Taxesq - IRS Audit and Business Tax Estate Attorney Cherry Hill NJ
29 Mar Government Forcing Small Business to convert independent contractors to employees
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...
26 Mar IRS Audits Increasing
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...
22 Mar Reporting Uncertain Tax Positions Hurts Small Companies
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...
22 Mar Small Business 20% income tax deduction proposed
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...
21 Mar Republicans Propose New Tax Code with Lower Rates
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...
15 Mar IRS Releases 2010 Data Book
The IRS has released the 2010 Data Book listing information about returns and IRS Activities.IRS Releases 2010 Data Booksee: http://www.TaxEsq.com...
29 Jan Little Leagues Must file 990 with IRS
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...
24 Jan Congress Finally Addressing Tax Reform
Congress refused for over a decade to make the Estate and Gift Tax law changes. They only passed a last-minute 2 year extension in December. The Internal Revenue Code was last overhauled in 1986 in the Reagan era attempt toward simplification. Since then, more than...
05 Jan Spouses can combine $10 Mil Estate Tax Exemption
Starting in 2011 widows and widowers can add to their own estate tax exemption the unused exemption of the spouse who died most recently. This provision, plus an increase in the exemption amount to $5 million per person, enables married couples together to transfer as...