General Business
Oops, need to change your income tax return?
Do you need to correct your income or add deductions or credits to your recently filed income tax form? If so, you can file again using an amended tax return. Here are eight points the IRS wants you to know about amending your federal income tax return.
(5/14/2012)
The high price of sleep-deprived employees
A recent study found that 50 million to 70 million Americans suffer from chronic sleep disorders that adversely affect their daily functioning and health. Employers bear much of the burden of sleep deprivation in the form of lower productivity and higher healthcare costs. (4/30/2012)
Internal reviews help ensure a healthy business
Few people could have predicted the overall downturn in the economy, but some business owners simply did not pay attention to the general health of their companies. They failed to analyze the financial information available to them. Read what internal reviews could have helped. (4/16/2012)
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Washington Tax Update
Job hunting? Don't overlook tax deductions
With some parts of the economy starting to pick up, more people are in the market for a new job. Here are eight tax tips about the costs you might incur while job hunting - and the ins and outs of related tax deductions.
(5/16/2012)
Health savings account limits released for 2013
The IRS has provided the annual inflation-adjusted contribution, deductible and out-of-pocket expense limits that will apply to health savings accounts for 2013. Subject to statutory limits, eligible individuals may make tax-deductible contributions to health savings accounts. In general, an "eligible individual" is a person covered under a high-deductible health plan.
(5/16/2012)
Like-kind exchange questioned by Tax Court
An investor's intent may not always be obvious, but recently a couple's activities helped clarify their decisions for the Tax Court. The IRS questioned the validity of a like-kind exchange made by Patrick and Jill Reesink of San Francisco. And the case ended up in Tax Court.
(5/16/2012)
When is a partnership not a partnership?
Here is yet another case that emphasizes the importance of being careful when using a family limited partnership as an estate planning tool. Lois Lockett's husband predeceased her, and his will established a trust for her benefit. As part of her estate planning, Lockett created Mariposa Monarch, LLP (MM), an Arizona limited liability partnership. The partnership agreement named Lockett's sons, Joseph and Robert, as general partners and Lockett, Joseph, Robert and the trust as limited partners. So, was this a partnership?
(5/16/2012)
An 1895 version of the painting "The Scream" by Edvard Munch recently sold for a record-shattering $120 million at a Sotheby's auction in New York. The seller of the piece, a Norwegian businessman, will undoubtedly be paying a hefty tax on the sale. But the artist himself apparently tangled with the tax authorities.
(5/16/2012)
Monthly Tax Tips
See whether one-year rule applies to your prepaid expenses
To capitalize or not to capitalize? Many businesses ask that question. And the answer depends on the circumstances.
(5/1/2012)
IRS responds to rise in identity theft
"Tax fraud through identity theft has become an ordinary street crime," Senator Bill Nelson said in a March 20 hearing. Nelson, chair of the Senate Finance Subcommittee on Fiscal Responsibility and Economic Growth, was speaking to a panel of witnesses during a hearing on the IRS's response to the identity theft problem. (4/1/2012)
Payroll tax cut extended through 2012
Recent tax legislation has extended the 2 percent payroll tax cut through the end of 2012. President Obama signed the act into law on Feb. 22. (3/1/2012)