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Most business owners make some kind of gift to employees at Christmas. While many companies still hand out the holiday turkey, others go all out with formal dinners, cash bonuses, or gift certificates. What many employers may not realize, however, is that many of theft gifts to employees are considered compensation by the Internal Revenue Service and are subject to federal and state income taxes as well as Social Security taxes.

Record retention is a must, whether for personal, business, or tax reasons. However, record retention is necessary only to the extent it serves a useful purpose or satisfies legal requirements.

A Savings Incentive Match Plan for Employees (SIMPLE) is a simplified retirement plan intended to allow small employers to provide retirement savings for their employees.

Individuals with no wills, particularly those with substantial assets, may be following a path that will lead to extra complications and financial burdens for their families. The financial implications extend to owing more tax than necessary, increasing costs of estate administration, and diverting assets to unintended heirs.

Then, when you're ready, here are five tips to help take the worry out of hiring your first employee.

The taxation of municipal and corporate bonds is complex. Hered is a brief explanation of the tax effects.

A well known, but sometimes overlooked, way to alter investment holdings without paying tax at the time of the transaction is through the use of "like-kind" exchanges.

You can generally pay part or all of your estimated tax by using a credit card (American Express Card, MasterCard, or Discover Card)

This is to disclose to you, our client, our disclosure policy regarding personal data that we obtain from you

New rules have been released regarding IRA distributions, which will hopefully simplify and provide benefits to taxpayers.

Before you start a new business, there are a number of preliminary decisions to be made. One of the first choices you will face, is the legal form in which you will operate the business.

Here is a checklist highlighting advantages and disadvantages of the S corporation form.

Before you start a new business, there are a number of preliminary decisions to be made. One of the first choices you will face, is the legal form in which you will operate the business.

INFORMATION NEEDED TO COMPLETE YOUR BUSINESS TAX RETURN

In this article, we examine the various issues involved in plan selection.

You first offset long-term (LT) gains with long-term losses (resulting in either a net LT capital gain or a net LT capital loss), and then you offset short-term (ST) capital gains with short-term capital losses (resulting in either a net ST capital gain or a net ST capital loss).

A "phase two" tax reform outline could be unveiled by House GOP tax writers by August. Republicans have started to increase their tax meetings related to the effort, House Ways and Means Committee Chairman Kevin Brady, R-Tex., told reporters on June 13.


A bipartisan group of House and Senate lawmakers have introduced companion Historic Rehabilitation Tax Credit (HTC) bills. The measure aims to strengthen the HTC by encouraging investment and minimizing administrative burdens, according to the lawmakers.


House tax writers have moved two bills through committee. The bills focus on IRS hiring and the tax treatment of mutual ditch irrigation companies. The House Ways and Means Committee approved the measures in a June 21 markup.


The American Bar Association (ABA) Section of Taxation has expressed concerns to top Senate tax writers about certain congressional IRS reform efforts. The ABA Section of Taxation sent a June 6 letter to Senate Finance Committee (SFC) Chairman Orrin G. Hatch, R-Utah and ranking member Ron Wyden, D-Ore., regarding the House-approved bipartisan Taxpayer First Act (HR 5444).


The U.S. Supreme Court has determined that nonqualified employee stock options are not taxable compensation under the Railroad Retirement Tax Act (RRTA). The term "money remuneration" in the Act unambiguously excludes "stock."


A member of the Miccosukee Tribe of Indians of Florida had to pay federal income tax on distributions of gaming income that she and her family received from the tribe. The payments were taxable income under the Indian Gaming Revenue Act, rather than Indian general welfare benefits that were excluded from tax under Code Sec. 139E. Both the taxpayer and the tribe were bound by the decision.


An individual shareholder of an S corporation restaurant operator was not allowed to claim FICA tip credits under Code Sec. 45B that the S corporation did not claim. The shareholder could not unilaterally and retroactively nullify the S corporation’s election to deduct FICA tip taxes.


The Treasury Department and the IRS have issued final regulations that:

  • prevent a corporate partner from avoiding corporate-level gain through transactions with a partnership involving equity interests of the partner or certain related entities;
  • allow consolidated group members that are partners in the same partnership to aggregate their bases in stock distributed by the partnership for purposes of limiting the application of rules that might otherwise cause basis reduction or gain recognition; and
  • require certain corporations that engage in gain elimination transactions to reduce the basis of corporate assets or to recognize gain.

Participants in the Son of BOSS tax shelter have maintained their perfect losing record in the Tax Court. Thus, another Son-of-Boss deal has failed to produce its promised loss deductions.


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