Category Archives: Business

Prepare for Hurricanes, Disasters by Safeguarding Tax Records

The 2011 hurricane season starts today, and the Internal Revenue Service encourages individuals and businesses to safeguard themselves against natural disasters by taking a few simple steps. Create a Backup Set of Records Electronically Taxpayers should keep a set of … Continue reading

Posted in Business, General, Taxation | Leave a comment

FBAR Filing Deadline Extended for Certain Financial Professionals

The Internal Revenue Service and the Financial Crimes Enforcement Network (FinCEN) today announced that a small subset of individuals with only signature authority required to file the Report of Foreign Bank and Financial Accounts (FBARs) will receive a one-year extension … Continue reading

Posted in Business | Leave a comment

Employee Business Expenses

If you itemize deductions and are an employee, you may be able to deduct certain work-related expenses. The IRS has put together the following facts to help you determine which expenses may be deducted as an employee business expense. Expenses … Continue reading

Posted in Business, Individual, Taxation | Leave a comment

IRS Releases Form to Help Small Businesses

The Internal Revenue Service today released a draft version of the form that small businesses and tax-exempt organizations will use to calculate the small business health care tax credit when they file income tax returns next year. The IRS also … Continue reading

Posted in Business, Corporations, Partnerships, & More, Taxation | Leave a comment

Six Tax Tips for New Business Owners

Are you opening a new business this summer? The IRS has many resources available for individuals that are opening a new business. Here are six tax tips the IRS wants new business owners to know. First, you must decide what … Continue reading

Posted in Business, Corporations, Partnerships, & More, Individual, Taxation | Leave a comment

Form to Claim Payroll Tax Exemption for Hiring New Workers Now Available

The Internal Revenue Service has posted on its website the newly-revised payroll tax form that most eligible employers can use to claim the special payroll tax exemption that applies to many new workers hired during 2010. Designed to encourage employers … Continue reading

Posted in Business, Corporations, Partnerships, & More, Taxation | Leave a comment

IRS Offers Details on New Small Business Health Care Tax Credit

The Internal Revenue Service issued new guidance to make it easier for small businesses to determine whether they are eligible for the new health care tax credit under the Affordable Care Act and how large a credit they will receive. … Continue reading

Posted in Business, Corporations, Partnerships, & More, Taxation | Leave a comment

Five Tips for Great Record-Keeping

There are many records you have that may help document items on your tax return. You’ll need this documentation should the IRS select your return for examination. Here are five tips from the IRS about keeping good records. Normally, tax … Continue reading

Posted in Business, General, Taxation | Leave a comment

Tax-Free Employer-Provided Health Coverage Now Available for Children under Age 27

As a result of changes made by the recently enacted Affordable Care Act, health coverage provided for an employee’s children under 27 years of age is now generally tax-free to the employee, effective March 30, 2010. The Internal Revenue Service … Continue reading

Posted in Business | Leave a comment

Open House on Saturday May 15 to Help Small Businesses, Individuals Solve Tax Problems

The Internal Revenue Service will host a special nationwide Open House on Saturday May 15 to help small businesses and individuals solve tax problems. Approximately 200 IRS offices, at least one in every state, will be open May 15 from … Continue reading

Posted in Business | Leave a comment