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Pyramiding is a practice in which an employer that withholds payroll taxes from its employees intentionally fails to remit those withholdings to the taxing authority. . Businesses that engage in pyramiding often file for bankruptcy to discharge the tax liabilities and start anew under a new name and perpetuating the sam
An eligible entity is classified for federal tax purposes under the default rules described below unless it files Form 8832 or Form 2553, Election by a Small Business Corporation, to elect a classification or change its current classification. The IRS uses the information entered on the form to establish the entity's filing and reporting ...
For a non-simultaneous exchange, the taxpayer must use a Qualified Intermediary, follow guidelines of the IRS, and use the proceeds of the sale to buy qualifying, like-kind, investment or business property. The replacement property must be "identified" within 45 days after the sale of the old property and the acquisition of the replacement ...
Heads up to anyone who is a freelancer, independent contractor, business owner, ... The IRS has estimated that change could result in “44 million Forms 1099-K (being) sent to many taxpayers who ...
In what its calls a "major policy change," the Internal Revenue Service (IRS) announced July 24 that it would be discontinuing its practice of unannounced visits to taxpayers. The agency cited a ...
Business Two (or an individual) consults with a tax advisor and discovers that the business can structure a sale as a "like-kind exchange" (formally known as a 1031 exchange, named after the Code section) for other real estate that the business can use. In this instance, no tax is due of the provisions of section 1031 of the Internal Revenue Code.
IRS focuses in on uber-wealthy: Flush with new funding, the IRS zeroes in on the taxes of uber-wealthy Americans Standard deductions for 2024. The 2024 tax year standard deductions will increase ...
If a payer issues a "B" notice, indicating an incorrect TIN, individuals can usually prevent or stop backup withholding by providing the correct name and TIN to the payer. Certification of the accuracy of the TIN is crucial. In the event of a second "B" notice, verification of the TIN from the Social Security Administration or the IRS is ...