Extending will NOT increase your likelihood of being audited by the IRS. It is better to file an extension rather than to file a return that is incomplete or that you have not had time to review carefully before signing.
Many savvy businesses establish buy-sell agreements in case a co-owner voluntarily or involuntarily leaves. But it’s not enough to draft such an agreement; the document must be periodically reviewed and perhaps updated. This article examines key aspects to re-evaluate — including triggering events, structure and funding sources.
The Achieving a Better Life Experience (ABLE) Act of 2014 created a tax-advantaged savings account for people who have a qualifying disability (or are blind) before age 26. Modeled after the well-known Section 529 college savings plan, ABLE accounts offer benefits but have limitations as well. This article looks at both.
Many people feel a great sense of relief wash over them after their tax returns are completed and filed. Unfortunately, even professionally prepared and accurate returns may sometimes be subject to an IRS audit. This article describes why, and how to respond should an audit notice arrive in the mail.
This calendar notes two important tax deadlines for the second quarter of 2017.
It’s probably safe to say that nearly every business owner wants his or her company to grow. The question is: How? This brief article offers up five strategies to consider, including tapping into new markets and developing new sales and delivery channels.
Copyright © 2017
The U.S. Tax Court granted a whistleblower’s motion to proceed anonymously in his whistleblower case. The basis: The social interests of protecting his identity as a confidential informant exceeded those of the people’s right to know. But the Court said that, as the whistleblower action proceeds, the balance of social interests may change and his anonymity could be lost. The IRS Whistleblower Office pays awards to people who provide “specific and credible information” on tax cheaters. (148 TC No. 7)
When businesses dispose of assets, gain or loss must generally be recognized on tax returns, depending on the nature of the disposition (by sale, exchange, or involuntary conversion). In a private letter ruling, the IRS approved how a Formula 1 auto racing team handled its auto parts disposition for gain and loss purposes. Due to the unique nature of auto racing, the IRS ruled that each part used to build race cars for each specific race was the appropriate asset to be valued for disposition purposes. (PLR 201710006)
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