Road Remains Bumpy For Business Taxation
The 2011 year started with a lot of talk about tax reform to spur the economy, create jobs, and promote investment and capital spending. However, no meaningful changes happened and probably will not until after the 2012 election. The Tax Relief, Unemployment Insurance Reauthorization, and Jobs Creation Act of 2010 extended some 2011 tax [...]
Are You an IRS Audit Target?
Your chance of getting audited is about 1%. A recent Kiplinger Tax Letter identified what draws IRS attention: Making over $200,000 Failing to report all of your taxable income–W-2s, 1099s, K-1s, etc. Taking a large charitable contribution deduction Claiming a home office deduction Claiming rental losses Deducting business meals, travel and entertainment [...]
529 Plan Overfunding–What to Do
Earlier this week Georgette Jasen of The Wall Street Journal discussed the dilemma of overfunding 529 plans. In her article, Georgette discusses the current economic environment and how most parents are concerned about not having enough money for their child’s education. Most of those same parents are using 529 plans to accumulate the funds they [...]
Name Change? Notify IRS and Social Security Administration
Have you changed your name recently due to marriage, divorce or other reasons? If so, you need to notify the Social Security Administration on Form SS-5. If you don’t it may complicate things with the IRS. Need more information? Check out Tax Tips on the IRS Website relating to Five Tips for Recently Married or Divorced [...]
3 Areas of Fraud-Proofing to Focus on For Construction
As the economy continues to challenge everyone, the motivation for some employees to steal isn’t hard to understand. Although the term “fraud-proof” may be a bit hyperbolic, it doesn’t hurt to shoot for the stars when trying to safeguard your revenue and assets. One way to divide and potentially conquer fraudsters is to focus on [...]
