How likely is it that your business could be audited by the IRS based on your recent tax filing? Here’s what every business owner should know about the IRS audit process: Some business audits occur randomly, but a variety of tax-return-related items are likely to raise red flags with the IRS and may lead to an audit.
We’re about to leave 2016, which may go down as one of the most eventful years for investors since the Financial Crisis. The year started with a tumultuous market sell-off, then major geopolitical events including Brexit and the surprise Trump victory. The U.S. stock markets (S&P and Dow Jones) have sky rocketed, the U.S. dollar has soared to its highest level in 14 years and interest rates are on the rise. Some people are concerned. Others may be peering over the bridge’s edge into the icy waters below. There are reasons for nervousness. Control and don’t be discouraged for 2017. Here are three areas all focused on the theme “Be Flexible.”
Among the many controversial topics being batted around this election season, one of the few with any opportunity for bi-partisan support is a reform of the corporate tax code. While it is still an issue that generates strong opinions on either side of the aisle, most politicians and business executives realize that the current corporate tax structure is broken. Despite a corporate tax rate that tops out at 39 percent, the highest in the industrialized world, the U.S. actually has a fairly low “effective tax rate.” U.S.-based companies pay only about 10 percent tax because of numerous tax breaks and tax provisions, according to the Government Accountability Office.
For many people this time of year is a reflection on the successes, and cost for those successes, over the previous year. As people sit down with their certified public accountant or tax preparer, they are often surprised at how much financial growth they have experienced from one year to the next. While this discovery may be a reason to celebrate, when viewed from another angle the same success sometimes causes less happiness when people realize the increase in their taxes.
Several tax changes may take businesses and individuals by surprise on filing day if they are not attentive to new forms and new tax provisions that took effect in 2014. Don’t be one of those businesses or individuals sent scrambling for forms or rushing to find documentation for deductions, tax credits or filing requirements at the last minute. Here are two tax changes that require some thought well before the April 15 tax day deadline.
Christmas has come and gone! The world didn’t end on December 21! The New Year is here! And, for accountants, that means the tax season has begun. Much of the end of December was busy with helping clients to minimize their 2012 tax burdens. But, what do you do if you didn’t complete (or didn’t […]