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    IRS going after underreported tips at restaurants

    IRS going after underreported tips at restaurants
    Pssst. Want to hear about an occupation in which thousands of people earn up to $50,000 or more annually but pay very low taxes? Here's the deal: You too can become a restaurant waiter, join in the widespread practice of underreporting your tips, and, if you work your way up to a fine-dining gig, achieve an enviably high net income. But ...
    Rated: +2
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    Glossary of Tax Terms

    Get in the know with our alphabetical list of tax terms for your business. Accelerated depreciation. A depreciation method that allows larger deductions in the early years of an asset's "life" and smaller deductions at the end of the period. (See "Straight-line depreciation.")Accrual method (or accrual basis). One of two main accounting methods for determining when a transaction has tax significance. ...
    Rated: +2
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    State Tax Forms

    Visit your state's tax site to find out what forms you need to fill out for your business. Remember, not all states have income taxes.AlabamaAlaskaArizonaArkansasCaliforniaColoradoConnecticutDelawareDistrict of ColumbiaFloridaGeorgiaHawaiiIdahoIllinoisIndianaIowaKansasKentuckyLouisiana MaineMarylandMassachusettsMichiganMinnesotaMississippiMissouriMontanaNebraskaNevadaNew HampshireNew JerseyNew MexicoNew YorkNorth CarolinaNorth DakotaOhioOklahomaOregonPennsylvaniaRhode IslandSouth CarolinaSouth DakotaTennesseeTexasUtahVermontVirginiaWashingtonWest VirginiaWisconsinWyoming
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    Federal Tax Forms List and Downloads

    Most Common Tax FormsForm 940 Employer's Annual Federal Unemployment Tax ReturnForm 1040 Individual Income Tax ReturnForm 1040, Schedule C Profit or Loss From BusinessForm 1040, Schedule C-EZ Net Profit From BusinessForm 1040, Schedule D Capital Gains and LossesForm 1040, Schedule SE Self-Employment TaxForm 1120 U.S. Corporation Income Tax ReturnForm 1120-S U.S. Income Tax Return for an S CorporationForm 4868 Application for ...
    Rated: +2
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    All Aboard: the Impact of the New York State MTA Payroll Tax on Alternative Investment Fund Managers

    All Aboard: the Impact of the New York State MTA Payroll Tax on Alternative Investment Fund Managers
    ON MAY 7, 2009, NEW YORK GOVERNOR David Paterson signed into law Assembly Bill A08180, establishing the Metropolitan Commuter Transportation Mobility Tax (MCTMT, or MTA payroll tax).1 This bill was written to alleviate fare hikes and service cuts that were adopted as part of the Metropolitan Transportation Authority's (MTA) budget in April. The bill imposes a new tax on employers and ...
    Rated: +5
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    Tax Court Allows Deduction for Woman's Sex Change

    Tax Court Allows Deduction for Woman's Sex Change
    By Denise Lavoie, AP Legal Affairs Writer BOSTON — The U.S. Tax Court ruled Tuesday that a Massachusetts woman should be allowed to deduct the costs of her sex-change operation, a decision that could have broad implications for transgender people. Rhiannon O'Donnabhain (oh-DON'-oh-vin), who was born a man, sued the IRS after the agency rejected a $5,000 deduction for approximately $25,000 ...
    Rated: +4
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    Series LLCs: Pros and Cons of a Growing Trend

    Series LLCs: Pros and Cons of a Growing Trend
    Eight states allow the formation of series LLCs (Delaware, Illinois, Iowa, Nevada, Oklahoma, Tennessee, Texas and Utah). A series LLC consists of a “master” LLC with one or more series of members, managers, interests or assets. Although contained within the master LLC, each series can have separate rights, powers and duties with respect to specific property and liabilities and can have ...
    Rated: +4
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    IRS Issues Proposed Regulations on New Basis Reporting Requirement

    IRS Issues Proposed Regulations on New Basis Reporting Requirement
    WASHINGTON — The Internal Revenue Service today issued proposed regulations under a new law that will require reporting of basis and other information by stock brokers and mutual fund companies for most stock purchased in 2011 and all stock purchased in 2012 and later years. The reporting will be to investors and the IRS. This additional reporting will be optional for ...
    Rated: +5
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    Proposed New Requirements for Tax Return Preparers: Frequently Asked Questions

    Proposed New Requirements for Tax Return Preparers: Frequently Asked Questions
    Posted 2/2/2010 If an employee of a business prepares the business’ tax returns as part of their job responsibilities, will the recommendations affect them? No. An employee who prepares his employer’s returns is not required to sign as a paid preparer. Accordingly, unless the employee prepares other federal tax returns for compensation, he or she will not be required to register ...
    Rated: +4
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    IRS Debunks Frivolous Tax Arguments

    IRS Debunks Frivolous Tax Arguments
    WASHINGTON — The Internal Revenue Service today released the 2010 version of its discussion and rebuttal of many of the more common frivolous arguments made by individuals and groups that oppose compliance with federal tax laws. Anyone who contemplates arguing on legal grounds against paying their fair share of taxes should first read the 80-page document, The Truth about Frivolous Tax ...
    Rated: +3
  • +6

    Business Entertainment: What Can You Deduct?

    Business Entertainment: What Can You Deduct?
    NEW YORK – Taking a client out for lunch is one of the most basic business activities there is. And it's one that can run a small business owner afoul of the IRS. There has been a tug of war for years between the government and businesses over entertainment expenses. The agency is on the lookout for companies that take excessive ...
    Rated: +6