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...
===========Question: ===========Category: Business LawLocation: NJSubject: Forming a CorporationQuestion: Do you have to live/work in the same state that you incorporate? So, If I were to buy/rent a mailbox from a UPS store (the mail box would have a street address) would I be able...
An IRS investigation may be a business owner's worst nightmare. But here's a case in which the target turned the tables on the tax man.On Tuesday, a federal judge ordered the government to pay more than $250,000 to three taxpayers after finding that an IRS...
The IRS is getting everything they asked for in their upcoming budget year.While it has not been signed sealed and delivered even the IRS Commissioner believes the IRS will get their full budget requested for the forthcoming year.So part of this means is they are...
Question: Non-filing of taxesI have a friend who has not filed tax returns for a lot of years. All of his income comes ''under the table''. I want to help him get out of this situation. He wants to, but says at this point he...
Question: Selling gifted property.20 years ago I received a portion of recreational land as a gift from a relative. Now I am ready to sell. The property has greatly appreciated. What are the tax implications? How do I compute cost basis?Reply: Because you received...
Question: Business Law: Sole Proprietorship. My husband started his own construction/handyman business 3 years ago. It's an LLC and only his name is listed. He originally did not add my name to the business because he just didn't think to do...