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
On June 2, 2016 RotenbergMeril came together as a team to Tackle Kids Cancer at the Meadowlands Racetrack in East Rutherford NJ. We were one of about 30 teams who raised in the neighborhood of $15,000.00.
As you can see by the photos a great time was had by all while contributing to a worthy cause.
The Internal Revenue Service released further details Friday on how a business entity can become certified under the IRS’s new certified professional employer organization program.