 2011, only a couple of days after DOL and the IRS signed this memorandum, the Internal Revenue Service launched its new "Voluntary Classification Settlement Program" to encourage employers to get into compliance with the worker classification issues: http://www.irs.gov/newsroom/article/0,,id=246203,00.html . Please note that the IRS has no requirement to keep your information in confidence from the state agencies, such as L&I and ESD. If you would like more information, please call our office.
We invite you to contact our Bellevue, Washington, law office today by phone or by e-mail to discuss your case with our experienced tax lawyer. We are here to help.