Robert Flach announces his publication of a new newsletter for sole proprietors and single-member schedule C filers entitled, aptly enough, The Schedule C Letter: THE SCHEDULE C LETTER is a bi-weekly newsletter that provides tax planning and preparation advice, information, and resources for sole proprietors and one-person LLCs who report their business activity on IRS Schedule C.¹ I have [...]
Tags: Business advice · C Corporations · S Corporations · Self-Employed Taxpayers · Tax Tips
And we thought we had settled the issue of whether new business owners should incorporate, form an LLC or save a few hundred bucks and operate as a sole proprietorship. Today WebCPA reports that the IRS plans to fiurther intensify its audits of sole proprietorships (emphasis is mine): The Internal Revenue Service will be taking addit:ional steps to check on whether sole [...]
Tags: C Corporations · Corporate Tax · IRS Audits · Taxes 101
Frequent readers of this blog know that we have maintained - ad nauseum, I am sure, for some – that all small businesses should incorporate or operate as an LLC in part because they are less likely to undergo IRS scrutiny. Well, if you can believe the Government Accountability Office GAO), this may all be about to change. WebCPA [...]
Tags: C Corporations · IRS Audits · S Corporations · Self-Employed Taxpayers · Unfiled Returns
The National Association for the Self-Employed reports that the recently enacted Healthcare law will have an onerous record-keeping effect on small businesses: Many of the nation’s entrepreneurs are about to become more familiar with IRS Form 1099. According to a new law set to go into effect in 2012, business owners will be required to submit a [...]
Tags: Business Transactions · C Corporations · IRS procedure · S Corporations · Self-Employed Taxpayers
JLP of All Financial Matters tells us why it makes sense that dividends are taxed at lower rates: BG left the following comment on one of my previous posts: “JLP won’t like me saying it, but even the ultra-rich play this game where their “income” (dividends & investments make up the majority of their income) [...]
Tags: C Corporations · Individual Taxation · Tax Policy
I just read two weekend posts by Paul Caron of TaxProf Blog titled GAO: 83% of Largest U.S. Companies Use Offshore Tax Havens; and WSJ: Best Economic Stimulus: A Corporate Tax Rate of Zero. In the first post, Professor Caron reports that a General Accountability Office (GAO) study indicates that more than 2/3rds of America’s largest corporations have subsidiaries in [...]
Tags: C Corporations · Corporate Tax · Opinion · Tax Policy
IRS Commissioner, Doug Schulman, addressed the 21st George Washington University International Tax Conference on Monday and said, Tax administrators and tax professionals find themselves with a new, heightened and highly visible global role. It’s fair to say that U.S. taxpayers’ attitudes and perceptions about the taxes they pay reflect the changing world around them. We [...]
Tags: C Corporations · International Taxation · News
