Hi, Ann. Here are your Articles for March 19, 2008.
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Rea & Associates, Inc. Announcements
Five Mistakes to Avoid During a Downturn
Companies make mistakes all the time. However, in an economic downturn, avoiding the big ones is crucial. Small business owners tend to react to bad news impulsively, but they should take the long view and pace themselves. To get funded, stay funded, or just simply stretch your cash, you'll need to avoid the following common mistakes. If you've made them already, it's time to course-correct, meaning spot mistakes and take action to fix them. Right away.
IRS Releases Fiscal Year 2007 Enforcement and Services Results
The IRS recently released the audit enforcement figures for 2007. One figure of particular interest; one out of 11 individuals with an income of $1 million or more faced an audit in 2007. Roll the dice ladies and gentlemen – your odds of having an audit are over three times greater than rolling snake eyes.
7-day Safe Harbor for Depositing Participant Contributions
The Department of Labor (DOL) has proposed a safe harbor deadline for an employer to deposit participant contributions withheld from his/her compensation or payments received from a participant in a retirement or welfare plan.
The Internal Revenue Service has opened its IRS Free File program to individuals who do not normally file tax returns so they can receive economic stimulus payments.
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.
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