2 results for tag: Tax Returns


Avoid This Payroll Tax Nightmare

Oh my! ... Don’t let this happen to you. Here’s what happened to Mr. Kazmi. First, a little background. Urgent Care Center Inc., an Illinois corporation, employed Mr. Kazmi as a part-time hourly bookkeeper. He had no ownership interest in Urgent Care. He was not an officer of Urgent Care. His name was not on any of Urgent Care’s bank accounts. He did not have check-signing authority for Urgent Care or any power to make payments on behalf of Urgent Care. At all times, Mr. Kazmi worked under the authority and direction of Dr. Senno, the sole owner of Urgent Care, an S corporation. The Problem Urgent Care did not pay its ...

Big Mistake: Filing Your Tax Return Late

Parts of this article are published with permission from Bradford Tax Institute, © 2021 Daniel Morris, Morris + D’Angelo What’s Late? You are allowed to extend your tax return and file during the period of extension; that’s not a late-filed return. A late-filed return is filed after the last extension has expired. this is what could undesirably cause Three Bad Things to happen. Three bad things happen when you file your tax return late. Bad Thing #1 The IRS notices that you filed late or not at all. Of course, the “I didn’t file at all” people receive the IRS’s “come on down and bring your tax records” ...