Home › Tax News ( › Page 45)
Blog Archives

The Importance of Beneficiary Designations

Posted in Tax News on April 28, 2011

When was the last time you checked your beneficiary designations for your retirement accounts that were established years ago?  Beneficiaries are the individuals or entities (such as a charity) that you name to receive these assets upon your death.  You…

Read more

Tagged with: , , , , , , , , , , , , , , , , , , , , ,

What is Reasonable Compensation and Why Closely Held Business Owners Should Be Concerned

Posted in Tax News on April 21, 2011

This is a big issue with the IRS and closely held C corporations right now.  The focus is whether or not the owners-employees, as well as family members, are reducing their profits through large salaries and bonuses.

Tagged with: , , , , , , , , , ,

How Does the Statue of Limitations Affect Tax Obligations With the IRS?

Posted in Tax News on April 14, 2011

The statute of limitations limits the time during which an action can be brought by the IRS for an audit and the time for IRS tax collection activities.  Generally, there is a 3-year period for the IRS to give you…

Read more

Tagged with: , , , , , , , , , , ,

Happy Tax Freedom Day 2011

Posted in Tax News on April 12, 2011

According to the Tax Foundation, Tax Freedom Day this year is April 12, 2011.  This is the day you stop working for the government and start working for yourself. This includes federal, state and local taxes. Unfortunately this is three…

Read more

Tagged with: , , , , , , , ,

Haven't Filed Your 2010 Tax Return Yet? File an Extension!

Posted in Tax News on April 6, 2011

It’s that time of year again….time to file your income tax return. What if you can’t get it done or don’t have all of your material to prepare it? File for an extension. To file an extension, complete Form 4868,…

Read more

Tagged with: , , , , , , , , , , , , ,