The IRS will now return newly filed Offer in Compromise applications if the taxpayer has not filed all required returns.
Decisions not typically faced in the course of normal day-to-day operations. Examples might include the decision to discontinue a product line, the acceptance of a special customer order or the decision to make or buy a component part needed for a manufactured product. In making good non-routine business decisions, it is critical for management to identify and consider relevant revenues and costs and ignore information that should not impact the decision. The only relevant revenues and costs are future revenues and costs that vary among the decision alternatives, or in other words, future revenues and costs that differentiate the decision options. In addition to the quantitative analysis involved in business decision-making, qualitative factors must also be considered. This means that regardless of the financial impact, some choices are made to accomplish non-financial objectives. For example, a profitable business may be sold to a family relative at a price below its fair market value in order to accomplish some family objective.
Channeling money into a retirement fund in your 20s and 30s can pay big dividends when it’s time to stop working. But a new AICPA poll finds student loan debt is increasingly weighing on adults in the United States.
Start by doing what’s necessary; then do what’s possible; and suddenly you are doing the impossible. Francis of Assisi
If you are an employee, the Withholding Calculator can help you determine whether you need to give your employer a new Form W-4, Employee’s Withholding Allowance Certificate to avoid having too much or too little Federal income tax withheld from your pay. Learn more now
To qualify for S corporation status, the corporation must meet the following requirements:
- Be a domestic corporation
- Have only allowable shareholders
- May be individuals, certain trusts, and estates and
- May not be partnerships, corporations or non-resident alien shareholders
- Have no more than 100 shareholders
- Have only one class of stock
- Not be an ineligible corporation (i.e. certain financial institutions, insurance companies, and domestic international sales corporations).
Mid-market corporations in the U.S. could lose up to $1 trillion in equity value if the ability to deduct interest expenses is eliminated, according to a new study.
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When you start a business, a key to your success is to know your tax obligations. You may not only need to know about income tax rules, but also about payroll tax rules. Here are five IRS tax tips that can help you get your business off to a good start.
The last several columns could best be described as an overview of life insurance. We discussed various forms of term and permanent plans along with an incredibly valuable rider to cover possible long-term care expenses. I will now wrap up the discussion with an explanation of a style of policy that by design just lends itself to estate planning purposes.
This is a component of the general business credit and consists of the following:
1. The energy credit;
2. The rehabilitation credit; and
3. The reforestation credit.