Category Archives: Business

Prepare for Hurricanes by Safeguarding Tax Records

Posted on June 23, 2009 by Camron Hoorfar

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

Posted on June 15, 2009 by Camron Hoorfar

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

Posted on June 10, 2009 by Camron Hoorfar

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

Posted on June 5, 2009 by Camron Hoorfar

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

Posted on June 4, 2009 by Camron Hoorfar

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 Posts New Interest Rates

Posted on June 3, 2009 by Camron Hoorfar

Revenue Ruling 2009-17 provides the rates for interest on tax overpayments and underpayments for the calendar quarter beginning July 1, 2009.The interest rates remain the same at 4 percent for overpayments (3 percent in the case of a corporation), 4 … Continue reading →

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Safe Harbor 401(k) Plan

Posted on June 2, 2009 by Camron Hoorfar

The IRS, on May 18, 2009, published proposed regulations, Suspension or Reduction of Safe Harbor Nonelective Contributions, that would amend Regulations under Code §§401(k) and 401(m).  These proposed regulations provide employers incurring a substantial business hardship an alternative to terminating … Continue reading →

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Special Tax Breaks for Small Business

Posted on June 1, 2009 by Camron Hoorfar

The American Recovery and Reinvestment Act (ARRA), enacted in February, created, extended or expanded a variety of business tax deductions and credits. Because some of these changes-the bonus depreciation and increased section 179 deduction, for example-are only available this year, … Continue reading →

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Deductible Travel Expenses

Posted on May 20, 2009 by Camron Hoorfar

Many taxpayers go away on business and incur expenses while travelling, and those same taxpayers think that all expenses incurred while travelling are deductible as a business expense.  This is not true.  In fact, there are many restrictions on business … Continue reading →

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Net Operating Losses Overview

Posted on May 18, 2009 by Camron Hoorfar

A corporation generally figures and deducts a net operating loss (NOL) the same way an individual, estate, or trust does.  However, a corporation’s NOL generally differs from an individual, estate, or trusts’ NOL in the following ways: A corporation can … Continue reading →

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