Posts from: Business News
Look At How Shaq became a Successful Business Man!
We all know who Shaquille O’Neal is; the notorious 7 foot 1 inch basketball player who has been playing in the NBA League for 19 years! When we were all watching him play in the court, we probably all never thought that this guy would make it BIG... (more...)
DON’T GO BANKRUPT! How CPA & Management Accountants are Very Important for Start Ups
Think about a business that you want to start … Now think about how you are going to start this business … Alright, now think about what kind of work you will be getting yourself into if you started up a business all by yourself… Fast... (more...)
How Does your Passion Reach Success?
Imagine yourself doing something that you are most passionate about, and then making tons of money just by doing that “something” you are most passionate about. How much better would your life be? You can enjoy that lavish lifestyle, going out... (more...)
How to Stop Expense Reimbursement Fraud
Expense reimbursement fraud schemes are among the most common types of fraud, accounting for 14% of all asset misappropriation fraud schemes, according to the 2016 Report to the Nations on Occupational Fraud and Abuse by the Association of Certified... (more...)
Buying a Home? You May Have Missed an Important Step
Anyone who is going through the process of buying a home knows that it can be a long and expensive process. And it’s one that you need to get right to build a solid financial future Find the right lender. There are many different types of mortgages,... (more...)
Corporate, Personal Income Taxes: EDD Extends Deadlines for Employers Affected by Wildfires in Los Angeles and Monterey Counties
The California Employment Development Department (EDD) is extending deadlines for employers in Los Angeles and Monterey Counties who were directly affected by the wildfires that began on July 22, 2016. Qualifying employers may request up to a 60-day extension... (more...)
U.S. Consumer Spending Rises, Brexit Casts Shadow on Outlook
U.S. consumer spending rose for a second straight month in May on increased demand for automobiles and other goods, but there are fears Britain’s vote to leave the European Union could hurt confidence and prompt households to cut back on consumption. Despite... (more...)
The Fed Is Now More Likely to Cut Interest Rates Than Raise Them
Wall Street is betting Brexit will change the minds of raising interest rates in the next meeting. The probability of a federal funds rate hike at the Fed’s next three monthly meetings has collapsed to 0%, and traders are assigning a less than 8% chance... (more...)
Baby Boomers- It’s Time to Spend Your 401(k) and IRA – Pay Taxes or Not
A generation crosses a magic finish line and finds the IRS waiting. Here are some tips to minimize the bite. At age 70½, the bill comes due on all those tax-deferred savings accounts we’ve been building, and this week the oldest baby boomers will begin... (more...)
Worldwide Markets Lost More than $2 Trillion
The U.K.’s referendum to leave the European Union was a costly decision in more ways than one. Worldwide markets hemorrhaged more than $2 trillion in paper wealth on Friday according to data from S&P Global, the worst on record. Brexit is the... (more...)
Corporation Tax Reform – Reduction to 20 percent from 35 percent
House Republicans have said for years they want to reform the tax code and now, after much debate, they finally have a consensus plan. GOP lawmakers are set Friday to unveil a tax code rewrite that substantially differs from ideas they’ve... (more...)
Warning for Rising Home Prices
Home prices are crossing the line again. After an epic housing crash, where values plummeted nationally by almost 35 percent, the nation is seeing new highs again. The median price of an existing home sold in May hit a record $239,700, according to the... (more...)
Startup costs: Book vs. tax treatment
New businesses, which are vital to a healthy economy, usually incur costs before they begin active conduct of their intended business operations. These costs are frequently generically referred to as startup costs of a business. For financial accounting... (more...)
Make these last-minute moves to qualify for important retirement savings tax breaks
The end of the year has a variety of retirement planning deadlines you need to meet in order to qualify for tax deductions and credits. Retirees also need to take action by specific dates to avoid retirement account penalties. Here are some of the retirement... (more...)
529 Plans Also Help Cut Estate Taxes
As college costs have soared, way outpacing the small gains in family income of the past decade, more and more families have turned to Section 529 college savings plans where gains are tax-free when withdrawn to pay for school. A qualified tuition plan... (more...)
Real GDP growth rose at a 1.5 percent-annual pace
Economic activity lost some of its momentum in the third quarter. Real GDP growth rose at a 1.5 percent-annual pace, but much of the drag was due to a slowdown in inventory building. Real private sales to domestic purchasers, which is a better gauge of... (more...)
Federal Tax Day – year 2016 Inflation Adjustments for Pension Plans, Retirement Accounts Released.
The 2016 cost-of-living adjustments (COLAs) that affect pension plan dollar limitations and other retirement-related provisions have been released by the IRS. In general, many of the pension plan limitations will change for 2016 because the increase in... (more...)
IRS eyes payroll tax avoidance tactics via S corporations
Payroll tax collection continues to vex the Internal Revenue Service despite several court cases that have resulted in rulings favorable for the IRS regarding unreasonably low compensation. A recent high profile case was David E. Watson, P.C. v. United... (more...)
IRS finds widespread noncompliance by colleges and universities
The IRS published its final report concerning its Colleges and Universities Compliance Project, finding compliance issues related to unrelated business taxable income (UBTI) and compensation practices. The IRS conducted the study to find out why colleges... (more...)
Former H&R Block Manager Sentenced to Year in Prison for Identity Theft
Dubose, the former manager of an H&R Block outlet, pleaded guilty in March to one count of wire fraud and one count of filing false claims with the Internal Revenue Service. The court sentenced him to 12 months and one day on each count of the conviction,... (more...)
IRS offers new method for home office deductions
Working at home has come a long way from the days when employers were most concerned that they would not get their money’s worth if they allowed employees to do so. Instant communication, improved internet access, and more stable virtual network connections... (more...)
Temporary jobs becoming a permanent fixture
Hiring is exploding in the one corner of the U.S. economy where few want to be hired: temporary work. From Wal-Mart to General Motors to PepsiCo, companies are increasingly turning to temps and to a much larger universe of freelancers, contract workers... (more...)
Form 1099-K
Information reporting for payment card and third party network transactions on Form 1099-K, Payment Card and Third Party Network Transactions is due to the IRS on the last day of February of the year following the transactions. If filing electronically,... (more...)
California—Corporate Income Tax: Timely Filed by Suspended
Corporation that filed notices of appeal while its corporate powers were suspended for nonpayment of its California corporation franchise taxes could proceed with the appeals after those powers were revived, even if the revival occurred after the time... (more...)
All 2012 tax returns can now be filed with IRS
The IRS on Monday announced that it finished updating its processing systems and is now accepting all returns that include the 29 forms that were delayed by the late passage of the American Taxpayer Relief Act of 2012, P.L. 112-240. On Sunday, the IRS... (more...)
Nevada Corporate Income Tax
A California superior court has issued a temporary and proposed statement of decision holding that a Nevada corporation was entitled to a refund of California corporation franchise taxes paid for the tax years in question because the corporation met its... (more...)
California—Personal Income Tax: Supplemental Documentation Did Not Substantiate Claimed Deduction Amounts.
Supplemental documentation provided by taxpayers regarding their claimed California personal income tax deductions for ordinary and necessary expenses paid or incurred in carrying on a trade or business was not sufficient to overcome the presumption that... (more...)
Corporate Income Tax: Nexus Established Due to Employee’s In-State Activities
The FTB advises a taxpayer that its corporate subsidiary, which had a single employee located in California, was doing business in the state during pre-2011 tax years and therefore was subject to corporation franchise and income taxes during those years... (more...)
California—Personal Income Tax: FTB Contacting Nonfilers
The California Franchise Tax Board (FTB) is contacting more than 1 million people who did not file a 2011 state income tax return. The deadline to file was October 15, 2012. The FTB compares its records of filed tax returns with the more than 400 million... (more...)
Rental real estate offers tremendous tax advantages
Rental real estate offers tremendous tax advantages and opportunity for tax planning. Taxpayers, such as you, can depreciate property far exceeding your actual investment, deduct interest on borrowed capital, exchange rather than sell properties to defer... (more...)