Taxes: Refunds Maybe Delayed but Less Audits are Predicted
Posted on: January 28, 2015
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
IRS – Opening Date for Tax Season 2015
Posted on: January 5, 2015
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
Posted on: October 27, 2014
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?
Posted on: September 30, 2014
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
Important – Net Operating Loss Deduction!
Posted on: September 11, 2014
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