Employers Get Extension on Work Opportunity Tax Credit Paperwork

The IRS is giving employers extra time to file a form required to claim the Work Opportunity Tax Credit for eligible employees. Employers now have until April 30, 2015 to file the form that is required to claim the valuable tax credit for qualifying workers hired in 2014. This article has the details about the IRS relief and the steps an employer must take to take advantage of this opportunity.


The IRS Simplifies Repair Regulations for Small Businesses

Good news! It recently became easier for small businesses to take advantage of the final repair regulations. Here's some background on what the repair regs address and how the IRS has reduced some of the red tape for qualifying small businesses. Before you file your 2014 business return, review your company's fixed asset capitalization policies for potential tax savings opportunities.


S Corps and Partnerships: Beware of Failure-to-File Penalties

The S corporation is a popular business structure that's available only to privately held businesses. A recent Tax Court case reminds taxpayers that there's a steep penalty for S corps (and partnerships) that fail to file timely federal tax returns, even if there's no taxable income to report. A sidebar also reviews the qualifications for switching from C to S corporation status.


Cuba: Land of Limited U.S. Opportunities

The economic embargo against Cuba remains in effect. But travel and trade restrictions were loosened slightly on January 16, under revised guidelines issued by the executive branch of the U.S. government. Here's some important information you should consider before traveling to or doing business in Cuba.


Estate Planning to Minimize Federal Income Taxes

A Congressional Research Service report concluded that less than 0.2 percent of all estates will owe federal estate tax. But almost everyone who is in the middle class or higher owes federal income tax each year. So for most folks, estate planning these days should focus on strategies to reduce federal income taxes by minimizing capital gains, utilizing capital losses while you're still alive and updating your designated beneficiaries.


2014 Federal Tax Returns: Something Borrowed, Something New

No one likes to pay taxes. But the tax-filing process is further complicated by the ever-changing tax laws. The Tax Increase Prevention Act and Affordable Care Act are two laws that may affect your 2014 federal tax returns. Here are some key details that businesses and individuals should know before they file their 2014 federal taxes.


M&A Trends: What’s Hot and How to Help Prevent Pitfalls

Last year was the hottest year for mergers and acquisitions (MAs) since the financial crisis began in 2007, according to recent estimates. There's more good news: 2015 is expected to be even hotter. Here are some recent trends and best practices to consider if you're contemplating buying or selling a business in the near future.


The Latest News on the Personal Use of Company Cars

The use of a company car remains a popular perk for employees. But this benefit isn't completely free to employees under current tax law. Essentially, personal use of a company car is treated as a taxable fringe benefit, subject to income tax withholding by the employer. This process is often complicated by the complexity of the tax rules. The IRS just released relevant figures for 2015. This article explains what you need to know.


Businesses: How to Help Prepare for Audit Season

Are you ready for your company's external financial statement auditors to start their fieldwork? A little advanced preparation can go a long way toward facilitating the process, minimizing adjustments and surprises, lowering future accounting fees and getting more value out of the audit process. Here's a checklist that can help clients gear up for the upcoming audit season.


 

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