Category Archives: Corporations, Partnerships, & More

Two New Tax Benefits Aid Employers Who Hire and Retain Unemployed Workers

Two new tax benefits are now available to employers hiring workers who were previously unemployed or only working part time. These provisions are part of the Hiring Incentives to Restore Employment (HIRE) Act enacted into law today. Employers who hire … 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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Statement from IRS Commissioner Doug Shulman on Offshore Income

The following excerpt is a statement made by IRS Commissioner Doug Shulman: My goal has always been clear – to get those taxpayers hiding assets offshore back into the system. We recently provided guidance to our examination personnel who are … 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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Safe Harbor 401(k) Plan

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

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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Business Market Segmentation Audits

Is your business currently undergoing an audit?  Are you feeling the IRS drawing closer and closer?  Well if this is you, or could ever be you in the future, there is something you should know:  The IRS audits each business … Continue reading

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