Starting a new company can involve a lot of filings and registrations that you might not even have known existed, and it can get a little overwhelming. The flow chart will help you make sure you touch all of the bases and nothing falls through the cracks.
The Tax Code and its regs impose substantiation requirements that become more rigorous as the items of donated property increase in value. The basic rules are summarized in brief, below: Donations of money. A bank record or a written communication … Continued
The IRS recently issued a Reference Guide on the Report of Foreign Bank and Financial Accounts (FBAR). This IRS reference guide is available on the IRS website ( www.irs.gov), specifically at the webpage entitled “Report of Foreign Bank and Financial … Continued
Federal Tax Day – Current,T.1,TIGTA Warns of Largest Ever Phone Fraud Scam Targeting Taxpayers, (Mar. 24, 2014) The Treasury Inspector General for Taxpayer Administration (TIGTA) has issued a warning to taxpayers to beware of phone calls from individuals claiming to … Continued
For many taxpayers, the Roth IRA is one of the best tax-advantaged retirement plans around. Are you eligible to harvest the grapes of Roth? Is a Roth IRA or a traditional IRA right for you? Choosing between the Roth IRA … Continued
In spite of legislative changes and political hype, the “marriage penalty” that has existed in the tax laws is far from gone. A “marriage penalty” still exists in several areas of the tax law. Recent tax legislation made the standard … Continued
Virtually all taxpayers can get help to pay for education costs in the form of tax credits and/or special deductions. Students and their parents can capitalize on a number of different education benefits. For example, the maximum amount that can … Continued
The S corporation has been used by small business owners to avoid payroll taxes, and the IRS knows it. In fact, there is a compliance initiative underway to find as many of those abusive situations as possible and assess appropriate … Continued
Tax rules regarding the home office deduction have changed a lot over the years. The law allows consultants, salespeople, and other self-employed workers to deduct home office expenses. So — are you permitted to deduct home office expenses if you … Continued
Loans between shareholders and closely held corporations are subject to special tax scrutiny and if not properly documented, can produce adverse tax results. Loans from corporations to shareholders are the subject of an IRS Audit Technique Guide that stresses the … Continued
