| Tax Preparer Penalties |
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| Civil Penalties More... |
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| Tax-Free Contributions in Exchange for Corporate Stock |
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| When a corporation is formed, its shareholders transfer money and property to the corporate entity in return for stock. Generally, if you transfer money or property into a corporation solely in exchange for stock of that corporation and you control the corporation immediately after the transaction, neither you nor the corporation recognizes any gain or loss resulting from the exchange. This general rule is not elective. If the statutory requirements of a tax-free exchange are met, neither gain nor loss will be recognized. The rule applies if you are an individual or if you are a member of a group that transfers property into a corporation. In addition, the exchange is tax-free no matter whether the corporation is being formed or whether it is already operating. More... |
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| Disabled Access Credit |
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| If you operate a small business, you may be entitled to take a nonrefundable income tax credit for expenditures incurred to make your business accessible to disabled individuals. The amount of the credit is limited to 50 percent of the amount of eligible access expenditures for a year that exceed $250 but that do not exceed $10,250. More... |
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| Auditor's Examination of a Business |
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| When you are audited, the IRS examiner looks at more than your tax return. He or she compares you, the taxpayer, with the amounts reported on your tax return. If the audit is conducted in your office or home, the examiner will look all around at the surroundings to get a feel for whether the tax return reflects your life style. The auditor is looking for the "economic reality" of your situation. More... |
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| IRS and State Partnership to Fight Tax Avoidance |
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| In the fall of 2003, the Internal Revenue Service and state tax officials formed a new nationwide partnership to share information on both abusive tax avoidance schemes and the individuals involved in them. The states and the IRS have always shared various types of information, but this partnership gives federal, state, and city agencies the opportunity to share leads and coordinate case management to effectively extend the resources of all involved parties. More... |
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