Happy Valentine’s Day! Love and debt can hurt; especially when you are the [...]
If your business makes sales in Stark County, Ohio, please take note of [...]
If you work in an occupation where you receive tips, they are considered [...]
Obama signed the Hiring Incentives to Restore Employment (HIRE) Act on Thursday! This Act provides employers with the opportunity to receive two new tax benefits when they hire workers who were previously unemployed or only worked part-time. Although household employers are not qualified to receive the benefits, businesses, agricultural employers, tax-exempt organizations and public colleges and universities are. So, before you start hiring, here are some things to think about...
If you're like most of us, you're anxious to know exactly when your tax refund from good old Uncle Sam shows up in your account. After all, it is your money that you loaned out.
I believe it can be a good thing to bring the taxpayer and agent together for a meeting outside the taxpayer’s place of business, as long as I can prepare my client in regard to what to expect.
Beginning on January 1, 2010, the standard mileage rates are as follows: 50 [...]
The IRS imposes penalties to encourage compliance with the tax laws. The examining officer has some liberty regarding the penalty for negligence which can be 20% of the taxes owed. Negligence can include any failure to make a reasonable attempt to comply with the IRS laws, exercise of ordinary and reasonable care in the preparation of a tax return, or keeping adequate books and records to properly substantiate items deducted.
When you hire someone to work in your business, that individual will either be an employee or independent contractor for tax purposes. Failure to properly classify the worker can subject you to an IRS audit and possibly interest and penalties for failing to withhold and deposit payroll taxes.
What if a taxpayer cannot produce the records of revenue and expense the agent is requiring?A. Were your tax records lost in a fire or a flood and you're being audited? It is not an excuse that will get you anywhere. Believe it or not, you can actually enlist the help of the IRS to get your past returns filed.