Understanding and using video is a powerful tool to have for your business. Looking at past trends, 2016 seems to be a huge year for using video. it has been reported that 61% of businesses in the United States have started using video as a form of marketing. About 66% of these business did not use video in 2015.
The 115th Congress started on January 3 and repeal of Obamacare (the Affordable Care Act) has begun. Here is information from Majority Speaker Paul Ryan including the budget resolution to help with the repeal. He states:
As a further step to implement the OECD Common Reporting Standard (CRS), the first series of bilateral automatic exchange relationships were established among the first batch of jurisdictions committed to exchanging information automatically as of 2017.
Everywhere you turn the price has gone up on just about everything! However, marketing yourself and your tax expertise is so much easier and affordable today. In fact, you can market yourself on a budget of less than three hundred dollars a year when you learn from what I will teach you.
June 15, 1215. No Taxation Without Representation!
A phrase thought to belong to the US revolutionaries was actually rooted in principle in chapter 12 of the Magna Carta. Like those who revolted against England’s policy, the Baron’s believe that rampant taxation was a signature of tyrannical government.
Just two weeks after the January 19th start of Tax Season, on Wednesday, February 3rd, the IRS experienced an alleged “hardware failure” that according to USAToday.com, “knocked some of the tax agency’s computers out of service.” With all the troubles the IRS is already facing, this latest snafu just adds more fuel to the overwhelming frustration most taxpayers feel with this government institution.
As of February 4th, the day the USA Today article was posted, Read More
College and high school students are frequently utilized by businesses and non-profit organizations as interns. These arrangements can be beneficial to the organization as the organization may get the services and insights from the intern, even though the organization receives no immediate tangible benefit. The intern may benefit by obtaining valuable on-the-job training, an entree into a permanent job, college credit, and maybe a few dollars in earnings. Internships vary greatly. They may be paid or unpaid; for college credit or not for credit; highly structured as in a college program, or an independent arrangement with less structure. Read More
A frequent question that arises is whether legal expenses are deductible. The answer to that question can be both yes and no and can be complicated depending upon the nature of the legal expense.
The Internal Revenue Code (IRC), which is the body of tax laws written by the United States (U.S.) Congress and approved by the president in office at the time the law is created, tells us that except as otherwise expressly provided, such as itemized deductions, no deduction shall be allowed for personal, living, or family expenses. The IRC also says that, in the case of an individual, deductions are allowed for all of the ordinary and necessary expenses paid or incurred during the taxable year:
• For the production or collection of taxable income; Read More
Updated September 12, 2015 – the IRS has issued “proposed rules” governing the issue of “The sins of the father”.
The following was a comment on Part 9 of this “Exit Tax” series.
“I know many tax compliant, patriotic Americans who have renounced. Many have done so seeing the $2m threshold approaching, to protect their families and get on with their lives. All with heavy hearts.
You did not mention the additional burden on those who renounce who have US citizen relatives–the tax their Read More
Companies that earn passive or investment income such as capital gains, interest or rental income pay corporate tax at a higher rate than the low rate on active business income. To ensure integration of the tax system, part of the Part I tax and where applicable Part IV tax goes into a notional refundable dividend tax account (“RDTOH”) that is refundable when a taxable dividend is paid to the shareholder or to a recipient corporation. The dividend refund also results in a reduction in the RDTOH of the payor corporation.
In order the obtain the dividend refund, the corporate returns of the payor must be filed on a timely basis and no later than 3 years after the end of the year in which the dividend refund arose. Annual filing due dates of the T2 is within 6 months after the end of the taxation year. Read More
The Senior Director, Tax will be responsible for directing and managing all tax compliance and tax reporting with international, federal, state and local authorities including quarterly and annual tax provision. The Senior Director, Tax will also be responsible for the following:
• Direct and manage the preparation and review of the worldwide income tax provision including the preparation of the ASC 740 calculations, current and deferred analysis, technical review of tax accounting positions (FIN48, 123R, FAS141R purchase accounting, valuation allowance analysis APB 23 Assertion), tax account reconciliations and return-to-provision reconciliation. Read More
Following is the tax responsibility for individuals for November, 2015.
If you are an employee who works for tips and received more than $20 in tips during October, you are required to report them to your employer on the Internal Revenue Service Form 4070 no later than November 10. Your employer is required to withhold FICA taxes and income tax withholding for these tips from your regular wages. If your regular wages are insufficient to cover the FICA and tax withholding, the employer will report the amount of the uncollected withholding in box 12 of your W-2 for the year. You will be required to pay the uncollected withholding when your return for the year is filed.
Retained Tax Executive Search Services: When You Need An Expert On A Tax Executive Search For Your Organization
Certificates Of Discharge From IRS Liens
IRS Independent Office Of Appeals Forms Alternative Dispute Resolution Program Management Office
IRS Shifting More Attention Onto High Income Earners, Partnerships And Large Corporations Following Passage Of Inflation Reduction Act Funding
Exempt Non-resident Citizens From FBAR
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