| Taxes are an ever evolving subject and you are | | | | however, be required to withhold taxes from the |
| expected to keep up on the latest developments. | | | | winnings for deposit with the IRS. |
| Ignorance of tax law changes is not an excuse | | | | No area of business law seems to cause more |
| for making the right payments. | | | | problems than the "S" corporation application with |
| So, are there any major tax changes on their | | | | the IRS. Most people don't realize there is a time |
| way? Not really. Most tax law changes in small | | | | limit and fail to meet it. Trying to get the IRS to |
| increments. That being said, here are a few | | | | give relief in such situations has always been hard. |
| changes you definitely need to know and be | | | | After years of complaints, the IRS has finally |
| ready for. | | | | acted. It still wants you to meet the designated |
| When something big and bad goes down, the IRS | | | | deadlines. If you don't, it will give you relief. You |
| provides taxpayers with relief. The Southern | | | | now have until the filing date of your first fiscal |
| California fires are such a thing. The IRS has | | | | year corporate return to make the designation. |
| announced all tax returns for taxpayers in | | | | To say the real estate bubble has burst is a mild |
| disaster zones are now continued to January of | | | | statement. More like a nuclear bomb going off. |
| 2008. | | | | Many homeowners are facing foreclosure and |
| The IRS usually allows no delays whatsoever on | | | | short sales. These have bad tax consequences |
| employee and excise deposits. It is now. | | | | because the debt relief is often considered |
| Businesses in the impacted areas can delay all | | | | income. |
| payments till November 5th and pay no penalties. | | | | The IRS views the relief from mortgage debt as |
| If you have employees, you know this his a huge | | | | income to the homeowner. Yes, the loss of your |
| break. | | | | home could actually result in a huge tax bill. |
| Many tax changes deal with resolving vague laws. | | | | Fortunately, the IRS is creating some special rules |
| Requirement related to reporting poker earnings is | | | | to provide relief from the tax consequences of |
| one. As of March of 2008, anyone putting on a | | | | foreclosure. |
| poker tournament will be required to submit tax | | | | Tax issues surrounding home loss are complex, |
| forms for certain winnings to the IRS. | | | | so the IRS has come up with a variety of |
| Once the regulation goes into effect, poker | | | | solutions for homeowners in trouble. You need to |
| tournament sponsors will be required to report | | | | apply the facts specific to your situation to find a |
| winnings of $5,000 or more. Said sponsors will not, | | | | solution, so visit the site of the IRS. |