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   Business Tax

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Business Startup Costs - (January, 2008) As business consultants, we get approached every day it seems by a client or potential client with a new business idea they are investigating.  As we all know, some of those ideas work out and become viable enterprises and some never get off the ground.

IRS Penalties
- (November, 2007) Pretty much every hour it seems (or perhaps we exaggerate out of frustration), a client calls us in a panic over a tax penalty he or she has been assessed.  The number of penalties available to the IRS to punish wrongdoers is staggering.

Abating Tax Penalties - (October, 2007) IRS penalties.  At some point in almost everyone's life, it seems, we will receive greetings from the IRS which includes a penalty.  The penalty could result from filing or paying your taxes late or misstating your income or deductions on your return. 

 

Small Business and Work Opportunity Tax Act of 2007 - (June, 2007) Congress passed this Act in order to provide small business tax relief as a counter to the phased-in increase in the federal minimum wage from $5.15 an hour to $7.25 an hour over the next two years.

Your IRS Audit Risk
- (May, 2007) A few years ago, the IRS came under fire for lowering the number of audits they were performing. Audits of wealthy individuals were down to only half the level of 1992. Total corporate audits were decreasing as well and the total number of experienced auditors was down significantly from prior years.

2006 Tax Relief and Healthcare Act
- (December, 2006) Now that the election cycle is finally over, Congress has acted to extend a significant number of tax breaks that have been held up due to partisan wrangling.  The Act also provides for some tax changes taking effect in 2007.


Tax Increase Prevention and Reconcilation Act
- (June, 2006) What started off as a 2005 tax act being negotiated in Congress many months ago has finally become law in late May of 2006.  

2005 Energy Act - (August, 2005) During August, the Energy Tax Incentives Act of 2005 was signed into law.  While most of the provisions will affect energy producers and providers, there are many tax credits and provisions that will have an impact for both our small business clients as well as individual homeowners.

American Jobs Creation Act - (October, 2004) On Friday, October 22, 2004, the President signed into law the American Jobs Creation Act of 2004 (AJC Act) which contains $145 billion in business tax breaks.   

2003 Tax Act - (May, 2003) On Wednesday, May 28th, 2003, President Bush signed the Jobs and Growth Tax Relief Reconciliation Act of 2003 which should bring at least some tax breaks to almost all of our clients.  As everyone anticipated, the primary beneficiaries of the Act are families with children, stock investors, high income taxpayers and small business.

2002 Tax Act
- (April, 2002) On March 9th of 2002, the "Job Creation and Worker Assistance Act" was signed into law by President Bush.  The new law doesn't contain many benefits for individual taxpayers, but it does include a 13 week extension of unemployment benefits and some relief measures aimed at businesses.

 

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