Posts Tagged ‘Pal Neiffer’

Tax Roundup, 10/9/2012: Area employers find their payroll provider hasn’t been remitting their taxes. Also: taxes are easy, for drug dealers.

Tuesday, October 9th, 2012 by Joe Kristan

http://www.rothcpa.com/misc/EFTPS.JPGIt can happen here.  IRS Files Liens to Recover $3.8 Million from West Des Moines HR Outsourcing Company.   From the West Des Moines Patch:

On Friday, court documents show the IRS filed a nearly $1.2 million federal tax lien against InFocus Partners and its subsidiary, ILC Staffing Inc., seeking to collect taxes that should have been paid on behalf of the company’s clients.

Not only did InFocus Partners fail to pay taxes for each of the past two quarters, according to the lien filing on the Iowa Secretary of State’s website, InFocus and its affiliated companies have been behind in tax payments off and on since 2006. The latest filing is part of an overall $3.8 million collection effort.

A woman answering the telephone at the InFocus office at 5930 Grand Ave. said company founder and owner John Vratsinas was not available for comment. She also said the company’s president, Charles Ganske, and at least two other top officers reportedly resigned Friday after learning of the liens against their employer.

The Des Moines Business Record quotes the company’s attorney as saying the nonpayment is an “administrative mistake” that will be corrected.  One hopes so.  If the company doesn’t remit the payroll taxes withheld for employees, the IRS and Iowa will come after the employers, who will end up paying the payroll taxes twice — a painful expense, and to some businesses a potentially fatal one.

That’s why you should verify your employment tax payments even if you outsource your payroll compliance function.  You can do this by signing up for EFTPS, the Electronic Federal Tax Payment System.  Employers enrolled in EFTPS can go online to verify that their employment taxes are being remitted.  If your payroll outsourcing provider doesn’t remit in a way that lets you verify via EFTPS, that means you can’t verify, but only trust.  That can end badly.

 

If true, the Romneys can start ordering furniture.    Election is a Referendum on Tax Hikes  (Martin Sullivan, Tax.com):

The latest predictions are that if Obama wins Republicans will allow passage of tax increases for the wealthy and if Romney wins Republicans will make no concessions.

Ask President Mondale how his advocacy of tax hikes worked out for his campaign.

Anthony Nitti,  The Tax Foundation: If You Account for Economic Growth, the Romney Tax Proposal Can Work, Be Revenue Neutral

 

TaxGrrrl,  Tax Deadline Approaching.  October 15 is it for extended 1040s; there is no second extension.

Kay Bell,  Tax procrastinators, the Oct. 15 final filing deadline countdown — and tax tips to help you get there — start today!

Paul Neiffer,  Maintain Flexibility with Deferred Payment Contracts.  One of the many great tax planning tools available to farmers only.

Bill Hanigan,  New Taxes on Farmland Sales for 2013 (Davis Brown Law Firm Tax Blog).  How Obamacare may make it best to sell the farm this year.

William Perez,  Consider Funding a Coverdell Education Savings Account:

Coverdell ESA’s are tax-advantaged savings plans combining tax-deferral on investment earnings and tax-free withdrawals if the beneficiary of the savings plan withdraws funds to pay for qualified education expenses. Coverdell ESAs are funded using post-tax dollars (no deduction is allowed for contributing to the account) and allow for contributions up to $2,000 per year per beneficiary.

How about next Friday night, then?  Smith: The Timing is Wrong to Reduce the Estate Tax on the Wealthiest Americans (TaxProf)

Russ Fox,  Escort Service Operator Charged with Structuring

Standing up to the menace of undocumented bugs:  Area men document Iowa’s moths (Gazette.com, via TheBeanwalker.com)

Who said taxes were hard?   Bogus tax returns easy money for drug dealers; Local law enforcement officials call on IRS to crack down on fraud (Reading Eagle)

Another triumph of tax simplification for Doug Shulman’s IRS.

 

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