The IRS is staffing up to audit the billionaires in the American middle class. In my opinion, they will be hiring specialists to go after low-hanging fruit where the IRS knows compliance is lax. Charitable Contributions are an easy audit … Read more »
The WOTC is a federal program that provides tax incentives to employers for hiring and retaining individuals who have been determined by the Department of Labor (DOL) to face barriers to hire. With different names, it has been in existence … Read more »
There are many articles on the internet about small and medium sized business embezzlement cases and suggestions on how to avoid it. There are perhaps couple of unwritten, chapters to the fallout of embezzlement that are worth knowing. Personnel / … Read more »
I got a couple of email questions regarding a post earlier this year about expensing fixed assets purchases that are $2,500 or less in cost. This is the “De Minimis Rule”. It’s your friend. Background: The Internal Revenue Code generally … Read more »
It’s tempting to hire staff as contractors; skipping costs for insurance, payroll taxes and administrative time. It’s particularly tempting in bringing someone on-board on a trial basis or for part-timers. The IRS has 20 factors to consider to determine if … Read more »
Final Repair and Capitalization Regulations are in. These summarize the different, sometimes contradictory, regulations. Best of all, the IRS has established a hierarchy of the rules. Here are some important takeaways from the hundreds of pages of regs. This is … Read more »
“It was on a reliable business site on the internet. Should be correct, right?” Here’s an interesting one I found while looking for a Self Employment (SE) Tax calculation for a client’s use. Quick refresh, SE Tax has 2 components … Read more »