Let’s say you discover a deduction that was overlooked on a federal tax return that has already been filed. Or you realize that you didn’t report some income. Perhaps you heard about a recently passed tax law that includes retroactive tax breaks you can benefit from.
According to Forbes.com, 80-90% of all firms across the globe and the top 500 largest family-owned firms generate a combined annual revenue of $6.5 trillion which totals an economy only smaller than the U.S. and China.
Traditional media outlets such as newspapers, radio and television have long served the purpose of delivering one-way messages, like your company’s advertising. Social media, by contrast, uses Web-based platforms to not only deliver your message, but to allow the recipient to participate.
Business owners often use C corporations as a means of limiting personal liability. Typically, the owners attempt to shield their personal assets from business related liabilities.
In general, a tax assessment by the IRS is presumed to be correct. A taxpayer can overcome the presumption with proof. That situation is reversed when the IRS asserts fraud. In those instances, the IRS must prove, by clear and convincing evidence, that fraud exists.
Since the Great Recession of 2008, the nation’s rental market has been an economic bright spot for investors. The median rent for a new apartment climbed to $1,372 last year, a 26% increase from 2012.
It can be difficult in the current job market for young people and recent college graduates to find full time and summer jobs. Business owners with children in this situation may be able to provide them with valuable experience and income while generating tax and financial savings for themselves.
A federal district court recently sided with an employer in a dispute regarding whether employees had to be compensated for on-call time, activities before and
Let’s say you sold investment real estate in a seller-financed installment sale transaction. Later, you’re forced to repossess the property because the buyer fails to meet his payment obligations. What are the federal income tax consequences of the repossession? This article will provide the answer.
