As we enter the Christmas season, many business owners want to display their gratitude to customers and employees by showering them with generous gifts. During this tough economic environment, making the extra effort to display appreciation will be duly noted. Yet many business owners fail to realize that the IRS takes a [...]
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On a regular basis, the IRS conducts its “Taxpayer Attitudinal Survey” which measures what the overall population thinks about different aspects of taxation. The question that is most interesting—and most controversial —is, “Do you think that it is ok to cheat on your tax returns?”
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Mom and Dad are successful business owners who spend all of their time in New York. Junior lives in Florida, about 20 minutes away from the condominium his parents bought but never used. As a gift for his upcoming wedding, mom and dad decide to give Junior the condo.
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Over the past three years, there have been numerous proposed laws enacted that have a material impact on how you run your business. Because there has been so much legislation, it’s easy to lose track of what’s changing, what stays the same and what you need to do.
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Every once in a while, we receive some good news from the IRS. Today is one of those days! The IRS recently announced changes to the interest rates used to calculate underpayments and overpayments on income tax payments sent to the agency.
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Nobody enjoys paying income taxes. Most business owners grumble a bit about their tax bills, find legal ways to minimize them and resign themselves to sending the government more than they would like. For some people, this isn’t enough. They look for ways to avoid paying U.S. income taxes even if [...]
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If you are in the business of renting property, the IRS is going to take a very close look at your tax return beginning this year and will continue to do so for the foreseeable future. In December, the Treasury Inspector General for Tax Administration (known as TIGTA) published an audit report analyzing [...]
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In 1912, President William Howard Taft signed into law the Lloyd — La Follette Act which protected civil servants from “unwarranted or abusive removal” and gave employees the right to furnish information to members of Congress without interference. This in effect became the first law to protect whistleblowers in the [...]
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