Current Federal Tax Developments for the week of July 17, 2017 - Employer’s Error, Employee’s Tax Bill. Current Federal Tax Developments is brought to you by the state CPA societies and the Loscalzo Institute.
This week we look at the following developments
- Employee has to pay tax on amount of plan loan when employer erroneously fails to withhold from paychecks while on leave
- Legal issue did not originate with S corporation, so only an itemized deduction was allowed
- Cash basis landfill operator allowed to elect to deduct currently a portion of eventual clean-up costs
- IRS email explains the limits on the use of Form 941-X to correct issues in prior years
Articles for this week's developments can be downloaded here.