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A Warning To All Businesses
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This article shares important information about tax filing requirements for individuals who have more than $10,000 in a foreign bank account. The article details the reporting requirements such individuals must satisfy and highlights some of...
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This article analyzes various efforts by the Internal Revenue Service to help taxpayers suffering from financial distress meet their tax burden. The article's analysis focuses on two announced measures: relief from tax penalties for...
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The 2010 health care reform bill contained a tax which would impose a 3.8% Medicare contribution tax on investment income of certain high income individuals beginning in 2013. With 2013 rapidly approaching, this article looks at the contours of...
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This article explains what a "disregarded entity" is for corporate taxation purposes. The article also provides examples of some of the more commonly found disregarded entities (a common example it uses is a single-member LLC) and...
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This article shares information about and procedures for requesting various tax records from the Internal Revenue Service. These records include a copy of a taxpayer's tax return, a tax return transcript and a tax account transcript; all three...
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IRS Form 8938 involves the reporting of certain specified foreign assets, as required under the Foreign Account Tax Compliance Act. This article explains who needs to file this form, what needs to be reported on the form, and when taxpayers...
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This article provides a survey of the types of entities from which you can choose when starting your own business. Entities profiled include sole proprietorships, partnerships, S-Corporations, C-Corporations, LLCs and LLPs. The article...
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Family owned businesses raise a number of special issues not present in larger enterprises. One such issue involves succession planning, and that is where this article comes in. This article provides a number of ideas to consider when...
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Businesses operated out of a home office can use every bit of cash they can get; as such, tax deductions, such as the deduction available for a home office, take on particular importance. This article reviews the requirements and conditions for...
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This article talks about the contours of the Internal Revenue Service's Third Voluntary Disclosure Program, which aims to give taxpayers incentives to disclose unreported foreign accounts. The article highlights the prior two disclosure...
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The Internal Revenue Service has recently increased its audits of gifts of real estate interests. In light of this, and in light of the importance of the gift tax rules in general, it is important that one understands the applicable tax rules prior...
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Determining whether a worker is an employee or an independent contractor is a complex judgment, and bright-line rules are virtually non-existent. However, the classification of a given worker carries huge tax consequences for both the worker...
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Many small businesses are tempted to classify workers as independent contractors as it allows lower overhead and withholding taxes for that employee. Often, though, they take questionable (or outright wrong) positions to do so. This...
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Giving employees cell phones can make them more productive, useful employees. The IRS has long recognized this, and has allowed these cell phones to qualify as excludable fringe benefits. This article highlights recent clarifications by...
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Many business owners and plan sponsors do not update their retirement plan documentation for changes in the tax code. This can result, in the worst case, in a massive tax bill for the plan sponsor. In this post on his blog, Steve Fromm...
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Steven Fromm uses the untimely, unexpected deaths of Michael Jackson and Farah Fawcett to illustrate the importance of making sure one's estate plan is kept up to date. An out of date or poorly thought out estate plan can thwart the wishes of...
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Although the downturn in the economy has left many small businesses concerned over the decline the value of their businesses, Steven Fromm tries to outline a silver lining to a business' value decreasing. For those shareholders who have been looking...