If summer plans include starting a business, be sure to visit IRS.gov. The IRS website has answers to questions on payroll and income taxes, credits and deductions plus more. (more…)
Archive for the ‘Business’ Category
A royal flush can be quite a rush. But the IRS casts a wide net when defining gambling income. It includes winnings from casinos, horse races, lotteries and raffles, as well as any cash or prizes (appraised at fair market value) from contests. If you participate in any of these activities, you must report such winnings as income on your federal return. (more…)
For many years, business owners had to ask themselves one question when it came to facing taxation in another state: Do we have “nexus”? This term indicates a business presence in a given state that’s substantial enough to trigger the state’s tax rules and obligations.
Well, the question still stands. And if you’re considering operating your business in multiple states, or are already doing so, it’s worth reviewing the concept of nexus and its tax impact on your company. (more…)
Everyone in business must keep records. Among other things, good records will help a business prepare the business tax returns, and will support items reported on tax returns. Taxpayers also must keep their business records available for inspection by the IRS.
In order to claim any deduction, a business owner, like any taxpayer, must prove two things: what expenses were for and that the expense was in fact paid or incurred. (more…)
Accounting Professional software
According to New Jersey CPA officers at Vernoia, Enterline + Brewer, LLC, accountants pay up to $35,000 for their accounting software, which is far more sophisticated than consumer-based products such as TurboTax. An accountant’s more advanced software has the ability to quickly scan your information and organize line items and forms correctly. While the software automates data entry and organization to minimize the potential for human error on your return, what is most important is the education and experience of your Certified Public Accountants and the tax planning they might offer. (more…)
Budget Act raises revenue with new tax compliance measures for partnerships, other changes
The new Bipartisan Budget Act of 2015, signed into law by President Obama in November, makes some far-reaching changes to partnership audits along with repealing automatic enrollment in health plans under the Affordable Care Act (ACA). The new law is a good preview of how Congress is looking to enhanced tax compliance as a revenue raiser. The tax compliance measures in the budget law, largely targeted to partnerships, are projected to generate more than $10 billion in revenue over 10 years. (more…)