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Interactive Tax Assistant

2019 – 11/13 The IRS is encouraging taxpayers to use its “Interactive Tax Assistant” tool, which provides basic information on a wide range of tax topics. Topics are organized by category, such as the Affordable Care Act; filing requirements, forms to use and due dates; and filing status, dependents and exemptions. Other topics include pensions,…

IRS Targets Transition Tax in Audit Campaign

2019 – 11/12 The IRS Large Business and International (LB&I) division has announced that it will begin targeting compliance with a transition tax in one of its new audit campaigns. The initiative involves Section 965, which was added by the Tax Cuts and Jobs Act. Under Sec. 965, U.S. shareholders are required to pay a…

3 Key Traits of Every Successful Salesperson

2019 – 11/19 Take a mental snapshot of your sales staff. Do only a few of its members consistently bring in high volumes of good margin sales? An old rule of thumb says that about 20% of salespeople will make 80% of sales; in other words, everyone’s not going to be a superstar. However, you…

Is multicloud computing right for your business?

2019 – 11/12 Cloud computing — storing data and accessing apps via the Internet — has been widely adopted by businesses across industry and size. Like many technological advances, though, new derivatives continue to emerge — including so-called multicloud computing. Under this approach, companies don’t rely on a single cloud service; rather, they distribute their…

Should a Trust be a Part of Your Estate Plan?

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…

How Do I Become a Nonprofit Group?

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…

Federal Tax Withholding Estimator

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…

What is a Bank Deposits Reconstruction?

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….

A shadow board could shed light on your company’s best future

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…

Cybersecurity Tips

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…

Tax Breaks Involved in a Family Business

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…

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