2013: a window of opportunity for S corporation asset sales

In general, when an S corporation sells its assets, the gain on sale flows through to, and is reportable by, the shareholders and is not subject to a corporate level tax. In the case of an S corporation that previously was a C corporation, however, such S corporation is subject to a corporate level tax…

Online sales taxes back on Senate’s docket

A proposal to allow states to collect online sales taxes will be reintroduced in the Senate on Thursday, with support for the measure growing among Republican and Democratic governors and state legislators. On the heels of President Barack Obama once again tagging a U.S. tax code overhaul as a top priority in his State of the Union…

Depreciation and education credit forms can soon be filed with the IRS

The IRS announced on Friday that it will soon be able to accept tax returns that include Form 4562,Depreciation and Amortization, and/or Form 8863, Education Credits (IR-2013-18). The IRS will start processing returns with Form 4562 on Sunday, Feb. 10, and will start processing returns with Form 8863 on Thursday, Feb. 14. It also announced that it…

Five CEO myths – and what every manager can learn from them

Chief executives today must operate in a more intense, more intricate business environment, and new CEOs are particularly under pressure. During their first months on the job, CEOs will study company structure, immerse themselves in company culture, and develop a plan suited to their vision for the organisation’s long-term success.

Refunds Seen Postponed in IRS Quest to Stamp Out ID Theft

Some taxpayers seeking a quick refund may have to wait longer than usual this year as the Internal Revenue Service tries to stop criminals who steal others’ identities and file fraudulent returns. Read more at Bloomberg…

S corporation distribution treated as wages subject to FICA taxes

Judging by the number of recent cases on this issue, both taxpayers and the IRS have figured out that if the owner of an S corporation withdraws all of the earnings of the business conducted by the corporation in the form of dividends rather than as wages, he avoids paying the FICA taxes on those…

IRS further delays acceptance of returns claiming education credits

On Monday, two days before the delayed Jan. 30 start of the 2013 filing season, the IRS announced a further delay in processing returns that contain Form 8863, Education Credits, which must be filed by people claiming the American opportunity and the lifetime learning tax credits (IR-2013-10). Read more at Journal of Accountancy…

What’s missing from my software as a service (SAAS) agreement?

As customers continue to embrace Software as a Service (SAAS) solutions that are hosted in the cloud, rather than traditional software solutions that are loaded onto and hosted on the customer’s own environment, they should closely review the contract that will govern their relationship with their SAAS provider. Frequently, we see SAAS contracts that are…

Moody’s Gives Negative Outlook to All U.S. Universities

Moody’s Investors Service now has a negative outlook for the entire U.S. higher education sector, the rating agency said on Wednesday, citing “mounting fiscal pressure on all key university revenue sources.” Since 2009, Moody’s had had a stable outlook for market-leading, research-driven colleges and universities and a negative outlook for the rest of the higher…

Health care reform: “employer mandate” guidance issued

The U.S. Treasury Department recently released new guidance to assist employers (generally those with 50 or more full-time or full-time equivalent employees) in preparing and planning for the 2014 requirement to offer affordable minimum essential health coverage to their employees, and to help employers who have close to 50 employees determine whether the requirement to…

Client Portal
Email: Password:
Forgot your password?
Socialize

Important Dates