FREE NEWS ALERTS
A free, comprehensive news service to keep small businesses and independent contractors posted on the latest tax developments affecting their operations.
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Lawmakers Discuss Tweaking Tax Code to Help Small Business
Some members of Congress are looking at bringing some targeted tax relief to small businesses in ways that will help them in turn stimulate the broader U.S. economy. “Small businesses have always led us to economic recovery and growth, but the tax code is...
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Senate Committee Considers Estate Tax Reform Options
The Senate Finance Committee held yet another hearing in April on reforming various aspects of current estate tax law, with an eye toward negotiating a bipartisan measure that can gain enough votes to advance into law. Sen. Max Baucus, D-MT, chairman of the...
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REIT Stocks May be Rebounding, Some Offer Attractive Dividends
Home prices may still be falling, but it looks like real estate investment trust stocks may have bottomed out. REITs are professionally managed, closed-end mutual funds that invest in income-producing properties. They distribute... [Includes one chart]
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Small Business Audits Rise as Probes of Large Firms Plunge
Audits of small businesses continue to increase while audits of large firms hit a 20-year low in fiscal year 2007, according to a new report. The Transactional Records Access Clearinghouse found that the IRS has placed an emphasis on small business enforcement...
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Report Ranks Impact of States’ Tax Policies on Small Business
An analysis of the taxes states inflict on small businesses reveals that the most business-friendly states are spread far and wide. Mean-while, the least business-friendly jurisdiction is the nation’s capital. The states with the best overall... [Includes one chart]
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Offshore Investment Doesn’t Escape Tax on Business Sale
Regan and Susan Reedy have fought the IRS since 2000 over taxes imposed due to the closure of their small business. The U.S. Tax Court recently ruled in favor of the IRS and assessed an additional $15,000 penalty due to the Reedys’ lack of cooperation...
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Small Business Group Criticizes Obama on Capital Gains Proposal
The Small Business & Entrepreneurship Council is taking presidential candidate Sen. Barack Obama, D-IL, to task over his proposal to increase the capital gains tax rate from its current 15% to as much as 28%. “U.S. Sen. Barack Obama is the frontrunner for the...
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IRS Clarifies Stimulus Withdrawal Policy
Economic stimulus payments directly deposited into IRAs and other tax-favored accounts may be withdrawn tax-free and penalty-free, the IRS announced at the end of April. The option is available through April 15, 2009 for amounts withdrawn from the accounts...
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May Tax Calendar
May 12: Employees who work for tips. If you received... Social Security, Medicare, and withheld income tax. File Form 941 for the... May 15: Social Security, Medicare, and withheld income tax. If the monthly... Nonpayroll withholding. If the...
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Estimated Tax: Computation and Payment #109
Whether you operate your business as a sole proprietorship, an S or C Corporation, a limited liability corporation, or other entity, it is important to accurately estimate your personal tax liability. Every major business and investment decision you...
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Types of Taxes – Alternative Minimum Tax #106
The alternative minimum tax attempts to guarantee that all individuals pay at least a minimum amount of tax. What Is the Alternative Minimum Tax? Tax laws give favored treatment to certain kinds of income and allow special deductions and....
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Business – Goodwill and Covenants #115
“Goodwill” is a way to account for intangible assets, such as in the sale or purchase of a business. Such costs are written-off over a period of time through amortization. Goodwill is one of many Section 197 Intangibles...
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Real Estate – Seller Financing
In a down housing market, seller financing and concessions can help sell a home and get the seller a few tax breaks in the process. Seller financing can lessen the tax brunt of a sale, as taxes are due only as principal is received. Two of...
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Estate Planning – Grantor Retained Trusts #103
A grantor retained trust can help taxpayers transfer assets to their children while minimizing tax liability. However, the IRS has many strict regulations for the schemes and often refers to them as “abusive.” Two legitimate types of trusts useful...
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Types of Taxes – Business Interruption Insurance #114
Among the many risks a business owner faces is the potential loss of profits that could result if the business is shut down by a fire or some similar cause. Business interruption insurance can reimburse you for your overhead costs and for profits lost to such...
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Expenses – At-Risk Rules #117
At-risk rules limit business losses from most activities to the amount the taxpayer has at risk in the activity. Taxpayers can treat any loss that is disallowed because of the at-risk limits as a deduction from the same activity in the next tax year. If losses...
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Business – Cash vs. Accrual Accounting #114
Each taxpayer must figure taxable income based on an annual accounting period called a tax year. The calendar year is the most commonly used tax year. Other possible tax years are a fiscal year and a short tax year. Each taxpayer must also use a consistent...
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Estate Planning – Coverdell Education Savings Accounts #104
A Coverdell Education Savings Account is a trust or custodial account set up in the U.S. solely for the purpose of paying qualified education expenses for the designated beneficiary of the account. Qualified expenses include expenses for tuition, fees...
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Inflation-Adjusted Tax Numbers for 2008 #107
Tax numbers change frequently. This tax brief lists certain inflation-adjusted numbers for use in preparing 2007 and 2008 tax returns. Be sure to review the instructions for any tax form you are completing to confirm these numbers and to check for any other...
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