Author Archives: kristynhill

Posted on January 28, 2015 by kristynhill

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  Tax Season 2015 – Refunds Maybe Delayed but Fewer Audits are Predicted Significant budget cuts at the IRS are likely to affect many taxpayers this tax season. The IRS expects that the budget cuts, which started in 2010, will put over 17,000 IRS workers out of a job before they are finished. It is estimated that, this year alone, the IRS will see 3,000 to 4,000 employee cuts before June. On the negative side, these cuts may result in delayed tax refunds and will make IRS workers less available to communicate with individuals and business owners who have questions. … Click to Read More

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IRS – Opening Date for Tax Season 2015 – In spite of the fact that the tax extenders bill, a major piece of tax legislation, was passed just weeks before the end of the year, the Internal Revenue Service has announced that there will be no delay to the opening of the 2015 tax season. The official opening date for individual returns has been set as Tuesday, January 20th, 2015 which is actually 10 or 11 days earlier than that of previous years. In addition, rather than a tiered opening, the new legislation allows taxpayers who are submitting paper returns … Click to Read More

Audit-Proof your Small Business Tax Return Audit-Proof your Small Business Tax Return – Although there is no way for a small business to avoid an IRS audit with absolute certainty, there are some steps that can be taken to minimize the chances of being selected. In addition to being one of the categories targeted for audit by the IRS, there are certain conditions that make the chances of a small business being selected for an audit more likely. Because business tax law is so complex, it may be advisable for a small business owner to consult with a business tax … Click to Read More

Are Business Taxes Too High? Are Business Taxes Too High? The debate continues between those who think that the United States corporate tax rate is too high and those who think that it is in line with the average corporate tax rate for other countries. Although it is unlikely that a major tax reform bill will be introduced before the November elections, many believe that one is on the horizon soon after that. Many business leaders and politicians believe that lowering the corporate tax rate is necessary in order to make the United States more attractive to business. Others oppose … Click to Read More

Don’t Overlook the Net Operating Loss Deduction Important:- Net Operating Loss Deduction – The carryover of a net operating loss is a valuable tax deduction in that it allows an operating loss from the current tax year to offset income from previous or future tax years. This is important because it one of the only means by which the business income taxes owed in any given year can be affected by anything other than the income, tax deductions or tax credits earned in that year. While the rules governing the carryover of a net operating loss are complex, the use … Click to Read More

    Business Tax News -Corporate Inversions on the Rise-  In order to escape a 35% corporate tax rate, more and more United States companies are taking steps to move their headquarters offshore. While such a move, called an inversion, does not lower a company’s business tax rate on income earned within the United States, it does shield them from paying the high rate on foreign earnings. This provides a huge business tax advantage to multinational companies whose overall business tax rate could potentially be reduced by over 10%! Because the government has been less and less lenient about allowing … Click to Read More

New Noncompliance Focus for the IRS – A recent study by the Government Accountability Office identified a growing problem with the business tax noncompliance of S-Corporations and Partnerships. While the noncompliance rate for these business entities has historically been high, it has recently become an area concern due to the fact that S-Corporations and Partnerships represent an increasingly greater percentage of the county’s total business tax income. Although the existing data is not sufficient to support an accurate estimate of the total tax dollars lost due to the tax noncompliance of S-Corporations and Partnerships, past studies indicate that the amount … Click to Read More

Avoiding a Small Business Audit – Although budget cuts forced the IRS to perform fewer audits last year than they had in the previous several years, small businesses remain one of the categories targeted by the audit process. In spite of this fact, there are a number of things small business owners can do to make being selected for an IRS Audit less likely. Should an audit be conducted, these same actions will help to ensure a favorable outcome. One of the most obvious ways for a small business to avoid an IRS Audit, is for the business owners to … Click to Read More

The Outsourcing of Payroll Services  – Although the outsourcing of payroll services is often one of the smartest financial choices a business can make, there are certain considerations that should be addressed when selecting a third party payroll services provider. While the outsourcing of payroll services has numerous advantages, the fact that these functions are an important component of a company’s success makes the selection of a third party payroll services provider an important decision. Since the employer is ultimately responsible for its payroll and the accompanying tax responsibilities, it is important to select a payroll services provider that is both competent … Click to Read More

Small Business Tax Breaks in the News -This past Tuesday, the House Ways and Means Committee voted to extend six of the more than 60 small business tax breaks that expired on January 13, 2013. Although most analysts assume that the proposal will not be bought up for consideration by the House of Representatives for quite some time, the vote is none the less significant in that it favors extending the small business tax breaks permanently, rather than for some set time period. Proponents of the proposal feel that this will allow small businesses to better plan for the future … Click to Read More