| Excess Social Security and RRTA Tax Withheld |
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| Under the Federal Insurance Contributions Act (FICA), an employer must withhold Social Security taxes from wages paid to an employee during the year and must also match the tax withheld from the employee's wages. The tax consists of a portion for old age, survivors, and disability insurance (OASDI), and another portion for hospital insurance (Medicare). If the employer is a railroad company, it must withhold taxes under the Railroad Retirement Tax Act (RRTA). More... |
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| Bartering |
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| The fair market value of the value of the goods and services exchanged must be included in the gross income of both parties. More... |
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| Corporation Sole Tax Scams |
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| Corporation Sole statutes permit the incorporation of religious leaders in order to ensure the continuation of ownership of property held for the benefit of a legitimate religious organization. Generally, religious leaders such as bishops or parsons take advantage of corporation sole statutes. Creditors of a Corporation Sole may not look to the assets of the person holding the office nor may creditors of the officeholder look to the assets of the Corporation Sole. Not all states permit the Corporation Sole form of corporate structure. More... |
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| Tax Shelters |
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| We hear about tax shelters all the time, but the average taxpayer is not quite sure whether they are good or bad. It is impossible to categorize all tax shelters as either good or bad. Each must be looked at separately and carefully to determine whether it is legitimate or abusive. More... |
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| Small Tax Cases |
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| If you have filed a petition in Tax Court to contest a deficiency of $50,000 or less, including additions to tax and penalties, or you claim an overpayment of that amount or less, you have the option of having your case heard under expedited and simplified procedures. These relatively informal procedures may also be used for innocent spouse determinations involving $50,000 or less or disputes continuing from pre-levy administrative due process hearings where the unpaid tax is $50,000 or less. More... |
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