An LLC formed in April 2011 has not filed any returns yet and wants to change its entity status to an S-Corp retroactively from the formation date. Does Rev. Proc. 2003-43 apply, and if so, how should the S-Corp election be handled?

December 6th, 2024

Can an employer reimburse an employee (over 65) for the premium for their Medicare Part B and Medicare Advantage Plan premiums that they pay personally, without issuing a 1099 or including the premiums in their income at the end of the year?

November 9th, 2023

Does the IRS consider a medical expense from the time a check is received as payment or when it is actually cashed?

June 20th, 2024

Is a W-9 form required for persons who wish to get reimbursed for expenses, even if the reimbursement amount is expected to be $50.00 or less, and they are receiving no other compensation?

November 25th, 2024

I owe more than 20K in back taxes and have a payment plan set up. I want to negotiate a settlement to remove the failure to file and failure to pay penalties. The reason I couldn't pay is partly due to the failing economy and because my ex-business partner ran off with the money that should have been used to pay the taxes. Are there any rules that I can mention in my letter to the IRS that would provide leniency, especially if I offer to pay in full rather than over an extended period?

September 28th, 2023