What_Is_The_Taxpayer_Advocate_Service

Are you and your business encountering trouble with the IRS? If you’re going through the standard IRS channels, but don’t feel like your ongoing tax problem is being resolved, you can get help from the Taxpayer Advocate Service. What is the Taxpayer Advocate Service? The Taxpayer Advocate Service is an independent program within the IRS.…

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Should_I_File_For_An_Extension

Many taxpayers pull all-nighters on April 14 and rush to the mailbox the next day to file their Form 1040 before the April 15 deadline. Many of those last minute filers believe that filing an extension will increase their risk of audit ­ therefore, the last minute scramble. Many of those taxpayers also file those…

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Directors_and_Officers_Liability_Insurance

Directors and officers (D&O) insurance is purchased to cover the CEO, COO, CFO, other corporate officers and outside directors. The coverage is specific to actions of the individuals, rather than to actions of the company. It applies whenever a claim is brought against one of the covered individuals for an action arising out of performance…

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How_To_Deal_With_An_IRS_Audit

Tax season is difficult enough in a normal year, but what are you supposed to do when the IRS comes knocking? What should you do to deal with an IRS audit? If you’re prepared and know what to expect, things will go more smoothly. Important Recommendations Above all else, there are three things you need…

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Sales_Tax_On_Internet_Transactions

Contrary to popular belief, goods that you purchase over the Internet are just as subject to tax as if you purchased them at the local mall. The confusion arises because stores in the local mall are required to collect the tax from you, the customer, while virtual stores with no physical presence in your state…

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Alternative_Minimum_Tax

The tax laws give preferential treatment to certain kinds of income and allow special deductions and credits for certain kinds of expenses. The alternative minimum tax attempts to ensure that anyone who benefits from these tax advantages will pay at least a minimum amount of tax. The alternative minimum tax is a separate tax computation…

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Maintain_A_Sane_Approach_To_Taxes

Taxes are the kind of thing that tends to drive a business owner up a wall. With complex laws, strict enforcement agents, and constant changes, the tax code can easily trip up someone who spends most of their time focusing on creating a viable business. It’s important for you to maintain a sane approach to…

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Reporting_FICA_Wages

There are specific payment and reporting rules for federal income tax withholding, and the employee and employer’s portions of Social Security and Medicare or FICA taxes. As a general rule, the IRS requires employers to report their taxable wage payments and corresponding federal income tax withholding and FICA tax liabilities on a quarterly basis by…

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Employment_Taxes

For employment tax purposes, what forms of compensation provided to employees are considered taxable? Basically, taxable compensation for employment taxes is based on an employee’s taxable wages. While not everyone is familiar with the concept of wages for employment tax purposes, federal and state tax laws define wages in very broad terms. Under these laws,…

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