Identity theft happens when someone uses your personal information without your permission. While this can include credit cards, banking information, and passwords, it’s your Social Security number that’s the biggest IRS-related identity theft problem.
Category: Tax – Business
AICPA Outlines Priority Recommendations for IRS
The American Institute of CPAs (AICPA) submitted more than 140 recommendations to the IRS regarding its 2019-2020 Guidance Priority List. This list identifies and priorities items the AICPA believes the U.S. Department and Treasury and the IRS should address.
Strategies for Avoiding the Accumulated Earnings Tax
The federal government discourages companies from “stockpiling” their capital by using the accumulated earnings tax. This tax—added as a penalty to a company’s income tax liability—specifically applies to the company’s taxable income, less the deduction for dividends paid and a standard accumulated tax credit of $250,000 ($150,000 for personal service corporations).
Tax Cuts and Jobs Act (TCJA) & U.S. Taxation of Foreign Business Income
As a part of the Tax Cuts and Jobs Act (TCJA), there are tax provisions that will affect U.S. shareholders of controlled foreign corporations (CFCs) for tax years beginning after December 31, 2017. The IRS recently issued guidance on these changes.
Expense Reimbursements for Employees
An employer may reimburse you for travel, meals, and entertainment expenses incurred while performing services for the employer. The tax treatment of the reimbursement, including per diem allowances, depends on whether the employer has an “accountable plan” or a “nonaccountable plan.”
The 10 Biggest Money Leaks in Your Accounting System
The last thing entrepreneurs want is for their hard-earned dollars to go down the drain because of a money leak in their business. Since so many entrepreneurs are working harder than ever before earning their living, it just makes sense to shore up every profit leak possible. But you might not know where they are or what… Continue reading The 10 Biggest Money Leaks in Your Accounting System
Alternative Minimum Tax (AMT): What You Need to Know
The alternative minimum tax was originally enacted to ensure that high-income taxpayers pay at least a minimum amount of tax if they benefit from certain deductions and other tax preference items. The AMT tax computation is a parallel system to the regular tax system with its own definitions of income and expenses, rules for income… Continue reading Alternative Minimum Tax (AMT): What You Need to Know