Do you qualify for a Refund? Fairness Act: The Combat-Injured Veterans Tax Fairness Act of 2016 (“Fairness Act”) was enacted in December 2016. The Fairness Act allows certain Veterans who received lump sum disability severance payments additional time to file a claim for credit or refund...

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Roth IRA Can Own an IC-DISC

Jeff Senney

Legal News for Businesses, Senney Says by Jeff Senney

The United States Court of Appeals for the Sixth Circuit in Summa Holdings Inc v. Commissioner, has validated a creative use of an IC-DISC in conjunction with a Roth-IRA to achieve lower overall taxes and tax-free investment growth. The Taxpayer in Summa owned an exporting company. ...

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Early IRA Distribution for Addiction?

Jeff Senney

Legal News, Senney Says by Jeff Senney, Workers' Compensation and Employment Law

Addiction - Not Generally an Exception to Early Withdrawal Penalty Under the federal tax code, individuals who take an early distribution from a retirement plan or traditional IRA are subject to a 10% tax. There are several exceptions that apply. One of these exceptions is a...

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Local Company offers Employee Screening checks

Jeff Senney

Legal News for Businesses, Legal News for Individuals, Senney Says by Jeff Senney

As employees return back to work, health screenings are highly advised by the CDC. A local company, FirstLight Home Care, is stepping up to help meet the need. FirstLight was founded by a team of professionals and caregivers with over 105 years of...

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Employer Shared Responsibility Payment (ESRP)

Jeff Senney

Business, Tax & Real Estate, Legal News, Senney Says by Jeff Senney

IRS Determines No Statute of Limitations on Assessment In Legal Advice 20200801F issued by IRS Field Attorneys (Advice Memo), the IRS has determined that there is no statute of limitations on assessment of the Employer’s Shared Responsibility Payment (ESRP) because there is no tax return...

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IRA Distribution after Divorce: Is it Subject to Income Tax and 10% Excise Tax?

Jeff Senney

Business, Tax & Real Estate, Legal News, Legal News for Businesses, Legal News for Individuals, Litigation, Senney Says by Jeff Senney

The US Tax Court in Rosenberg v. Commissioner, TC Memo 2019-124 has ruled that an IRA distribution, made after a couple divorced, was taxable and subject to the 10% excise tax because: (1) no exception to the 10% excise tax applied and (2) the Court...

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Federal District Court Holds that IRS Lien on Jointly-Owned Property Only Encumbers the Tax Debtor’s Interest in the Property

Jeff Senney

Business, Tax & Real Estate, Legal News, Legal News for Businesses, Legal News for Individuals, Senney Says by Jeff Senney

A federal district court has held in Dase v. IRS, 124 AFTR 2019-5281 that jointly-owned property subject to an IRS lien against one of the joint owners only encumbered the tax debtor’s interest in the property. Legal Background: A person’s failure to pay any tax after...

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Dayton Fraud, Cyber & Ethics Conference

Jeff Senney

Senney Says by Jeff Senney

What: 11 CPEs Including 3 hours Ethics for (PSR) Credit CPE credits are based on a 50-minute hour. CPE is offered through the ACFE as well as the Accountancy Board of Ohio (sponsor number CPE.00467). When: November 5 and 6, 2019 (November 5 - Half Day; November 6 - Full Day) Where: University of...

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Employee Misconduct – Sometimes Bad People Work at Good Companies

Jeff Senney

Legal News, Legal News for Businesses, Senney Says by Jeff Senney

Employee fraud and misconduct are risks to all businesses. It is often difficult for companies to acknowledge the reality of these risks, but, according to the most recent Report to the Nations published by the Association of Certified Fraud Examiners, it is estimated that companies...

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Demystifying Some of the Uncertainty Around Banking a Marijuana Business

Jeff Senney

Kristina E. Curry, Legal News, Legal News for Businesses, Legal News for Individuals, Senney Says by Jeff Senney

Garrett T. Senney has a PhD in Economics from The Ohio State University and works for the Office of the Comptroller of the Currency (OCC) in Washington, DC. Dr. Senney has graciously given us permission to publish his article below regarding banking a marijuana business. ...

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Author:Jeff Senney

Refund Available for Improperly Taxed Veteran Disability Payment

Roth IRA Can Own an IC-DISC

Early IRA Distribution for Addiction?

Local Company offers Employee Screening checks

Employer Shared Responsibility Payment (ESRP)

IRA Distribution after Divorce: Is it Subject to Income Tax and 10% Excise Tax?

Federal District Court Holds that IRS Lien on Jointly-Owned Property Only Encumbers the Tax Debtor’s Interest in the Property

Dayton Fraud, Cyber & Ethics Conference

Employee Misconduct – Sometimes Bad People Work at Good Companies

Demystifying Some of the Uncertainty Around Banking a Marijuana Business