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The General Accounting Office (GAO) has issued a report that includes several recommendations for reducing the number of workers that are incorrectly classified as independent contractors. The report notes that the IRS enforces worker classification compliance primarily through examinations of employers, but it also offers settlements through which eligible employers under examination can reduce taxes they might owe if they maintain proper classification of their workers in the future.. |
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There are several key deadlines in September that are fast approaching that may require taxpayers to act quickly. While these deadlines may be of little concern to many taxpayers, those affected may profit greatly by taking timely action. For taxpayers that have hid money in offshore banks this may be a last chance to avoid criminal prosecution. For employers hiring unemployed veterans or disconnected youth, this may be an opportunity to claim the work opportunity tax credit (WOTC)... |
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IRS has issued proposed regs that would subject transactions designed to reduce or eliminate the generation-skipping transfer (GST) tax to the tax shelter disclosure rules that apply for listed transactions and transactions of interest under Code Sec. 6011. In addition, the proposed regs would modify and clarify some of the rules relating to the disclosure obligations of material advisors and the list maintenance requirements of material advisors with respect to reportable transactions under Code Sec. 6111 and Code Sec. 6112. |
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As part of its "Savings Initiative" (see Newsstand e-mail 9/9/09), IRS has issued two safe harbor explanations that may be provided to recipients of eligible rollover distributions. The first safe harbor applies to distributions that are not from a designated Roth account. The second applies to distributions from a designated Roth account. They update the safe harbors published in Notice 2002-3, 2002-1 CB 289. |
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WHAT'S YOUR TAX filing status? Seems like a simple question. But simple just isn't in the IRS's vocabulary. Your status can depend upon when you married, when your spouse died or who else lives in your home. A mistake can be costly. So, here's what you need to know. |
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