I am often asked about the Federal Deposit Insurance Corporation’s (FDIC) insurance coverage on bank accounts. Below is what we know about it.
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The IRS is cracking down on taxpayers who have foreign assets and are not reporting it!
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If you use independent contractors to perform services for your business and you pay them $600 or more for the year, you are required to issue them a Form 1099 after the end of the year to avoid facing the loss of the deduction for their labor and expenses and to avoid a monetary penalty.
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Frequently, taxpayers think that gifts of cash, securities, or other assets they give to other individuals are tax-deductible. In return, the recipient usually thinks the value of the gift he or she received is income to them and they must pay taxes on it. Nothing is further from the truth. To fully understand the ramifications of gifting, one needs to realize that gift tax laws are related to estate tax laws.
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If you are a business owner, whether you hire people as independent contractors or as employees will impact the amount of taxes you withhold from their paychecks, as well as how much and what types of taxes you pay. Furthermore, it will affect how much additional cost your business must bear, what documents and information must be provided to you, and what tax documents must be given to the individuals you are hiring.
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We have compiled a checklist of actions based on current tax rules that may help you save tax dollars if you act before year-end. Regardless of what Congress does late this year or early next, solid tax savings can be realized by taking advantage of tax breaks that are on the books for 2011.
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This article discuss tax credit for education credits, the small employer health insurance credit that is available, how long you should keep your tax records and other issues.
A rumor has been circulating for some time that home sales will be subject to a 3.8% federal sales tax beginning in 2013. Like most rumors, it has been initiated by someone who doesn’t have all the facts – in this case, someone who does not understand taxes. Unfortunately, the misinformation has been perpetuated through our modern means of communication.
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Each year, the IRS releases a publication entitled the “Data Book.” The 2010 version of the book was released in early March, which provides statistical data on its fiscal year (FY) 2010 audit activities. The book provides valuable information that include how many tax returns the IRS examines (audits), how they examine them, and what categories of returns IRS is focusing its resources on.
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Great news! On April 5th, 2011 the Senate approved bill H.R. 4 to repeal the controversial expanded information reporting on Form 1099 for rental property expenses and certain business payments.
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