Posted by mycpaweb on November 16, 2009 · Leave a Comment
What You Must Know Before You File an Offer in Compromise Do You Qualify for an Offer in Compromise? How to File an Offer in Compromise An offer in compromise (OIC) is an agreement between a taxpayer and the Internal Revenue Service that settles the taxpayer’s tax liabilities for less than the full amount owed. … Read more
Filed under Accounting, Business Litigation, Finance, Tax Planning, Tax Preparation, Uncategorized · Tagged with Deferred Periodic Payment Offer, Doubt as to Collectibility, Doubt as to Liability, Effective TaxAdministration, IRS, Lump Sum Cash Offer, Offer in Compromise, OIC, payment options, payments and application fees, RCP, reasonable collection potential, Short Term Periodic Payment Offer, tax liabilities, Types of OICs
Posted by mycpaweb on November 13, 2009 · Leave a Comment
Fringe Benefits – Manufacturing Tax Tips What is a fringe benefit and how does it affect my taxes? Inventory – Manufacturing Tax Tips How do I value my inventory? Excise Taxes – Manufacturing Tax Tips Manufacturing Companies may be liable for Federal excise taxes or due a credit or refund. Research and Development – Manufacturing … Read more
Filed under Accounting, Audit Representation, Financial Planning, Tax Planning, Tax Preparation, Uncategorized · Tagged with amortize, business expenses, capital expenses, credit, deduct, defer, Excise Taxes, expenditures, Fringe Benefits, Inventory, liability, Manufacturing, methods of accounting, nonrefundable tax credit, refund, Research and Development, Tax Tips
Posted by mycpaweb on November 11, 2009 · Leave a Comment
With 2009 nearly half over, the Internal Revenue Service reminds individual taxpayers there is no better time to check their 2009 federal income tax withholding levels to make sure they do not face any surprises when returns are due next spring. The Making Work Pay Credit lowered tax withholding rates this year for 120 million … Read more
Filed under Accounting, Audit Representation, Business Litigation, Financial Planning, Payroll, Tax Planning, Tax Preparation, Uncategorized · Tagged with American Recovery and Reinvestment Act, IRS, Making Work Pay Credit, optional adjustment procedure, retirees, tax withholding rates, taxpayers, unemployed workers, withholding
Posted by mycpaweb on November 10, 2009 · Leave a Comment
The following sections contain general information about partnerships. Organizations Classified as Partnerships An unincorporated organization with two or more members is generally classified as a partnership for federal tax purposes if its members carry on a trade, business, financial operation, or venture and divide its profits. However, a joint undertaking merely to share expenses is … Read more
Filed under Accounting, Audit Representation, Business Litigation, Financial Planning, Tax Planning, Tax Preparation, Uncategorized · Tagged with basis, capital, classified, community property, contributed property, conversion of partnership into LLC, date of termination, exclusion from partnership rules, family partnership, Form 1065, forming, gift of capital interest, holding period, husband-wife partnership, information, interest, investing partnership, Limited Liability Company, liquidation, marketable securities, material, operating agreement partnership, Organizations formed after 1996, Organizations formed before 1997, partner's distributive share, partnership, partnership agreement, partnership distributions, partnership return, procedure, sale or exchange of property, short period return, terminating a partnership, unrealized receivables and goodwill
Posted by mycpaweb on November 9, 2009 · Leave a Comment
Estimated tax is the method used to pay tax on income that is not subject to withholding. This includes income from self-employment, interest, dividends, alimony, rent, gains from the sale of assets, prizes and awards. You also may have to pay estimated tax if the amount of income tax being withheld from your salary, pension, … Read more
Filed under Accounting, Audit Representation, Business Litigation, Financial Planning, Tax Planning, Tax Preparation, Uncategorized · Tagged with EFTPS, Electronic Federal Tax Payment System, estimated taxes, Income Tax, Income Tax Return, payments, penalty, self employment tax, tax liability
Posted by mycpaweb on November 8, 2009 · 1 Comment
Taxpayers who buy a new car or several other types of motor vehicles this year may be entitled to a special tax deduction when they file their 2009 federal tax returns next year. The tax break is part of the American Recovery and Reinvestment Act of 2009. Here are seven things you should know about … Read more
Posted by mycpaweb on November 7, 2009 · 1 Comment
You probably already keep records in your daily routine. This includes keeping receipts for purchases and recording information in your checkbook. Keeping these and other records will help you avoid headaches at tax time. Good recordkeeping will help you remember the various transactions you made during the year, which in turn may make filing your … Read more
Posted by mycpaweb on November 6, 2009 · Leave a Comment
This section discusses self-employment tax. The list of items below should not be construed as all-inclusive. Other information may be appropriate for your specific type of business. What is Self-Employment Tax? How to Pay Self-Employment Tax Estimated Taxes Who Must Pay Self-Employment Tax? Are You Self-Employed? Earned Income Tax Credit What is Self-Employment Tax? Self-employment … Read more
Filed under Accounting, Financial Planning, Payroll, Tax Planning, Tax Preparation · Tagged with define, estimated taxes, independent contractor, part-time business, self employment tax, sole proprietor, Tax Deduction, Tax Rate, trade or business
Posted by mycpaweb on November 5, 2009 · Leave a Comment
You can receive income in the form of money, property, or services. This section discusses many kinds of income that are taxable or nontaxable. It includes discussions on employee wages and fringe benefits, and income from bartering, partnerships, S corporations, and royalties. The information on this page should not be construed as all-inclusive. Other steps … Read more
Filed under Accounting, Audit Representation, Business Litigation, Estate Planning, Financial Planning, Payroll, Tax Planning, Tax Preparation, Uncategorized · Tagged with nontaxable income, report income, Taxable, taxable income, types of income
