Federal law requires U.S. citizens and resident aliens to report any worldwide income, including income from foreign trusts and foreign bank and securities accounts. In many cases, affected taxpayers … [Read more...] about FOREIGN REPORTING REQUIREMENTS FOR U.S. CITIZENS AND RESIDENT ALIENS
2013 TAX LAW CHANGES BY INCOME LEVEL
How the tax law changes that became effective on January 1, 2013 will affect you will depend upon the amount of income you earn. If your income is $200,000/$250,000 (single/married filing jointly … [Read more...] about 2013 TAX LAW CHANGES BY INCOME LEVEL
REASONABLE COMPENSATION PAID TO CORPORATE SHAREHOLDER-EMPLOYEES
All corporations are required to pay their shareholder/employees a reasonable compensation. One of the challenges facing corporations is how to determine reasonable compensation for these individuals, … [Read more...] about REASONABLE COMPENSATION PAID TO CORPORATE SHAREHOLDER-EMPLOYEES
BLOG POSTING PROBLEM?
It has come to our attention that there has been a problem with the feed on our blog page. If you have not received a blog from us in the past couple of weeks, we suggest that you log into our blog … [Read more...] about BLOG POSTING PROBLEM?
EMPLOYERS MUST USE NEW I-9 FORM IMMEDIATELY!
The Department of U.S. Citizenship and Immigration Services (USCIS) has released a revised Form I-9. This revised form is required to be immediately used by employers to … [Read more...] about EMPLOYERS MUST USE NEW I-9 FORM IMMEDIATELY!
IRS DENIES TAX DEDUCTIONS – LESSONS TO BE LEARNED
John and Marcella McCormack v. Commissioner, Docket No. 25758-11S, filed in February 11, 2013 is a good example of how taxpayers lose tax deductions and are assessed penalties by the IRS. The couple … [Read more...] about IRS DENIES TAX DEDUCTIONS – LESSONS TO BE LEARNED
