Take advantage of business and tax laws that may expire for good on December 31, 2011. Mos of these tax laws benefit businesses. If Congress doesn’t extends certain business tax write-offs, make sure you consider the following items before December 31, 2011. Continue reading
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Monthly Archives: August 2011
IRS hires more agents
So, I have been telling everyone that IRS audits are up, especially in the metropolitan areas. It makes sense, doesn’t it? If the government is broke and needs more money, then they will hire more agents to audit more people. According to a Treasury Inspector General for Tax Administration Report (Number 2011-30-071), the number of IRS employees increased from 103,811 in in 2006 to 107,622 in 2010. in 2009, the IRS hired more than 2,000 revenue agents and tax compliance officers and during 2010, they added another 1,300 revenue agents. These new hires are on top of the existing agents. Continue reading →
Are Damages or Punitive Damages Taxable?
The quick answer is damages or awards received for physical injuries or sickness are generally not taxable. However, punitive damages or awards are generally taxable if they are paid to compensate a taxpayer for non-personal injuries. Internal Revenue Code (IRC) Section 104 is the area of law that defines the taxable treatment of compensation for injuries or sickness. Continue reading →
IRS Audits Increase
Over the past year, we have seen a large increase of IRS audits. We expect the audit increase is due to the fiscal problems / budget problems with the United States of America. So, on one hand Congress is saying we are here to help and on the other hand, they are telling the IRS to find more money. So be prepared. We are seeing IRS audits for the following items: Continue reading →
Tax & Business Summer 2011
Client Update Spring 2010
Human Resource (HR) concerns for a privately held / small business
Peter DeGregori, CPA and your host speaks with Sam Murray, CEO of Managease. Managease is a HR Consulting firm. HR consulting is becoming more of a hot topic with all the labor laws, and increased litigation. Get your HR organized. Sam can be reached at 714-378-0880 or www.managease.com.
Business Loans for Privately Held Businesses
Peter DeGregori, CPA, MST and your host, speaks with Ken Barton with Union Bank about what the banks are looking for to lend money in today’s market. Ken has over 35 years of banking experience, so his insight is very helpful. Ken and Peter speak about commercial and SBA lending requirements. We suggest all business owners listen, learn, and be prepared if you need a loan.
The Banker’s Viewpoint of the Financial Crisis
Peter DeGregori, CPA and Host, speaks with Chris Brahney, and John Barnes with City National Bank about the past and current banking industry. City National Bank is a Los Angeles based publicly held bank with 72 offices, including 16 full service regional centers, in Southern California, San Francisco, Nevada and New York City. Chris or John can be contacted at 949-754-1500. www.cnb.com
Tax & Legal Issues With Short Sales and Foreclosures
Your host, Peter DeGregori, CPA and guest Jeff Resnick, an attorney with Vogt & Resnick (www.vogt-resnick.com) discuss the legal and tax issues and ramifications regarding short sales, foreclosures and loan modifications. They also speak about credit considerations. This is a hot issue which we have found most people are not educated about.
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