Taxesq - IRS Audit and Business Tax Estate Attorney Cherry Hill NJ
10 Nov Employee Tax WIthholding – 100% Penalty
Small businesses: Stay clear of a severe payroll tax penalty One of the most laborious tasks for small businesses is managing payroll. But it’s critical that you not only withhold the right amount of taxes from employees’ paychecks but also that you pay them over to...
16 Sep Avoiding Taxable Dividends when Withdrawing Money from a Corporation
5 ways to withdraw cash from your corporation while avoiding dividend treatment Do you want to withdraw cash from your closely held corporation at a low tax cost? The easiest way is to distribute cash as a dividend. However, a dividend distribution isn’t tax-efficient, since it’s...
26 Aug Company Automobile – a great benefit!
The tax implications of a company car The use of a company vehicle is a valuable fringe benefit for owners and employees of small businesses. This benefit results in tax deductions for the employer as well as tax breaks for the owners and employees using the...
12 Aug Social Security “No-Match” letters – Employers will be subject to IRS Penalties
What to do if your business receives a “no-match” letter In the past few months, many businesses and employers nationwide have received “no-match” letters from the Social Security Administration (SSA). The purpose of these letters is to alert employers if there’s a discrepancy between the agency’s...
06 Aug IRS Attacking Business using Bitcoin
The IRS is targeting business transactions in bitcoin and other virtual currencies Bitcoin and other forms of virtual currency are gaining popularity. But many businesses, consumers, employees, and investors are still confused about how they work and how to report transactions on their federal tax returns....
30 Jul Virtual Currency, Bitcoin, Is Subject to IRS Criminal Enforcement
The IRS has an all-out campaign against virtual currencies. As I predicted when Bitcoin first came out, to the dismay of many of its users, bitcoin is not considered “money” for tax purposes. That means any virtual currency is regarded as a commodity where you...
29 Jul Home Office Deduction
Take a closer look at home office deductions Working from home has its perks. Not only can you skip the commute, but you also might be eligible to deduct home office expenses on your tax return. Deductions for these expenses can save you a bundle if...
22 Jul IRS Audits Can be fought – We know their “Playbook!”
Businesses can utilize the same information IRS auditors use to examine tax returns The IRS uses Audit Techniques Guides (ATGs) to help IRS examiners get ready for audits. Your business can use the same guides to gain insight into what the IRS is looking for in...
17 Jul Business Tax Write-Offs for Purchased Equipment
It’s a good time to buy business equipment and other depreciable property There’s good news about the Section 179 depreciation deduction for business property. The election has long provided a tax windfall to businesses, enabling them to claim immediate deductions for qualified assets, instead of taking...