The age old fear among all taxpayers is that at any given time and for no reason their tax return may be subject to a “random” audit. It stands to reason that under the random audit theory (which the IRS does nothing to dissuade), every taxpayer should heed the advice we all give to our [...]
On Wednesday evening at the White House, President Barack Obama signed into law the Middle Class Tax Relief and Job Creation Act of 2012, H.R. 3630 (http://www NULL.gpo NULL.gov/fdsys/pkg/BILLS-112hr3630enr/pdf/BILLS-112hr3630enr NULL.pdf). On Thursday, the IRS released a revised Form 941 (http://www NULL.irs NULL.gov/pub/irs-pdf/f941 NULL.pdf), Employer’s Quarterly Federal Tax Return, to reflect the extended payroll tax cut. [...]
Troubled Debt Restructuring (TDR) has recently become one of the hot topics of discussion for financial institutions. As repayment ability has become a problem for some debtors, lenders have been forced to restructure debt instruments to help borrowers and increase the probability of recognizing future collections. These restructuring agreements are often referred to as Troubled Debt Restructurings. TDR’s arise when the creditor [...]
A recent article by Safe Systems’ Director of Compliance Tom Hinkel offers a summary of statistics relating to FDIC lawsuits of officers and directors of failed financial institutions, as well as some words of advice for avoiding such litigation. Interestingly, one of the key statements in the article is to “listen to your auditors…many of [...]
