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Posts tagged "Internal Revenue Service"

How to avoid payroll scams this tax season

For many businesses, January is the start of a new fiscal year. It definitely begins with promise and optimism especially if the previous year ended strong. But there are also substantial responsibilities when it comes to preparing a federal income tax return. Indeed, there is a duty to ensure that you provide accurate information to the federal government, but as more electronic information is passed between businesses, it is increasingly important to guard against scams.

Why equipment deductions are important

We want to begin this post by wishing our readers a Happy New Year, and a happy and prosperous 2018. Part of achieving that goal involves the proper preparation of business tax returns. While the April 15 federal income tax filing deadline is months away, tax season can be very busy for tax attorneys, accountants and business owners alike. So it is important to plan diligently. In doing so, it is important to maximize the deductions afforded by the U.S. Tax Code. With this post, we will highlight the importance of properly writing off furniture and technology used in a business. 

Tax planning tips during the holidays

While we all would like to enjoy the holiday season, we understand that our clients have much more going on than just holiday parties and end-of-year celebrations. Of course, there are timesheet and vacation expenditures, annual reports that must be prepared and, of course, tax preparation tasks.  

How you can avoid being called a 'Scrooge' during the holidays

While many individuals and businesses look to charitable giving as an end-of-year tax planning strategy, not everyone (or every business) is in a charitable mood. Indeed, it is easy to be viewed as a “Scrooge” if you don’t get into charitable giving, but there may be genuine reasons for not donating this year.

Could you be audited for working with independent contractors?

The "gig economy" works in large part by employing independent contractors instead of employees in order to keep costs down. That has led to some headaches -- whether or not a worker is an employee or a contractor is a legal determination under the Fair Labor Standards Act. It's not strictly the choice of the employer.

Are you following the official IRS tax guidance?

Many of us have, if we’re curious about a particular tax-related issue, consulted the IRS website (www.irs.gov), especially now as the tax year is winding down. We assume that since the content on the site is put out and endorsed by a government agency, it is valid, factual and reliable.

Consider these moves now to minimize tax in the New Year

The final stretch to the end of the year is upon us. There are important decisions to make between now and December 31, about such issues as insurance coverage and health savings accounts for 2018, for example. It’s also the time to handle last-minute tax issues that could save you big bucks.

Equifax breach could bring long-term tax woes

Earlier this month, consumer credit giant (and one of the “big three” reporting agencies responsible for evaluating the creditworthiness of millions) announced a massive data breach. Hackers infiltrated the company’s databases, compromising confidential information of an estimated 143 million Americans.

Is the issue of Internet taxation “nexus” heading to SCOTUS?

A court case pitting the state of South Dakota against online retailers Wayfair, NewEgg and Overstock is likely to head up to the nation’s highest court on appeal soon. The case, State of South Dakota v. Wayfair Inc., 28160-a-GAS, Supreme Court of South Dakota (Pierre), came down in favor of the Internet sellers who challenged a state law requiring any online retailer who collected more than $100,000 in annual to pay sales taxes on transactions.

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