Most taxpayers got their W-2 Forms by the end of January. Form W-2, Wage and Tax Statement, shows the income and taxes withheld from an employee’s pay for the year. Taxpayers need it to file an … [Read more...] about Missing a W2 . . . Try These Helpful Hints
IRS Tax Planning Ideas, Tips & News
Husband and Wife LLC?
We recently spoke to a new business owner (not a client) and he told us that he had formed a single member LLC (SMLLC) that was owned by him and his spouse. We informed him that a “single” member LLC … [Read more...] about Husband and Wife LLC?
Small Business Sponsored Health Reimbursement Accounts Now Allowed
Prior to tax years beginning January 1, 2017, employers who reimbursed employees for the cost of premiums for individual and family health coverage were subject to the Patient Protection and … [Read more...] about Small Business Sponsored Health Reimbursement Accounts Now Allowed
Taxpayer Not Entitled to Unsubstantiated Employee Business Expenses and Hit With 20% Understatement of Tax Penalty
In the U.S. Tax Court case of Chaudry, T.C. Summary Opinion 2015-74, (Dec. 21, 2015), an individual’s claimed unreimbursed employee business expenses were disallowed when audited by the IRS. In … [Read more...] about Taxpayer Not Entitled to Unsubstantiated Employee Business Expenses and Hit With 20% Understatement of Tax Penalty
6.5 Million Individuals in U.S.A. Are Age 112 or Older. Really?
We think it relevant to remind individuals to periodically check on their Social Security earnings and future benefits. The Social Security Administration (SSA) provides an online service which we … [Read more...] about 6.5 Million Individuals in U.S.A. Are Age 112 or Older. Really?
Starting Your Own Business?
In our book “Empower Your Business to Reach Its Full Potential, Your Road Map to Planning and Executing a Successful Business”, we discuss the challenges and pitfalls entrepreneurs face when they … [Read more...] about Starting Your Own Business?
