Victims of severe storms, tornadoes, straight-line winds and flooding that took place beginning on October 22, 2015 in parts of Texas may qualify for tax relief from the IRS. The president has declared the counties of Bastrop, Brazoria, Caldwell, Comal, Galveston, Guadalupe, Hardin, Harris, Hays, Hidalgo, Liberty,
Read more →The number of electronic filing and payment options increases every year, which helps reduce your burden and also improves the timeliness and accuracy of tax returns. When it comes to filing your tax return, however, the law provides that the IRS can assess a penalty if you
Read more →The IRS did not have sufficient controls and processes in place to identify erroneous Foreign Tax Credit (FTC) claims, the Treasury Inspector General for Tax Administration (TIGTA) has reported. The audit was initiated to determine whether the IRS controls ensured that the FTC was accurately claimed on
Read more →The Affordable Care Act requires any person or organization that provides minimum essential coverage, including employers that provide self-insured group health plans, to report this coverage to the IRS and furnish statements to the covered individuals. These reporting requirements affect: Health insurance issuers or carriers The executive
Read more →The Fourteenth Amendment requires a state to license a marriage between two people of the same sex and to recognize a marriage between two people of the same sex when their marriage was lawfully licensed and performed out-of-state, according to the Supreme Court. The Court held that “the
Read more →Two senior members of the House Ways and Means Committee on April 30, Kevin Brady, R-Tex., and Joe Crowley, D-N.Y., reintroduced legislation, the Real Estate Investment and Jobs Bill of 2015 (HR 2128), which would remove a 1980s era tax provision that discourages foreign investment in U.S.
Read more →The IRS has issued a fact sheet (FS-2015-22) covering the basic information about business taxes needed by anyone who is self-employed. Generally, an individual is self-employed if they: (1) carry on a trade or business as a sole proprietor or independent contractor, or are otherwise in business
Read more →An eleventh-hour temporary extension of federal highway and transportation spending is partially paid for by new tax compliance requirements. The Surface Transportation and Veterans HealthCare Choice Improvement Act of 2015 (H.R. 3236) was approved by the House, 385 to 34, on July 29th and Senate on July
Read more →Whether to hire an independent contractor or an employee is a commonly asked question by Entrepreneurs. There are many costs and benefits with either side, so the decision must be aligned with your Company’s goals. Hiring a contract worker can help your company reduce its payroll obligations,
Read more →As an Entrepreneur having a hectic schedule with a lot on your plate is the everyday norm. Now with the heavy use of technology there are apps available to help keep you and your books organized so that you can stay on top of your numbers while you
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