Posts Tagged CPA

The Entrepreneur’s Corner – Be Your Own PR Firm

As an Entrepreneur one of our primary concerns is to keep costs down and increase revenue.  But to increase revenue does NOT mean we have to put all of our money into marketing our firm and hiring the best PR firm out there.  Mark Cuban sums it…

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The Entrepreneur’s Corner – 5 Things that Happy People Often Do

Being happy is behind every single human goal, objective, mission and wish to achieve that “something.” It has never truly been defined concisely, but everyone seems to aim for it. The achievement of happiness, the quest for happiness, the search for happiness. The U.S. Declaration of Independence…

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Tax Withholding Applied to Foreign Parters of a Partnership Depends on Income Classification

  When a U.S. Partnership is formed and has one or several foreign individual partners who do not live in the United States, the income of such partnership to the partners must be assessed as to its nature to the partners in order to determine the amount of tax withholding…

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IRS Responds to Taxpayer Expectations for More Online Services

In response to the ever-increasing number of taxpayers wanting online services, the IRS continues to develop online tools to interact with the taxpayers online, Commissioner John Koskinen said on April 2. Speaking at the National Press Club in Washington, D.C., Koskinen added that adequate funding is critical for…

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Ways and Means Approves Tax Extender Bills Without Revenue Offsets

A divided House Ways and Means Committee approved six bipartisan tax bills on April 29. The tax incentive measures, popularly known as tax extenders because they often lapse and are restored by Congress, were taken from a comprehensive tax reform package introduced by Committee Chairman Dave Camp,…

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Non-Profit Organizations Will Now Be able To File a 2 Page Streamlined Application for Tax-Exempt Status

The IRS plans to implement Form 1023-EZ, a Streamlined Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code, during the summer of 2014. According to the IRS Tax Exempt and Government Entities Division (TE/GE), about 60 to 70 percent of applications for Code…

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Do Unregulated Tax Preparers put Taxpayers at Risk?

Did you know that nearly 80 million taxpayers use paid tax preparers, but 60% of those preparers are not regulated by the IRS?  The reason for this is because the agency is only allowed to impose requirements on tax attorneys, enrolled agents, and Certified Public Accountants? The Government Accountability…

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Tax Extenders That Expired December 31, 2013

There are dozens of temporary tax provisions that expired at the end of 2013.  Most of these provisions have been part of past temporary tax extension legislation.  Most recently, many temporary tax provisions were extended as part of the American Taxpayer Relief Act of 2012.  Collectively, temporary tax provisions…

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IRS Issues First Guidance on Bitcoin

While bitcoin and other virtual currencies are becoming more popular, the tax rules that apply to them have been unclear, including the basic question of whether they are treated as a currency or as property.  Well, the first step to clearing this up for federal tax purposes…

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The Entrepreneur’s Corner – Eight Apps that Will Help You Run Your Business More Efficiently

As a business owner and Entrepreneur consultant, I am continually looking for great opportunities and innovative tools for myself and my clients. My smartphone that keeps me up to date on most of this information. I can use it anywhere to keep in contact with the office, help…

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