Tips To Reduce Payroll Stress

When you hire your first employee, you create an entire new task of complying with employment and labor laws and issuing a payroll. Payroll taxes create more administrative burden for small businesses than any other tax, according to the 2015 Small Business Taxation Survey from the National Business Association. Plus, compliance with payroll laws is a…

What the Same-Sex Marriage Decision Means for Social Security Benefits

Retirees in these 13 states will prosper from the Supreme Court ruling. Read more at http://www.kiplinger.com/article/business/T055-C012-S000-supreme-court-rules-in-favor-of-same-sex-marriage. The Supreme Court’s landmark finding that same-sex couples have a constitutional right to marry will mean a financial gain for such couples who live in the 13 states that allowed only a man and a woman to wed The…

Education Tax Breaks for Online Courses

For you to receive a tax break, the school must be accredited and eligible for federal financial aid. Do online college courses qualify for the American Opportunity and Lifetime Learning tax credits, or do only classes taken in person at a brick-and-mortar college qualify Whether you take a class online or in person doesn’t matter;…

How Annuity Withdrawals Are Taxed

Yes. If your annuity is not in a traditional IRA, 401(k) or other retirement account, the way you take the money can make a big difference in the way it is taxed. No matter where the annuity is, earnings are not taxable until the money is withdrawn. If you withdraw money from the annuity on…

Start Saving on Your 2015 Taxes Now

It’s never too early to get a leg up on Uncle Sam. hand pulling cash out of wallet MORE Americans Spend More on Taxes Than Food, Clothing and Shelter Combined You’re Not Paying Enough in Taxes on These 7 Things Thieves Stole 100,000 People’s Tax Info From IRS Though the ink’s barely dry on your…

IRS Issues New Guidance on FBAR Penalties

The Internal Revenue Service has released new guidance on penalties for failing to file a foreign bank account report, capping the maximum percentage of the penalty and providing new requirements for documentation and approval by IRS examiners. In a memorandum last month from three commissioners in charge of various divisions of the IRS, they wrote,…

IRS Criminal Investigation Helps Bust FIFA Officials

The Internal Revenue Service’s Criminal Investigation unit was among the law enforcement agencies involved in indicting nine officials from FIFA, the international soccer federation that hosts the World Cup, along with five corporate executives involved in a massive bribery scheme. A 47-count indictment was unsealed early this morning in federal court in Brooklyn charging 14…