STATE DEPARTMENT DENYING PASSPORTS! Under President Obama’s urging, Congress in 2015 passed a nefarious law denying passports to taxpayers owing $50,000 or more To the IRS. The State Department is now issuing letters denying passports to individuals owing taxes. If...
Tax identity theft may seem like a problem only for individual taxpayers. But, according to the IRS, increasingly businesses are also becoming victims. And identity thieves have become more sophisticated, knowing filing practices, the tax code and the best ways to get...
BE SURE YOUR EMPLOYEE TRAVEL EXPENSE REIMBURSEMENTS WILL PASS MUSTER WITH THE IRS Does your business reimburse employees’ work-related travel expenses? If you do, you know that it can help you attract and retain employees. If you don’t, you might want to start,...
2018 Q4 TAX CALENDAR: KEY DEADLINES FOR BUSINESSES AND OTHER EMPLOYERS Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2018. Keep in mind that this list isn’t all-inclusive, so there may be...
KEEP IT SIMPLE: A TAX-ADVANTAGED RETIREMENT PLAN SOLUTION FOR SMALL BUSINESSES If your small business doesn’t offer its employees a retirement plan, you may want to consider a SIMPLE IRA. Offering a retirement plan can provide your business with valuable tax...
CHOOSING THE RIGHT ACCOUNTING METHOD FOR TAX PURPOSES The Tax Cuts and Jobs Act (TCJA) liberalized the eligibility rules for using the cash method of accounting, making this method — which is simpler than the accrual method — available to more businesses. Now the IRS...
AN FLP CAN SAVE TAX IN A FAMILY BUSINESS SUCCESSION One of the biggest concerns for family business owners is succession planning — transferring ownership and control of the company to the next generation. Often, the best time tax-wise to start transferring ownership...
Trump administration considers taking inflation into account when taxing capital gains As reported by Reuters: The Trump administration is considering bypassing Congress to grant a $100 billion tax cut (as projected over a decade) to taxpayers by taking inflation into...