Hi, Website Visitor. Here are your Articles for July 18, 2007.
Glossary:
A
| B
| C
| D
| E
| F
| G
| H
| I
| J
| K
| L
| M
| N
| O
| P
| Q
| R
| S
| T
| U
| V
| W
| X
| Y
| Z
Rea & Associates, Inc. Announcements
How Valid is Your Buy-Sell Agreement?
I have valued more than 1,000 businesses during the past decade. During the valuation process, we often examine the existing "buy-sell" agreement. It's amazing how many of these "buy-sell" agreements are woefully out of date.
Ok, here's the bad news - many of us either already have had or will have the experience of getting something stolen from us personally or from our business. But, here is the good news – the IRS realizes this and allows for a deduction when this happens to you.
Generally, the IRS uses a common law test of control to determine whether a worker is an employee or an independent contractor. Under this test, a worker is an employee if the user of his or her services has the right to direct and control the manner and details of the worker's performance.
As popularity grows for casinos, lotteries and other types of legal gambling, many taxpayers are in the position of having to report winnings on their income tax returns. Here are a few key points to remember.
Gambling winnings fall under the Internal Revenue Code definition of gross income "from whatever source derived,” and that means they are taxable. Click “Full Article” to learn what information you should keep if you head to the racetrack or hit the tables in Vegas.
We take great care in the preparation of our articles and announcements. We also have a process of reviewing articles when major changes take place. The business, legal and tax climate is constantly changing especially when reviewed on an industry basis.
It may be very important to consult with us or your Investment Advisor before implementing ideas contained in articles and announcements. Many ideas have complexities and nuances that cannot be adequately detailed in the articles or announcements. We are not responsible for errors, misinterpretations or omissions related to these articles or announcements. Nor are we responsible for the applicability to your personal, business or tax situation.
Pursuant to Circular 230 promulgated by the Internal Revenue Service, if this email, or any attachment hereto, contains advice concerning any federal tax issue or submission, please be advised that it is not intended or written to be used, and that it cannot be used, for the purpose of avoiding federal tax penalties unless otherwise expressly indicated.
419 West High Avenue New Philadelphia, OH 44663-5120