The IRS assesses civil penalties for failures to file Form 5471, Form 5472, and Form 8865 that are required to be filed timely under Section 6038 and 6038A.

  When employers engage a new worker, one of the first questions that pops up is how should this worker be classified – is the worker an employee or an independent contractor?   Why isn’t it really [...]

  What is new? The partnership audit rules were signed into law in late 2015, as part of the Bipartisan Budget Act of 2015.  The changes under the new regime apply to returns filed for tax years [...]

  The key to a successful Offer-in-Compromise (“Offer”) is the associated financial analysis.  This analysis is performed before the Offer is filed to ensure the taxpayer is likely to qualify based on the standards used by the [...]

Today, the Tax Policy Center released a calculator that allows you to compare your Form 1040 tax results under the two presidential candidates tax plans. Want to know how Clinton's and Trump's tax proposals may affect you and [...]

By default, a single-member LLC is classified as an entity disregarded from its owner for federal income tax purposes. That is, unless the owner files a tax election with the Internal Revenue Service ("IRS") to have the [...]