403(b) Plan Update Phone Forum: Discussed the past, present, and near future of 403(b) plans. Provided brief history of 403(b) plans, the basics of how they have operated in the past, and how developments over the past 40 years led to the issuance of the recent final regulations for 403(b) plans. Also discussed the upcoming Pre-approved Plan program that will, for the first time, allow 403(b) eligible employers to adopt prototype or volume submitter plans that receive an opinion letter or advisory letter, respectively, from the Service.

Retirement Plans Determination Letter Program Phone Forum: Discussed the status of the new determination letter program, the types of "reliance" available to preapproved plans, with or without a determination letter, tips on completing the new Form 5307, along with ways to avoid common mistakes to make the process go more smoothly.

The presentation provides a general overview of the reporting and withholding requirements on payments to foreign persons. Definitions include withholding agents, resident aliens and non-resident aliens. Withholding and reporting requirements of payments made to foreign corporations and nonresident aliens sourcing of income, effectively connected income, are all discussed. References to related topics are also provided. A question and answer period and Power Point presentation are included in the program.

The first, and major part of this event, consists of a presentation on potential problems faced by employers who maintain SEP plans. The second part will consist of a question and answer session...

A presentation about funding rules for single employer plans and benefit restrictions.

Information on required minimum distributions for 2009, recent guidance dealing with paid-time-off plans and a couple of revenue rulings, short discussions of 402(f) notices for benefit distributions that go to participants, and rollover issues and other guidance that was issued.

The IRS Online Fraud Detection and Prevention Office helps protect taxpayers who are using computers to conduct business with the IRS. This office works to reduce online fraud against the IRS and taxpayers by monitoring, identifying and taking down bogus sites and other phishing scams.

Part 1 provides information about the American Reinvestment and Recovery Act of 2009 or ARRA, including the change to the health benefit provisions of the Consolidated Omnibus Budget Reconciliation Act of 1985, known as COBRA.

Part 2  has information about new legislation that allows the IRS to enter into installment agreements that result in full or partial payment of the tax liability.

Part 3 provides information about the Offer In Compromise, or OIC, program.  An OIC is an agreement between a taxpayer and the IRS that settles the taxpayer’s tax debt for less than the full amount owed.

Worker classification determinations are made on a case-by-case basis that depend on the specific facts and circumstances.

Cancellation of debt income is taxable as ordinary income. The Internal Revenue Code Section 61 provides that gross income means all income from whatever source derived.   This code section specifically includes “income from discharge of indebtedness” as an item of gross income from cancellation of credit card debt, foreclosure of personal residence, or cancellation of an automobile loan.

Business continuity planning, supply chain protection and alternate locations are all very important to stay in business after a major disaster.

Inadequate insurance coverage can lead to a major financial loss if your business is destroyed, damaged or simply interrupted for a period of time.   Find out what records your insurance company will need to see after an emergency and store them in a safe place.

Proper recordkeeping is very important when disaster strikes. Try to get all financial records into an electronic format. Vital records should be stored off-site - preferably with a copy in a location that is far away from your main business location.

Part 2 of a series that covers several aspects of the new legislation relating to return preparer penalties, and the Notices and the Revenue Procedure issued by the Department of Treasury and the IRS.

Part 1 of a series that covers the Examination audit process.  When examining a return, it is an IRS examiner’s responsibility to ensure that the appropriate return preparer standards of the Internal Revenue Code are followed.

Part 3 of a series that covers several aspects of the Final Regulations relating to return preparer penalties.

The role of correspondence examination and why correspondence examinations are so important to the IRS’s compliance strategy.  Part 1 also explains the major types of correspondence examinations and how a tax return is selected for audit.

The typical timeline of a correspondence examination is explained.

Part 3 of a three-part phone forum series. Sometimes when I call, I spend a long time on hold or listening to a recorded message. Why is it so difficult to get to the person...

A presentation for new business owners and information about filing a Schedule C, “Profit and Loss From Business.” This form is used to report the business income and expenses for a sole proprietor.