What is a 1099-K?
One new phenomenon that gained prominence during 2011 tax season is a new form called “1099-K”. Not to belabor the point, …
IRS Eliminates 1099K Reconciliation
The Internal Revenue Service has eliminated the requirement regarding how credit -and debit card payments are accounted for …
S Corporation shareholder’s compensation must be reasonable.
A recent court decision reported that an S corporation shareholder’s salary should be a reasonable compensation. …
New Tax Treatment of Cell Phones for Business
Lifts Record Keeping Burden for Small Business The IRS categorization of mobile phones as listed property required business …
“Offer in Compromise” — Method to Resolve Debt
What is an “Offer in Compromise” (OIC)? For tax payers overburdened by tax debt, the IRS provides for an “Offer in …
Hot Tax Tips for 2011
HOT TAX TIPS FOR 2011 1. If you donate stock directly to a charity instead of cash you can get a charitable deduction for the …
Common Tax Errors to Avoid
COMMON TAX ERRORS 1. If you had a baby during 2011, you must get a Social Security number for the child before filing your …
Tax Rule for U.S. Citizens and Resident Aliens Abroad
Tax Rule for U.S. Citizens and Resident Aliens Abroad For citizens of the United States and resident aliens living abroad, …
VOW to Hire Heroes Act provides tax credits
President Obama signed a new law providing a tax credit to employers who hire military veterans. Named the “VOW to Hire …