by Pierre Philantrope | Aug 31, 2022 | Tax Tip
A taxpayer may receive a substantial amount of money in a lawsuit. There are certain tax consequences of which you should be aware. The money you receive may be taxable and, in many cases, the attorney fees that you pay relating to the lawsuit may not be deductible...
by Pierre Philantrope | Aug 24, 2022 | Tax Tip
It is common practice for taxpayers with IRS tax problems to face the IRS by themselves. Sometimes they hire a professional like an enrolled agent, a CPA, an attorney, but not someone who specializes in tax resolution. We are certain that you would not hire...
by Pierre Philantrope | Aug 17, 2022 | Tax Tip
Facing an Internal Revenue Service audit could be very draining for a taxpayers in many ways. However, you do not have to endure the pain because there is help available. Taxpayers are encouraged to seek the service of a tax professional to assist them with their tax...
by Pierre Philantrope | Aug 10, 2022 | Tax Tip
In Pediatric Impressions Home Health, Inc. v. Commissioner (T.C. Memo. 2022-35), the Tax Court held, on April 12, 2022, that a corporation engaged in the business of providing at-home private duty nursing services to children with special needs misclassified...
by Pierre Philantrope | Aug 3, 2022 | Tax Tip
If you own an unincorporated business, you likely pay at least three different federal taxes. In addition to federal income taxes, you must pay Social Security and Medicare taxes, also called the self-employment tax. Self-employment taxes are not insubstantial....
by Pierre Philantrope | Jul 27, 2022 | Tax Tip
Does a member of a limited liability company (LLC) or a partner in a partnership have to pay self-employment taxes (Social Security and Medicare tax) on the member’s or partner’s share of the entity’s income? The answer is not always clear. If you are a general...
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