Beware Professional Service LLCs & LPs. The IRS Is Looking at You to Pay More Self-Employment Tax.
If you are a doctor, lawyer, accountant, consultant, or any professional, the IRS has begun auditing how much Self-Employed Contribution...
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Kenneth D. Eichner, P.C.
- Jul 9
- 1 min
Loser: Large Charity Deduction Lost! Next time, follow strict rules.
Taxpayer gifted a large collection of Native American jewelry and artifacts in 2014 to the Wheelwright Museum of American Indian Museum...
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Kenneth D. Eichner, P.C.
- Jul 7
- 1 min
Make Sure You Pay Your SBA EIDL Or Face The Consequences
If the SBA sent you a notice that you are late paying your monthly EIDL payment, make sure you timely pay your balance or call us to...
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Kenneth D. Eichner, P.C.
- Jul 7
- 1 min
Taxpayer Avoids Late Filing and Paying 941 Employees' Payroll Tax Penalties
Taxpayer qualified for reasonable cause to avoid payment of the 941 quarterly payroll taxes withheld from his employee's wages. The...
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Kenneth D. Eichner, P.C.
- Jul 1
- 1 min
Credit Card Rewards Are Tax Free!!!
Your miles earned on your credit card are NOT taxable! The IRS does not tax any extras you earn with your credit card – including miles,...
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Kenneth D. Eichner, P.C.
- May 29
- 1 min
U.S. Supreme Court rules the $10,000 FBAR penalty should only be based on the taxpayer's account.
The U.S. The Supreme Court recently ruled, in Bittner v. the U.S.,469 F.Supp.3d 709 (2020), that the $10,000 penalty for failure to file...
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Kenneth D. Eichner, P.C.
- May 27
- 1 min
Recently in, Whittaker, TC Memo. 2023-59, the tax court ruled IRS abused taxpayers multiple times.
The taxpayer challenged the IRS's denial of the taxpayer's Offer in Compromise and won! The IRS did not correctly consider the taxpayer's...
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Kenneth D. Eichner, P.C.
- May 6
- 1 min
Surprise! Be careful of false Employee Retention Tax Credit ("ERTC" also called "ERC") schemes.
The ERTC is intended for employers who paid employees during COVID and followed the statutes and rules for obtaining the credit; however,...
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Kenneth D. Eichner, P.C.
- Mar 21
- 2 min
General Tax Calendar for 2nd Quarter of 2023
The second quarter of a calendar year is made up of April, May, and June. April 10 Employees who work for tips; If you received $20 or...
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Kenneth D. Eichner, P.C.
- Mar 21
- 2 min
Employer's Tax Calendar for 2nd Quarter of 2023
This tax calendar principally covers the following federal taxes: • Income tax you withhold from your employees' wages or from nonpayroll...
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Kenneth D. Eichner, P.C.
- Dec 29, 2022
- 6 min
Employer's Tax Calendar for 1st Quarter of 2023
This tax calendar principally covers the following federal taxes: • Income tax you withhold from your employees' wages or from nonpayroll...
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Kenneth D. Eichner, P.C.
- Dec 29, 2022
- 4 min
General Tax Calendar for 1st Quarter of 2023
The first quarter of a calendar year is made up of January, February, and March. January 10 Reporting received tips; If you received $20...
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Kenneth D. Eichner, P.C.
- Jan 5, 2022
- 1 min
2022 Deductions and Exemptions
Standard Deduction Single: $12,950 Joint returns & surviving spouses: $25,900 Married filing separately: $12,950 Head of household:...
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Kenneth D. Eichner, P.C.
- Dec 20, 2021
- 1 min
Last Monthly Child Credit Payment for 2021
IRS is disbursing its last monthly child credit payment for 2021 on Dec. 15. Taxpayers who file a federal return next year will use...
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Kenneth D. Eichner, P.C.
- Dec 1, 2021
- 5 min
Peace of Mind That Won't Cost a Penny - IRS ID Theft Protection Program
WASHINGTON – As part of a wider effort to increase security, the Internal Revenue Service today reminded taxpayers they can get extra...
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Kenneth D. Eichner, P.C.
- Nov 12, 2021
- 2 min
Virtual Currency...Every Bit Counts
In Internal Revenue Service Notice 2014-21, virtual currencies like Bitcoin are classified as property. The IRS is aware of the growing...
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Kenneth D. Eichner, P.C.
- Nov 10, 2021
- 1 min
Medicare Premiums & The Self Employed
Self-employed individuals can deduct their Medicare premiums above the line. Medicare premiums paid by a self-employed individual are...
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Kenneth D. Eichner, P.C.
- Sep 1, 2021
- 2 min
2021 Social Security
The Social Security Administration announced a 1.3 percent boost to monthly Social Security and Supplemental Security Income (SSI)...
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Kenneth D. Eichner, P.C.
- Jul 28, 2021
- 2 min
On the Hunt for Foreign Accounts
IRS and the Justice Dept. are on the prowl for undisclosed foreign accounts, devoting resources to get U.S. owners of the accounts to...
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Kenneth D. Eichner, P.C.
- Jul 26, 2021
- 2 min
Avoid These Small Business IRS Audit Mistakes
Businesses that are slowly emerging from the COVID-19 pandemic should now keep their eye on another looming obstacle: IRS audits. In late...
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