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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).

The IRS has corrected Notice 2019-20, which provided a waiver of penalties under Code Secs. 6722(failure to furnish correct payee statements) and 6698 (failure to file partnership return) for certain partnerships that file and furnish Schedules K-1 to Form 1065 without reporting negative tax basis capital account information. The updated Notice extends the penalty waiver to Code Secs. 6038(b)and (c) and any other section of the Code, for partnerships that fail to file and furnish Schedules K-1 or any other form or statement to Form 8865, Return of U.S. Persons With Respect to Certain Foreign Partnerships, for any penalty that arises solely as a result of failing to include negative tax basis capital account information.


The upper-tier controlled foreign corporation (CFC) partners of a domestic partnership were required to include in gross income their distributive share of income inclusions under subpart F from lower-tier CFCs, and increase earnings and profits (E&P) by the same amount. Regulations under Code Sec. 964provided preliminary steps for conforming a foreign corporation’s profit and loss statement to that of a domestic corporation. The general rules of Code Sec. 312 that governed earnings and profits computations of domestic corporations then applied.


The IRS has issued proposed regulations on the information reporting requirements under Code Secs. 101(a)(3) and 6050Y, added by the Tax Cuts and Jobs Act ( P.L. 115-97). The regulations are to apply to reportable life insurance policy sales made, and reportable death benefits paid, after December 31, 2017. Transition relief applies until these regulations are finalized.


Nina E. Olson, the National Taxpayer Advocate (NTA), has announced her decision to retire this summer from the esteemed NTA position at the IRS. Olson has served as taxpayers’ "voice" within the IRS and before Congress for the last 18 years.


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