Archive
Structure of a partner’s sale can save federal tax dollars
The sale of a partnership interest is generally treated as the sale of the partner’s share of the partnership’s underlying assets. This results in taxation at the favorable capital gains rates so long as the interest has been held for… View More
Foreign Travel Deductions
When traveling for business, keep in mind that the tax rules for foreign business travel are different from those for domestic travel. Whenever you spend any time vacationing on a foreign business trip, the general rule says you must allocate… View More
Cloud Computing
The concept of connect users with applications via the Internet, regardless of where they are or where the application resides, has been around for awhile. What has changed is the ability to connect organizations with applications by leveraging much faster, broader… View More
IRS Increases Mileage Rate
The IRS announced an increase in the optional standard mileage rates for the final six months of 2011. Taxpayers may use the optional standard rates to calculate the deductible costs of operating an automobile for business and other purposes. The… View More
Has Your Organization Lost Its Tax Exempt Status?
The Internal Revenue Service announced that approximately 275,000 organizations under the law have automatically lost their tax-exempt status because they did not file legally required annual reports for three consecutive years of 2007, 2008 and 2009. In an effort to… View More
Nanny Tax
When you hire a nanny, housekeeper or other domestic worker, pay close attention to the tax rules. You must generally pay Social Security, Medicare and federal unemployment taxes on wages paid to domestic workers who are considered “employees” under federal… View More
Defining Disabilities
The Equal Employment Opportunity Commission (EEOC) has put the finishing touches on regulations pertaining to the Americans with Disabilities Act Amendments Act of 2008 (“the ADAAA”). The ADAAA expanded the scope of the term “disability” to include more major life… View More
Lower Workers Comp Costs
One of the basic costs of doing business is insuring your workers against injury on the job. Escalating medical bills and other factors have caused Workers Compensation insurance to increase dramatically. Here are some other ideas that can help put a lid… View More
Employer Health Coverage
Created in the Patient Protection and Affordable Care Act, the IRS has released guidance to employers regarding reporting requirements concerning employee health. Employers will be required to list on each employee’s W-2 form the cost of their health coverage and… View More
Whistleblowing: There’s a Site for That
The IRS has created a site that allows individuals to anonymously report anyone who is cheating on their taxes. Taxsqueal.com allows individuals to report on anyone who they believe are cheating on their taxes without reveling thier idenity. The downside… View More
