News

IRS reminds employers about the benefits of using EFTPS to monitor payroll tax responsibilities 2019-10-24 A recent IRS news release reminds employers that the Electronic Federal Tax Payment System ("EFTPS") has features that can help them in meeting their tax obligations, whether they prepare and submit payroll taxes themselves or if they hire a payroll service provider ("PSP") to do it on their behalf. Anyone can use EFTPS. The service is offered free…

[IRS Tax Tip 2019-134 (Sept. 26, 2019)] The IRS advised Taxpayers that they should look out for fake property liens, threatening the recipient with a tax bill from a legitimate-sounding fictional government agency, such as “Bureau of Tax Enforcement”, and may reference the IRS. Recipients who don't owe taxes and have no reason to think they do should report it to the Federal Trade Commission at FTC.gov, the FBI's Internet…

Taxpayers can choose the convenient option of a pre-authorized direct debit to make one payment or a series of payments toward their federal tax debt. With direct debit, the taxpayer give written permission that can be submitted to the private collection agency (PCA) by mail or fax to authorize a payment on the taxpayer's behalf to the U.S. Department of the Treasury. The authorization contains the payment schedule and bank…

Rev. Proc. 2019-38,Internal Revenue Service,(Sept. 24, 2019) The IRS issued a final revenue procedure that provides a safe harbor treating a rental real estate enterprise as a trade or business for purposes of section 199A of the Internal Revenue Code (Code) and §§1.199A-1 through 1.199A-6 of the Income Tax Regulations (26 CFR Part I). The safe harbor provided by this revenue procedure applies solely for purposes of section 199A. If…

The IRS advised that Individuals with significant tax debt should act promptly to avoid revocation of passports. IR- 2019-141, 08/08/19. Under the Fixing America's Surface Transportation (FAST) Act, the IRS notifies the State Department (State) of taxpayers certified as owing a seriously delinquent tax debt, which is currently $52,000 or more. The law then requires State to deny their passport application or renewal. If a taxpayer currently has a valid…

The IRS just issued an updated electronic pub, Offer in Compromise Booklet, that helps people understand how an offer in compromise works. 2019-04-18

Letter Ruling No. LR 8013, Missouri Department of Revenue, January 24, 2019, released March 2019 Charges taxpayer received for daily and hourly rentals of its studio rooms for photographic sessions are subject to sales tax. Section 144.020.1, RSMo, in the pertinent part, provides: A tax is hereby levied and imposed … upon all sellers for the privilege of engaging in the business of selling tangible personal property or rendering taxable…

3/20/19 LR 8003November 29, 2018 Applicant is an entertainment performance venue in Missouri that hosts music concerts and variety shows. A musical entertainment group performs in Applicant's theatre and pays rent to Applicant that includes the cost of personnel services. Applicant will collect and all admission revenue received from its ticket sales to the musical group. Applicant is renting its facility to the musical entertainment group and providing ticket selling…

3/20/19 LR 8007December 21, 2018 Applicant is a Missouri corporation that specializes in selling packaging supplies, equipment used for packaging, and providing packaging consulting services. Applicant sells its packaging products to its customers wholesale, shipping all of its orders to its customers via common carrier. Applicant has two different invoices: (1) lists a separately stated freight charge to ship the order via common carrier; and (2) lists a charge that…

The full TINs of the partnership representative and designated individual must be shown on the Form 1065 filed with the IRS, but these TINs may be truncated on the copies of Form 1065 which the partnership furnishes to others, such as its partners. 3/14/19