IRS Tax Planning Ideas, Tips & News

It finally happened . . . you received a notice in the mail from the IRS. After glancing furtively at the unopened envelope sitting on the corner of your desk for a few days or weeks, you finally … [Read more...] about “AUDIT-PROOF” YOUR BUSINESS FROM IRS AUDITS? – Part 3

Knowledge is power. If you understand why the IRS selected your business for an audit and what the auditor will examine when he/she reviews your books and records, you can minimize the proposed IRS … [Read more...] about “AUDIT PROOF” YOUR BUSINESS FROM IRS AUDITS – Part 2

According to the Associated Press, the Internal Revenue Service increased audits by nearly 11 percent from 2010 to 2011. Ouch! An IRS audit reverses the constitutional presumption of innocent until … [Read more...] about “AUDIT PROOF” YOUR BUSINESS FROM IRS AUDITS – Part 1

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

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

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