Posts Tagged ‘IRS’


5 Easy Steps to Take When Being Audited By the IRS

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You open your mail and you get the notice.  You are being audited by the IRS.  Now what do you do?  First, relax.  Then follow these 5 Easy Steps.

 

1) Read the Notice

I know this sounds basic but you would be surprised at how many people ignore letters from the IRS … Continue reading »


3 Easy Steps to Rent Your Real Estate to Your Business

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Many business owners will eventually buy a building and then rent it to their business. This can be an appropriate strategy for many.  If you are planning on being in business for an extended period of time why not own the real estate? If you do own rental real estate you’ll need to know how to Continue reading »


5 Easy Steps to Opening a Business in Connecticut

 

1) Meet With Your CPA and Attorney

The first step is to meet with your CPA and Attorney. Your CPA should be able to review your business plan and provide feedback. Additionally, your CPA should be able to advise you with regards to what entity you should have. Your attorney will get your business registered with the Secretary of State and provide all of the legal documents for your business.


When to Borrow Against Your 401(k) Plan

While you don’t necessarily want to borrow against your 401(k) plan, there might be some situations when you would consider it.

401(k) Plan Loans

The Internal Revenue Service (“IRS”) allows employers to allow employees to borrow against their 401(k) plan. For an employee to borrow against his 401(k) plan this loan provision must in the plan document. The maximum that can be borrowed is one-half the account value, not to exceed $50,000.  The employee must … Continue reading »


Why You Need Form W-9 Now to Complete Form 1099 Later

1099 Filing Requirements

Businesses have a responsibility to file Form 1099-MISC to all unincorporated businesses that they pay more than $600 to annually.  An unincorporated business is a sole-proprietorship, partnership or a Limited Liability Company (“LLC”).  In addition to having to file Form 1099 to all unincorporated businesses they must also issue a 1099 for all legal services and medical payments. It does not matter what type of entity these companies are.  All payments made to … Continue reading »


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