What do you mean not exempt to payroll tax? I thought the medical insurance deductions are exempted from payroll tax & income tax as long as there is a Section 125 plan established....
Forgot to indicate above:
At the end of adjustments, Buyer's basis in the property would be $90,000 (actual cash paid, or price [$100,000] minus impairment concession [$10,000]).
So the Buyer closed in Novmeber on a property for, say $100,000 with January's taxes ($12,000) unpaid and due.
The buyer's portion of the taxes would be $2,000 and seller's,...
The IRS has launched a web page providing informal guidance for individuals and groups using technology to generate income through vacation rentals and ridesharing services.
The web page, dubbed the Sharing Economy Resource Center, provides...
The IRS yesterday issued a news release alerting tax professionals to a new tax scam involving fake emails purporting to be from tax software providers.
The IRS said that in the new scheme, which was identified as part of the IRS Security Summit...
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