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Posts tagged "Tax Controversy"

Supreme Court may hear retroactive taxation case

If an Illinois company doing business in Washington State has its way, the Supreme Court may be forced to decide at what point retroactive taxation provisions becomes unenforceable. The case at issue involves an Illinois company, Dot Foods, and its business transactions in Washington.

Are new limits possible for individual retirement accounts?

Currently, no limits exist to the amount a U.S. taxpayer can accumulate in an individual retirement account. A recent report from the Government Accountability Office found that roughly 9,000 individuals have more than $5 million saved in IRAs. The value of a 314 accounts tops $25 million. However, the vast majority of IRAs contain less than $1 million.

Surprised by an IRS audit? Innocent spouse relief may help

Often in a marriage, one spouse handles the majority of the finances and gets the taxes done each year. The other spouse may just sign on the line. If a later audit shows that a spouse or former spouse failed to report income or overstated deductions, you could jointly owe additional tax, interest and penalties.

IRS takes closer look at fringe benefits in company audits

Technology employers have been known to offer the benefit of free meals to encourage collaboration and also longer hours. While not all employers go to the extent of free meals, most do offer coffee, tea and the occasional gift card as perks to improve performance.

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