Business Tax News -Corporate Tax Inversions!

Posted on: August 11, 2014

    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 … [Read more…]

New Compliance Focus for the IRS

Posted on: June 26, 2014

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 … [Read more…]

Avoiding a Small Business Audit

Posted on: June 9, 2014

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 … [Read more…]

The Outsourcing of Payroll Services

Posted on: May 29, 2014

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 … [Read more…]

Small Business Tax Breaks in the News

Posted on: May 1, 2014

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 … [Read more…]