Aaron Zeff is the owner of Harv’s Metro Car Wash in Sacramento, California. Imagine his surprise when, one day last March, federal agents showed up at his business demanding payment of an amount owed from tax year 2006. Just how much did Zeff need to cough up? Four pennies.
The Internal Revenue Service recently announced that small firms may begin applying for certification for tax credits or grants available under the Qualifying Therapeutic Discovery Project Program, created by the Affordable Care Act.
Poker has been good to Michael “The Grinder” Mizrachi. But his financial fortunes have hit the skids in recent months. Earlier this year, both his home and a rental property were lost to foreclosure. Then the Internal Revenue Service hit him with a tax lien for nearly $340,000.
A Twin Cities agent of the Internal Revenue Service, who had filed for bankruptcy approximately two weeks earlier, allegedly offered two businessmen a deal: I’ll cut your tax liability by more than 80 percent if you pay me $9,700.
Just when you thought he’d learned his lesson, Nicolas Cage is wrestling with more tax issues. Since late last year he had become the poster boy for celebrities who don’t pay their fair share, making headlines time after time.
Mike Farr once rode high as a member of the Detroit Lions. These days, he’s in hot water. Not only does he owe nearly $83,000 in state and federal taxes but, a few weeks ago, federal regulators put a lock on his assets after he was named in a government lawsuit.
The Internal Revenue Service recently issued guidance intended to make it easier for small businesses to determine whether they are eligible for the new health care tax credit under the Affordable Care Act and how large a credit they will receive.
The Internal Revenue Service this week has issued the newly revised payroll tax form that most eligible employers can use to claim the special payroll tax exemption that applies to many new workers hired during 2010.
Rick Mahorn, former Detroit Piston and member of the 1989 NBA championship team, has hit hard times. In the last year Mahorn, 51, and his wife lost their home in Rochester Hills, Michigan, and filed Chapter 7 bankruptcy.
Many small nonprofit organizations with annual receipts of less than $25,000 will lose their tax exempt status if they do not file a full return or a Form 990 N, an electronic notice e-postcard, with the Internal Revenue Service by May 15.
In 2012, under a little discussed mandate of the health care reform legislation, businesses will be required to report all payments in excess of $600 for services or merchandise to the Internal Revenue Service on a Form 1099.