Here’s why some retirees no longer have to file a tax return Retirees whose only source of income is Social Security generally will not owe any federal taxes and therefore don’t need to file a return with the IRS. Even some people with taxable sources of income end up owing nothing, due to how Social… Read More
February 6, 2018 20/20 Tax Resolution If you’re planning on taking an international trip anytime soon, you may want to make certain your taxes are paid in full – or that you have entered into a payment agreement with the Internal Revenue Service for any back taxes owed. If not, your passport could be at risk.… Read More
The American Bar Association (ABA) has revealed that a staff member had diverted about $1.3 million from the organization over a period of eight years. The theft was made public via the company’s annual tax form, a form 990. Tax-exempt organizations are required to file an informational return each year with the Internal Revenue Service… Read More
There are four main factors to consider when an entrepreneur decides on the form of organization that best fits her business: taxes, limitation of personal liability, ease of transferability and admission of new owners and investor expectation. In almost all cases, I recommend that a founder form her business first as a limited liability company (LLC) and that… Read More
Keeping your financial records in order is hugely important to the success of your business. Not only does it keep you up-to-date on your profits and losses, but legally speaking, it’s necessary to have your records straight. It makes the close of your fiscal year easy to execute by ensuring that all your required statements are in… Read More
By Sarah Warlick Published November 29 2017, 2:03pm EST Online sales across Thanksgiving, Black Friday and Cyber Monday in 2017 blew away previous years’ revenues for the same period. That’s good news for American businesses, and an important wakeup call for accountants and other professional service firms. This year’s online sales amounted to $7.9 billion… Read More
By Michael Cohn Published November 28 2017, 6:44pm EST A new report from the Government Accountability Office suggests the Internal Revenue Service should increase its efforts to collaborate with the tax preparation industry and state tax authorities in the battle against identity theft and tax fraud. The IRS estimates that fraudsters attempted to perpetrate at… Read More
By Daniel Hood Published November 26 2017, 4:54pm EST Over the course of the several years that the accounting profession has been struggling with staffing issues, I’ve noticed something of a Freudian slip in the way people describe the situation: More and more, I hear people refer to the war on talent, as opposed to the war fortalent.… Read More
By Roger Russell Published November 21 2017, 12:22pm EST With both houses of Congress making progress on their respective tax reform bills, experts are turning their eyes to the conference process – where one issue is looking particularly thorny for the conferees. “The House and the Senate bills are not that far apart with regard… Read More
By Erik Wasson, Laura Litvan, Toluse Olorunnipa, Laura Davison, Allyson Versprille, Sahil Kapur, John McCormick and Kaustuv Basu Bloomberg News Published November 28 2017, 8:30am EST The Senate tax bill is headed for a marathon debate this week as Republican leaders plan to hold a floor vote as early as Thursday—but first, it had to… Read More