TAX DOCUMENT RETENTION GUIDELINES FOR SMALL BUSINESSES You may have breathed a sigh of relief after filing your 2017 income tax return (or requesting an extension). But if your office is strewn with reams of paper consisting of years’ worth of tax returns, receipts,...
A NET OPERATING LOSS ON YOUR 2017 TAX RETURN ISN’T ALL BAD NEWS When a company’s deductible expenses exceed its income, generally a net operating loss (NOL) occurs. If when filing your 2017 income tax return you found that your business had an NOL, there is an upside:...
IRS on April 10 cautioned taxpayers to avoid the dangers of working with so-called “ghost” tax return preparers. As described by the agency, a ghost preparer is retained to prepare a return for a fee but does not sign the document as the paid preparer. “These phantom...
IRS Audits and Collections down for 2016 IRS has issued the 2017 IRS Data Book, its annual publication containing statistical tables and IRS organizational information. One key figure in the Data Book is the rate at which IRS audited returns in 2017 – it dropped to...
2018 Q2 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 second quarter of 2018. Keep in mind that this list isn’t all-inclusive, so there may be...
Taxpayers who reached the age 70 and a half during 2017 must, in most cases, start receiving required minimum distributions (RMDs) from Individual Retirement Accounts (IRAs) and workplace retirement plans by Sunday, April 1, 2018. The April 1 deadline applies to all...
DEFER TAX WITH A SECTION 1031 EXCHANGE, BUT NEW LIMITS APPLY THIS YEAR Normally when appreciated business assets such as real estate are sold, tax is owed on the appreciation. But there’s a way to defer this tax: a Section 1031 “like kind” exchange. However, the Tax...
DON’T FORGET: 2017 TAX FILING DEADLINE FOR PASS-THROUGH ENTITIES IS MARCH 15 When it comes to income tax returns, April 15 (actually April 17 this year, because of a weekend and a Washington, D.C., holiday) isn’t the only deadline taxpayers need to think about. The...
TAX CREDIT FOR HIRING FROM CERTAIN “TARGET GROUPS” CAN PROVIDE SUBSTANTIAL TAX SAVINGS Many businesses hired in 2017, and more are planning to hire in 2018. If you’re among them and your hires include members of a “target group,” you may be eligible for the Work...