Under a law meant to target money launderers and drug dealers, the IRS cleaned out the bank account of a Greenville, North Carolina small business owner. No criminal charges were pressed against him.
(Washington D.C.) The National Restaurant Association released the following statement last week Thursday regarding the House’s introduction of the Commonsense Reporting and Verification Act of 2015, which affects Obamacare (Affordable Care Act) reporting requirements:
Russell Fox offers some tax preparation tips to small business owners. He owns Clayton Financial & Tax in Las Vegas and is the author of a newly published book, Tax Strategies for the Small Business Owner.
The IRS and the Department of Labor are running a new small business crackdown on owners who misclassify employees as independent contractors, says Fox Business News.
The IRS has announced that starting in 2014 when it is time to file 2013 business tax returns, business owners will have an easier short form to calculate home-office deductions.
"The single most important issue facing restaurant owners today, and the absolute bane of their existence, is the handling of tips," says Rick Casmass, VP of sales for a restaurant payroll service.
According to CCH, the Internal Revenue Service Chief Counsel has concluded that qualified restaurant property and qualified retail improvement property are eligible for fifty percent bonus depreciation in both 2008 and 2009.
The provisions mandated by the new U.S. health care law are causing deepening worry among business owners and executives as their implementation draws closer.