If you are like millions of taxpayers trying to make a living running a small business, you know it is tough out there. Here are six ideas to help your business survive and thrive. Understand your cash flow. One of the biggest causes of business failure is lack of positive cash flow. At the end of the day, you need enough cash to pay your vendors and your employees. If you run a seasonal business you
Each year the IRS opens thousands of investigations looking for possible tax fraud. In 2017 alone, the Criminal Investigation (CI) arm of the IRS identified $2.5 billion in potential tax fraud with a 91.5 percent conviction rate. While the IRS takes tax fraud seriously, they also understand that mistakes happen. Here is what you need to know. Tax Fraud or Negligence? Fraud. The IRS defines tax fraud as intentional wrongdoing, on the part of the taxpayer,
You’ve done your retirement homework. Your assets are reviewed, you know your financial needs, and your retirement tax plan is in place. Are you ready to enjoy retirement? Probably, but not without a plan to address what happens to many after they retire – boredom. Here are some ideas.
Consider conducting a final tax planning review now to see if you can still take actions to minimize your taxes this year. Here are some ideas to get you started. Assess your income. Begin by determining how your income this year will compare to last year. Then apply any tax implications this income change may cause. Be sure to account for the lower tax rates and the elimination of exemptions. Remember, if your income is rising,
October 1: SIMPLE IRA plan establishment due October 15: Extended individual and C-corp tax return filing deadline October 31: Halloween
If you do business using the internet, you want to ensure your internet contracts are enforceable. To do that, terms need to be presented in such a way that users have reasonable knowledge of them. Your internet agreements may cover a range of terms including allowable use of the site, privacy policies, subscriber agreements, terms of sale, and credit card agreements. These agreements can impact where a lawsuit is adjudicated and whether arbitration is mandatory, among
Included in the Tax Cuts and Jobs Act was a provision that disallowed tax deductions for settlements between federal agencies and companies accused of wrongdoing. While previous tax law already barred deductions for criminal fines and penalties owed to the government, businesses could still deduct payments made to compensate victims or correct damages. The effect, critics said, is that taxpayers ended up subsidizing corporate misconduct.
After ruling in favor of a baker who refused to create a wedding cake for a same-sex couple, the U.S. Supreme Court declined to hear a case involving a florist who made a similar denial. The court sent the florist’s case back to a lower court, directing it to revisit the decision in light of the ruling involving the cake, the Masterpiece Cakeshop case. In ruling for the baker, Jack Phillips, the court held that Colorado
In June, a group of restaurants, retailers, and industry associations sent a letter to lawmakers asking them to correct a mistake in the Tax Cuts and Jobs Act (TCJA). The law inadvertently increased the tax burden on a category of business investment called Qualified Improvement Property (QIP). The new tax law included a provision known as “100 percent bonus depreciation,” which allows businesses to write off immediately the cost of short-lived investments. Due to an error,
In June, California passed a consumer privacy law that could affect many organizations conducting business in the state. The law, which has been likened to the European Union’s GDPR regulations, gives California consumers the right to know what personal information a business has collected about them, including where it was sourced from and how that information is being used. Consumers also have the right to opt out of having their information sold, the right to delete
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