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Yearly Archives: 2016

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Net Operating Loss: Carryback and Carryforward Provisions

Taxes are a tricky subject. Love them or hate them, taxes help to provide for our country’s services and wellbeing. While some may not agree with the implementation of certain taxes, and politicians may vow to change them, the reality is that they are here to stay, so it is best to be educated on how certain policies affect you and your business. A big part of understanding best tax practices is knowing how to pay them, and how to use them to your advantage. With current headlines claiming that certain tax policies like the Net Operating Loss Carryback and Carryforward Provisions are either a genius move or a cowardly loophole, the fact of the matter is that the Net Operating Loss Provision is a legal tax practice that is used by many businesses each year. […]

By | 2017-05-18T13:34:40-05:00 November 8th, 2016|Taxes|Comments Off on Net Operating Loss: Carryback and Carryforward Provisions
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IRS Tax Guidance: Foreign Student Nanny

For many college students all over the world, studying abroad is an exciting part of an educational career. Not only do they get to live in a foreign country, but they also get to experience that country’s culture up close and personal through experiences like classes and work. In fact, many students like this, or “au pairs”, who board temporarily in someone else’s foreign home for a period of time work as a nanny for the family they are living with. […]

By | 2017-05-18T13:34:40-05:00 September 21st, 2016|Taxes|Comments Off on IRS Tax Guidance: Foreign Student Nanny
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First Time Penalty Abatement

When it comes to your taxes, the last thing you want to do is make a mistake. Throughout the year you should be constantly checking in on your finances, making sure you are on track to complete the necessary legalities. The IRS (Internal Revenue Service) expects all persons to be proactive when it comes to filing taxes, and holds everyone accountable for his or her own timeliness of the matter. […]

By | 2017-05-18T13:34:40-05:00 August 29th, 2016|Taxes|Comments Off on First Time Penalty Abatement
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IRS Penalty Abatement: Rev Proc 84-35

When it comes to any partnership that you may be a part of, it can be easy to forget about the tax responsibilities that your organization is responsible for. Throw into the mix all of the legalities of partnership taxes, and you could be looking at a situation that it a lot more difficult and time consuming than you had originally thought. Luckily for you, the IRS understands that sometimes mistakes are made and taxes are filed late, which is why the Rev Proc 84-35 exists. […]

By | 2017-05-18T13:34:40-05:00 August 29th, 2016|Taxes|Comments Off on IRS Penalty Abatement: Rev Proc 84-35
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WOTC: What You Need to Know

Taxes can be a difficult task to master, but with the right knowledge and follow through, they can be incredibly beneficial to your company. Not only are the proper tax procedures a legal matter, they are also vital in getting the most out of your business. One example of a tax credit that plays a beneficiary role in many businesses is the WOTC. The WOTC (Work Opportunity Tax Credit) can help you make the most of your finances easily and effectively. […]

By | 2016-07-11T11:07:42-05:00 July 11th, 2016|Taxes|Comments Off on WOTC: What You Need to Know
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