Suppose you made a mistake on your income tax return? For example, if you excluded income from a 1099 or K-1 that arrived after you filed your return, it is usually not necessary to file an amended return. Usually the IRS matching system catches these...
New Tax changes hurts rental real estateFor tax years beginning after Dec. 31, 2012, a 3.8% Medicare tax will be charged on net investment income. This applies to individuals with modified adjusted gross income in excess of $200,000 ($250,000 in the case of married persons filing jointly)....
Government Forcing Small Business to convert independent contractors to employeesThe federal government is doing everything possible to convert true independent contractors and independent business owners into employees. Because there are significant tax and business advantages to both the small business and independent contractors to avoiding...
General Results:Business Owners face a 4.5% chance of auditMore audits are detailed audits with Revenue Agents rather than correspondence AuditsAlmost 1/3 of Individual Returns Audited were for the Earned Income Tax CreditIRS has issued its annual data book, which provides statistical data on its...
The Financial Accounting Standards Board is continuing to enforce FIN 48. The rule requires uncertain tax positions to be reported on financial statements. Under FIN 48, companies must disclose how much they have in reserve in case the Internal Revenue Service or state tax officials disagree with...
Cantor bill would give “small businesses” 20% domestic business income deductionOn March 21, House Majority Leader Eric Cantor (R-VA) introduced the “Small Business Tax Cut Act,” which would allow qualified small businesses (those with fewer than 500 employees) to claim a...
GOP budget proposal would reduce top tax rate for businesses and individuals to 25%On March 20, Representative Paul Ryan (R-WI), chairman of the House Budget Committee, introduced his Chairman's Mark proposing a new budget for fiscal year (FY) 2013 and setting forth appropriate budgetary levels...
The IRS has released the 2010 Data Book listing information about returns and IRS Activities.IRS Releases 2010 Data Booksee: http://www.TaxEsq.com...
All non profit organizations, including local Little Leagues, must file annually with the IRS. If the 990 is not filed, the Local Little League will lose its tax exempt status. See Noticesee: http://www.TaxEsq.com...