Tweet The new internet sales tax that seems ready to pass the Senate May 6 is likely to bring operational challenges as well as burdensome tax collecting responsibilities to CFOs and their staffs at small and medium size retailers. That’s because the bill, called the Marketplace Fairness Act, requires the collection of online sales tax [...]
Tweet With effect from financial year 2012-13, India made it mandatory for all foreigners, including non-residents to obtain a Tax Residency Certificate with certain prescribed details from their country of residence in order to claim benefits of the Double Taxation Avoidance Agreement (DTAA). The complete notification for this was released in September 2012, and hence [...]
Tweet For most taxpayers, the tax deadline has passed. But planning for next year can start now. The IRS reminds taxpayers that being organized and planning ahead can save time and money in 2014. Here are six things you can do now to make next April 15 easier. Adjust your withholding. Each year, millions of [...]
Tweet Each year, the IRS sends millions of letters and notices to taxpayers for a variety of reasons. Here are ten things you should know about IRS notices in case one shows up in your mailbox. Don’t panic. Many of these letters require a simple response. There are many reasons why the IRS sends correspondence. [...]
Tweet April 15 is the annual deadline for most people to file their federal income tax return and pay any taxes they owe. By law, the IRS may assess penalties to taxpayers for both failing to file a tax return and for failing to pay taxes they owe by the deadline. Here are eight important [...]
Tweet Don’t listen to anyone trying to sell you on the idea of incorporating out-of-state in Nevada or Delaware. More than likely, it’s a scam. As a tax lawyer advising clients across the country, I meet every week with entrepreneurs who were persuaded by an incorporation service or attorney to set up a C-Corporation in [...]
Tweet Are you making a payment with your federal tax return this year? If so, here are 10 important things the IRS wants you to know about correctly paying your federal income taxes. Never send cash. If you file electronically, you can file and pay in a single step with an electronic funds withdrawal. If [...]
Tweet Small companies could be required to set up individual retirement accounts funded by pre-tax deductions from participating employees’ pay, if the federal government gets its way. Several present and former finance chiefs contacted by CFO said they support the idea, though in some cases with reservations. The fiscal-2014 federal budget plan unveiled on Wednesday [...]
Tweet If we had a dollar — make that $10 — for every reader e-mail we’ve received about the Roth IRA, we’d be retired in Hawaii instead of working in an office in New York City. Should I convert? How do I convert? Can I open one? And those are just the simple questions. So [...]
Tweet Even if your income exceeds the Roth IRA income eligibility requirements — and I suggest you check out this calculator to verify whether that’s really the case — you can easily get around that hurdle: Simply open up a nondeductible IRA — which anyone under age 70½ with earned income can do — and [...]
Tweet If there’s one common agreement among financial planners it’s undoubtedly that the Roth IRA is hands down the best retirement vehicle available to individuals. Two of the main reasons attributable to this include that the Roth offers tax-free withdrawal of contributions and earnings upon reaching retirement and that the Roth has no Required Minimum [...]
Tweet If your income is too high, you can’t contribute directly to a Roth individual retirement account, but you can get one in a backdoor way. Step 1: Open a traditional IRA (in your case, it’s nondeductible). Step 2: Convert it to a Roth IRA. Is it worth it? “It’s a no-brainer if you have [...]
Tweet The IRS Is On The Warpath Against Real Estate Investors You’ve probably heard about the IRS clamping down on people with offshore bank accounts. The government has issued a lot of press releases about that. But with less fanfare, the IRS also targets other groups of taxpayers–say those in a particular industry or with [...]
Tweet The right tax preparer or preparation service can save you hundreds or thousands of dollars on your taxes. However, choosing the wrong one could be overkill and a waste of money. If you have a simple return you don’t need a CPA who charges over $200 an hour. If you have a complex return [...]
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