2019 – 11/11 Will a trust make life easier for your heirs, reduce estate taxes, or provide other benefits when you die? In many cases, the answer is yes, and not just for the very wealthy. While thoughtful estate planning is critical for people with substantial assets, even those with assets less than the estate…
2019 – 11/01 Are you interested in forming a tax-exempt nonprofit group? Many people who want to support causes mistakenly think that calling a group a nonprofit is enough. But, the IRS says not so fast! To be considered tax-exempt, there are hoops that must be jumped through, up front. First, you must decide if…
2019 – 11/01 When it comes to planning for next year’s tax return filing, the IRS urges taxpayers to wait no longer. To avoid tax-time surprises on their 2019 federal tax returns, taxpayers should start by using the IRS withholding estimator and adjust withholding or estimated payments if necessary. This is important for those who…
2019 – 11/04 The IRS can piece together a taxpayer’s income and deductible expenses if it suspects he or she didn’t correctly report them. That happened in one case when the IRS performed a “bank deposits reconstruction” of a married couple’s income. The wife was a doctor and her husband worked in her medical practice….
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 the federal government on time. If you willfully fail to do so, you could personally be hit with the…
In many industries, market conditions move fast. Businesses that don’t have their ears to the ground can quickly get left behind. That’s just one reason why some of today’s savviest companies are establishing so-called “shadow” (or “mirror”) boards composed of younger, nonexecutive employees who are on the front lines of changing tastes and lifestyles. Generational…
2019 – 10/23 The IRS has been making strides fighting identity theft, and it’s urging the public to do the same. Protecting personal information while using the Internet should be a priority for families and teens, the tax agency says. It recently offered some commonsense tips for online safety. For example, parents should teach their…
2019 – 10/24 Do you own a business and employ family members? If so, special tax treatment may apply. For example, if one spouse employs the other, the employed spouse’s wages aren’t subject to federal unemployment tax. The same is true for the wages of a parent employed by a child. In addition, the wages…
2019 – 10/25 The IRS has issued a tax tip that outlines ways that taxpayers can reconstruct or get copies of records that have been lost in a natural disaster. These records may be needed to help the taxpayers prove their disaster-related losses. For example, taxpayers can obtain free tax return transcripts by using the…
The right entity choice can make a difference in the tax bill you owe for your business. Although S corporations can provide substantial tax advantages over C corporations in some circumstances, there are plenty of potentially expensive tax problems that you should assess before making the decision to convert from a C corporation to an…
Every new company should launch with a business plan and keep it updated. Generally, such a plan will comprise six sections: executive summary, business description, industry and marketing analysis, management team description, implementation plan, and financials. Now, ideally, you would comprehensively update each section every year. But if the size, shape and objectives of your…
2019 – 10/16 Do you employ someone in your home to care for family members or do other household tasks? If so, you may owe what’s commonly called the “nanny tax.” The Social Security Administration has announced that for 2020, the nanny tax will be due on a household worker’s wages when the wages exceed…
2019- 10/18 A taxpayer, a swimming pool builder, failed to pay its employment taxes for several quarters. The IRS filed a Notice of Federal Tax Lien against it. At a Collection Due Process hearing, the taxpayer requested an installment agreement as a collection alternative. The IRS Appeals Officer (AO) asked for proof that the company…
2019 – 10/21 Identity theft protection when filing federal tax returns is improving. To enhance security, the IRS has expanded its Identity Protection Personal Identification Number (IP PIN) program to more states. An IP PIN is a six-digit number that taxpayers can use to help shield their Social Security Numbers from use on fraudulent tax…
