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Taxation Legal News
Late Tax Scam Discovered; Free File Users Reminded To Use IRS.gov
The Internal Revenue Service learned late Friday of a new tax scam on the Internet that lures taxpayers into filing tax information on a site masquerading as a member of the Free File Alliance. The IRS reminded taxpayers the only place to access the Free File program is through the official IRS.gov Web site.
“The final days of the tax season always bring tax scams,” IRS Commissioner Mark W. Everson said. “Make sure you’re really dealing with the IRS. Taxpayers can feel safe using Free File, but the only way to do it is through the secure IRS.gov Web site.”
The latest twist on tax scams involves tax preparation Web sites that inaccurately say they are part of the Free File Alliance, a partnership between 19 tax software companies and the IRS. The IRS is working with the Treasury Inspector General for Tax Administration to look into allegations that the Web sites accepted tax information from taxpayers, changed the taxpayers’ bank account numbers to their own and then filed the return through a legitimate Free File partner. Read more at ftp.irs.gov.
There are tax rules if change in accounting method is made
Generally, the partnership must get IRS consent to change its method of accounting used to report income (for income as a whole or for any material item). To do so, it must file Form 3115, Application for Change in Accounting Method. See Form 3115 and Pub. 538, Accounting Periods and Methods.
Newsroom
News about Taxation cases in Louisville and nationwide:
IRS Updates Tax Gap Estimates
Washington — Internal Revenue Service officials announced today that they have updated their estimates of the Tax Year 2001 tax gap based on the Na... Read more >
Definition:
Generally, you can deduct only 50% of your business-re-lated meal expenses while traveling away from your tax home for business purposes. Also, you can generally deduct only 50% of certain reimbursements you make to your employees for meal expenses they incur while traveling away from home on business.
Work Opportunity Credit and Welfare-to-Work Credit
Definition:
The work opportunity credit and the welfare-to-work credit are scheduled to expire for wages paid to individuals who began working for you after 2003.
Limited Liability Company
Definition:
An LLC may be classified for Federal income tax purposes either as a partnership, a corporation, or an entity disregarded as an entity separate from its owner by applying the rules in Regulations section 301.7701-3. See Form 8832, Entity Classification Election, for more details.
If you live in the following cities and need an taxation attorney you should contact
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Ashland
Bardstown
Berea
Bowling Green
Campbellsville
Corbin
Covington
Danville
Elizabethtown
Erlanger
Florence
Frankfort
Ft Mitchell
Georgetown
Glasgow
Henderson
Hopkinsville
Latonia
Lexington
Louisville
Madisonville
Mayfield
Morehead
Murray
Newport
Nicholasville
Owensboro
Paducah
Pikeville
Radcliff
Richmond
Shelbyville
Shepherdsville
Versailles
Winchester
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