Category Archives: Business

SBA and the ARRA

Understanding the SBA Programs in the Recovery Act • For small businesses, the Recovery Act temporarily eliminates SBA guaranteed 7(a) and 504 loan fees and offers tax benefits. For lenders, it temporarily eliminates loan fees on Section 504 loans. The … Continue reading

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Top Seven Tips for Taxpayers Starting a New Business

Anyone starting a new business this summer should be aware of their federal tax responsibilities.   Here are the top seven things the IRS wants you to know if you plan on opening a new business this year. First, you must … Continue reading

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S Corporation Creation Overview

S corporations are corporations that elect to pass corporate income, losses, deductions and credit through to their shareholders for federal tax purposes.  Shareholders of S corporations report the flow-through of income and losses on their personal tax returns and are … Continue reading

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What to do if You Receive an IRS Notice

It’s a moment many taxpayers dread. A letter arrives from the IRS — and it’s not a refund check. Don’t panic; many of these letters can be dealt with simply and painlessly. Each year, the IRS sends millions of letters … Continue reading

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Check Withholding to Avoid a Tax Surprise

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 … Continue reading

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Prepare for Hurricanes by Safeguarding Tax Records

With the 2009 hurricane season now underway, the Internal Revenue Service encourages individuals and businesses to safeguard themselves by taking a few simple steps. Create a Backup Set of Records Electronically Taxpayers should keep a set of backup records in … Continue reading

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The American Recovery and Reinvestment Act of 2009: Overview

The IRS is implementing the tax-related provisions of the American Recovery and Reinvestment Act of 2009 (ARRA) as quickly as possible. More information on these and other provisions of the recovery program will be available on this Web site as … Continue reading

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IRS Clarifies Requirement for Filing FBAR Form Due This Month

Internal Revenue Service officials announced that they would allow taxpayers to rely on the definition of a United States person as set forth in the prior instructions to the FBAR form when determining their filing requirement.This announcement affects those preparing … Continue reading

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IRS Offers Tax Credit Guidance to Businesses Hiring Unemployed Veterans and Certain Youth

Businesses planning to claim the newly-expanded work opportunity tax credit (WOTC) for eligible unemployed veterans and unskilled younger workers hired during the first part of 2009 have until Aug. 17 to request the certification required for these workers, according to … Continue reading

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IRS Offers Tax Credit Guidance to Businesses Hiring Unemployed Veterans and Certain Youth

Businesses planning to claim the newly-expanded work opportunity tax credit (WOTC) for eligible unemployed veterans and unskilled younger workers hired during the first part of 2009 have until Aug. 17 to request the certification required for these workers, according to … Continue reading

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