Costs associated with compliance functions have remained steady the past few years. But finance executives expect that to change in the next three years.
Maria and Rafael are thrilled that their daughter just graduated college and they’re ready to celebrate with friends and family. Abuela even made her famous tamales for the special occasion! At the party, Maria and Rafael beam with pride.
The Internal Revenue Service plans to change some of its procedures for reviewing amended tax returns after a government report estimated it may have inappropriately allowed approximately $34.4 million in tax refunds and abatements.
Each notice or letter contains a lot of valuable information, so it’s very important that you read it carefully.
Employers subject to the new Affordable Care Act (ACA) information reporting requirements are reminded that the deadline to electronically file ACA information returns with the IRS, which reports their compliance with the “pay or play” provisions and the health care coverage they have offered, is quickly approaching.
U.S. citizens living overseas must still file federal tax returns if they meet IRS filing requirements, according to the Huffington Post. The strategies in this article can help to enlighten clients who are not aware of the potential U.S. expat tax issues they could face when moving abroad
A person who is responsible for the administration of property owned by others. Corporate management is a FIDUCIARY with respect to corporate ASSETS which are beneficially owned by the stockholders and CREDITORS. Similarly, a TRUSTEE is the fiduciary of a TRUST and partners owe fiduciary responsibility to each other and to their creditors.
Nine factors are looked at in distinguishing between a hobby and a business activity. They are:
1. How you execute the activity
2. Your level of expertise
3. How much time and effort you put into the activity
4. The amount of occasional profits, if any
5. Whether or not you think the assets used in the activity will increase in value
6. Your financial status
7. Prior success in similar ventures or activities
8. Income or loss history associated with an activity
9. Elements of recreation involved in the activity