William J. Tarras, C.P.A., P.A..

S-Corporation Reasonable Compensation For Officers Performing Services

BigBillFL — Wed, 03 May 2023 01:49:29 +0000

S-Corporation Reasonable Compensation For Officers Performing Services S-corporations must pay reasonable compensation to any shareholder or officer who performs services for the corporation. Employee-shareholders must be compensated for their work just like any other employee of the s-corporation. The determination of what is reasonable compensation is a factual question that must be made on a […]

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Taxation of House Flipping

BigBillFL — Mon, 24 Apr 2023 10:38:23 +0000

TAXATION OF HOUSE FLIPPING House flipping has become a popular and profitable endeavor as housing prices continue to rise and the supply of homes is in short supply. The taxation of the profits of house flipping presents several issues that I will briefly explain. As always, your situation may vary and you should consult your […]

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I.R.S. Levies and Liens

BigBillFL — Sun, 24 Jul 2022 21:21:42 +0000

I.R.S. Levies and Liens The I.R.S. has two powerful collection tools that it uses to enforce collection of delinquent tax liabilities. These are liens and levies. Liens occur when the I.R.S. takes a security interest in your property. Most of us are familiar with liens that a mortgagor will place on our property when we […]

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I.R.S. Collection Overview

BigBillFL — Sun, 24 Jul 2022 21:19:30 +0000

I.R.S. Collection Overview We all know that the I.R.S. has broad authority to collect delinquent taxes. However, that authority is not unlimited. In subsequent installments of Tarras on Taxes we will explore some of those limitations and some defenses you may use to combat I.R.S. collection actions. I.R.S. collection actions typically begin with a letter […]

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I.R.S. Examination Overview

BigBillFL — Sun, 24 Jul 2022 21:16:53 +0000

I.R.S. Examination Overview Anyone who has received a letter whose sender is the Department of the Treasury, Internal Revenue Service understand the anxiety the receipt of such a letter engenders. If that letter informs you that your return has been selected for examination, your anxiety increases markedly. In this post I will try to assuage […]

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Dealing With The I.R.S. Collection Division

BigBillFL — Sun, 24 Jul 2022 21:12:20 +0000

Dealing With The I.R.S. Collection Division So, you received a letter from the I.R.S. informing you that the I.R.S. is attempting to collect your unpaid federal income taxes. What do you do? How do you respond? The letter may have come from the I.R.S.’s Automated Collection System or it may have have come from an […]

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