Maybe it’s a good thing that the April 17th federal tax deadline coincides with the urge to spring clean. It feels good to throw out some of the financial records stuffing your filing cabinets. But before you head for the dumpster, make sure you’re not disposing of records you may need. You don’t want to be...
Read more →The tax rules for passive activity losses aren’t overly friendly towards taxpayers. The rules may limit your ability to currently deduct losses sustained from certain activities. However, the IRS recently released taxpayer-friendly proposed regulations that may improve the situation for limited partners and LLC members. The passive activity loss (PAL) rules can limit your ability to...
Read more →Under the Jumpstart Our Business Startups Act (the “JOBS Act”), which was enacted on April 5, 2012, a qualified business will be able to raise cash without meeting all the usual SEC requirements for initial public offerings. While the new law makes it easier for a qualified business to attract investors, the process is not as...
Read more →The clock is ticking down to the April 17 federal tax deadline. Here are eight tips that cover a variety of situations — whether you already filed your tax return, are waiting until the last minute, or planning to file an extension. 1. Contribute to an IRA or Simplified Employee Pension (SEP). There still may...
Read more →If you run your business as an S corporation, you are probably both a shareholder and an employee. As such, the corporation pays you a salary that reflects the work you do for the business. The first $110,100 of any employee’s 2012 salary (including yours) is subject to a 13.3 percent federal employment tax rate. Of...
Read more →The IRS just launched a new online search tool, Exempt Organizations Select Check, to help taxpayers more easily find key information about tax-exempt organizations, such as federal tax status and filings, when they are contributing to charity. Facts about Charitable Contributions Charitable contributions are deductible only if you itemize deductions. To be deductible, charitable contributions must...
Read more →Join E. Cohen and Company, CPAs in our quest to make a difference in the fight against brain tumors. On May 6th, 2012, Team ECC will be participating in the 2012 Race for Hope DC. Our staff has many connections to the Race for Hope in Washington, DC. The firm is thrilled to be able...
Read more →In the everyday rush of running a small business, it’s easy to forget, ignore or, frankly, just assign low priority to the legal and management pitfalls of working with people — your employees and contractors. Looked at from a positive perspective, for most businesses, people are what make everything possible. Either way, the stakes...
Read more →The revenue-enhancing reforms and regulatory aspects of the Patient Protection and Affordable Care Act (also known as the healthcare or Obamacare law) are making themselves felt. Some provisions, such as restrictions on the ability of insurers to decline covering children because of pre-existing conditions and the elimination of lifetime benefit caps, have already become...
Read more →On April 5, President Obama signed into law the Jumpstart Our Business Startups Act (JOBS Act), which is designed to provide capital for small enterprises. “Start-ups and small business will now have access to a big, new pool of potential investors — namely, the American people,” explained the President at the signing ceremony. “For the first time,...
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