IRS Audits are now focusing on Executive Fringe Benefits. The purpose is to deny the deduction for the business and to include the expenses as income for the Executive. Areas scrutinized in the audits include: Athletic Skyboxes and Cultural Entertainment Suites Awards Bonuses ...
Form 4868 will get you anautomatic 6-month extension and Form 2688 will become obsolete.Additionally, Form 7004 will also give you an automatic 6-month extension and will also be used for extensions for trusts and partnerships as well.Forms 2758, 8736 and 8800 will likewise become obsolete....
One issue with domestic asset protection trusts is that the Section 548(e) of the Bankruptcy Act of 2005 specifically allows a bankruptcy trustee to avoid transfers within 10 years of the transfer to the trust,"or other similar device"such as Family Limited Partnerships and LLC,...
LLC's Need Operating AgreementQuestion:I have formed a LLC corporation. I am trying to open up a bank acct in my business name. but they require an artile of incorpation, which I do not have. How do I obtain this.Reply:In New Jersey, a Limited Liability COMPANY...
Complying with the current federal tax code costs American taxpayers at least $100 billion annually, and lost economic efficiency associated with the tax system may top half a trillion dollars, auditors for the Government Accountability Office told Congress.In a new report likely to add fuel...
NJ Computer Error cause mistakes in Unemployment Tax RatesThe state of New Jersey issuing Amended 2005/2006 Unemployment Tax Rate Notices. The state of New Jersey is in the process of issuing Amended 2005/2006 Unemployment Tax Rate Notices.Some of the originally mailed (August 22, 2005) notices...
Taxpayers must use Form 8300 (see TD F 90-22.1) to report transactions over $10,000 in cash and to report a foreign bank account.TD F 90-22.1 requires insurance companies to report if a taxpayer has cash surrender value in a insurance policy over $10,000 if the...
In response to the sharp jump in gas prices, the Internal Revenue Service yesterday said it raised the standard mileage reimbursement rate by 8 cents to 48.5 cents a mile, the single largest increase ever. The new rate will be retroactive, applying to business travel...
KPMG, the accounting firm under investigation for selling questionable tax shelters, will pay $456 million and accept an outside monitor of its operations under terms of an agreement with prosecutors that heads off an indictment of the firm, people briefed on the deal said yesterday.The...
Facsimile Signatures Allowed for Some Employment Tax ReturnsThe IRS issued Revenue Procedure 2005-39 to clarify new rules for allowing corporate officers or duly authorized representatives to sign employment tax forms by facsimile or other allowable automated means.The new procedure will reduce the burden in filing...