Category Archives: Tax
The Entrepreneur’s guide to Subcontractor Information Reporting (Forms 1099, W9, W8Ben etc etc).
Ok I get it, 1099’s are boring. I know. But I am writing this post on January 20th, roughly 10 days before the 1099 due date and, as you can imagine, my inbox is flooded with boring questions on this … Continue reading
Posted in Small Business, Tax
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Income Tax Compliance for Amazon FBA Sellers
Amazon FBA (fulfilled by Amazon) is really stirring the pot in the area of taxes. For a while now I have heard about the potential multi state tax concerns of using Amazon FBA, but I was never asked by any … Continue reading
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Deductible Alimony Becomes Non-deductible??
Recently released, TC Memo 2013-166, reiterates the power the tax law has, even over your divorce agreement. In Summary, the tax court held that a taxpayer cannot deduct a lump sum payment to his former spouse as alimony. The lump … Continue reading
Posted in Family Offices & Multi-Family Offices, Law Practice Advisory, Small Business, Tax
Tagged Alimony, Divorce, Tax
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Coming This September – IRS Transfer Pricing Field Operation Department
Armed with a full time director and 60 agents, the IRS will be launching a full time department focused solely on your international transfer pricing arrangements. The first order of business will be developing a “road map” for all international … Continue reading
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Will I be subject to the3.8% Medicare surtax in January 2013?
Beginning January 1st 2013 the 3.8% Medicare surtax will officially be in effect. Simply, the tax will be imposed on the lesser of: Net investment income or, Modified adjusted gross income (MAGI) over 200,000 for single filers and 250,000 for … Continue reading
Posted in Family Offices & Multi-Family Offices, Small Business, Tax
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Connecticut Sales and Use Tax: U.S. Supreme Court Asked Whether Teachers Created Nexus for Mail-Order Bookseller
The Connecticut Commissioner of Revenue Services had asked the U.S. Supreme Court whether an out-of-state mail order company that sells books to teachers and students was liable for sales and use tax deficiency assessments because the teachers acted as the … Continue reading
ATTENTION: Connecticut manufacturers, you may qualify for this subsidy!!
Came across this subsidy earlier this morning for all that are interested in applying for some state finds for new hires! http://www.ctihub.com/show/paige-rasid/post/192/step-up-(subsidized-training-and-employment-program)–small-ct-manufacturing-businesses-take-note
So now that health care has passed what is the tax penalty for not having health insurance?
“In 2016, when the penalty is fully phased in, it will be $695 for an individual (up to $2,085 per family) or 2.5 percent of household income, whichever is greater. The penalty will increase annually based on the cost of … Continue reading
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Employee or independent contractor? Now an even bigger risk!
With unemployment on the rise, State labor departments are cracking down on the misclassifications of contractors that should in fact be employees as outlined by state law. State labor departments are now going one step further and working collaboratively with the IRS … Continue reading
Scrap metal dealers – protect your cash dealings from IRS scrutiny….Or else!
After reading the 80 page IRS audit technique guide made specifically for the scrap metal recycling industry (click here to request a copy) it was obvious the IRS will focus their audits primarily on cash purchases. More specifically, when a scrap yard … Continue reading
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