- Don't Have a Retirement Plan? Maybe a SEP Is the Answer.
- If you are like many small business owners, you probably find the year-end period to be a very busy time. You can't close your books and determine your business's profit until after the close of the year, and if this has been a good year, you may want to establish a retirement plan and make a contribution for 2015.
- Automatic Tax Filing Extensions Available
- A taxpayer who needs more time to complete his or her 2015 individual tax return can request an automatic six-month extension. The extension is obtained by filing IRS Form 4868 on or before the April 18, 2016 deadline.
- IRS Gearing Up For Home Mortgage Interest Audits
- Many individuals who believe all of the interest reported by home mortgage lenders on the Form 1098 is automatically deductible may be in for a very unpleasant surprise when they file their 2016 tax returns. For many, all of the interest is not deductible, and Congress has mandated new reporting requirements for lenders that will help the IRS identify taxpayers who are deducting more than they are entitled to.
- Asset Sales Versus Stock Sales: What You Need to Know
- Selling a business is never a decision that should be made lightly. A business is something that you've likely worked hard to build from the ground up into the entity that you always hoped it could be - you don't want to sell yourself short now that you're moving onto bigger and better things. When it comes to selling a business, one of the most important decisions that you'll have to make has to do with how the sale itself will be structured. In this situation, there are two main types that you have to decide between - an asset sale and a stock sale. What is the difference between these two options? Who benefits the most from each type of scenario? Thankfully, the answers are relatively straightforward.
- Foreign Account Reporting Requirements (FBAR)
- Some years ago, Senate hearings revealed that many Americans were hiding millions of dollars in Swiss and other foreign banks, not reporting the income from these accounts, and not complying with foreign bank account reporting (FBAR) rules that require every U.S. citizen and resident who has a financial interest in or signature or other authority over any foreign financial accounts, including bank, securities, or other types of financial accounts in a foreign country, to report that relationship if the aggregate value of the accounts exceeds $10,000 at any time during the year.
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