Taxes

The IRS website, expansive and intimidating as it is, has a handy page for small business owners where tax advice and forms are organized according to industry. Who knew? Agriculture Tax Center Links to agriculture-related topics such as tax tips, financial resources, trends and statistics, forms, and more.  Audit Techniques Guides (ATGs...

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September 14, 2011 From the IRS NewsWire, issue IR-2011-93 WASHINGTON — The Internal Revenue Service today issued guidance designed to clarify the tax treatment of employer-provided cell phones. The guidance relates to a provision in the Small Business Jobs Act of 2010, enacted last fall, that removed cell phones from the definition of ...

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I often run into businesses that say "I want to form an S-corp" or "I am an S-corp."  There is some degree of misunderstanding in this that I want to try to clear up.  Hopefully I won't muddy the waters even further.  Here goes... A business entity resides simultaneously in two different worlds - the legal world and the ta...

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On May 5, 2011, current and aspiring small business owners will enjoy a rare opportunity to meet with more than 15 agencies and organizations that help small businesses, at no charge, under one roof. Organizations participating include: Nevada Small Business Development Center US Small Business Administration Nevada Departme...

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Last year I wrote about a rule buried deep within the cavernous provisions of the healthcare reform act which would have required small businesses to file 1099 forms for every purchase over $600.  Small business owners across the nation could be heard grumbling about the provision, which would have placed an additional administrative burden on...

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By Guest Blogger Rich Vallari Southwest Sales Tax Solutions (702) 233-0049 Nevada Governor Jim Gibbons has approved a tax amnesty program that will be effective from July 1, 2010 to September 30, 2010. Specific rules regarding the amnesty program have not yet been announced, but are expected soon. In general, tax amnesty programs en...

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Many businesses are familiar with the method of reporting payments to independent contractors to the IRS.  Request a W-9 form from the contractor, keep track of how much you pay them, and any contractor who receives more than $600 in a year gets a 1099-MISC form from the company.  Easy, right? Now imagine you have to apply that $600/year...

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By Guest Blogger Reg Baker, CPA (702) 360-2823 If you are self-employed; beware! The Internal Revenue Service plans to increase audits of the self-employed by checking for unreported or understated income during correspondence audits. Estimates by the IRS show that at least $68 billion of the tax gap (tax gap is defined as the difference between...

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