How Lehman Sold Plan To Sidestep Tax Man
“Wall Street firms have long sought to use financial alchemy to save clients a bundle on their tax bills. Now, one of the Street’s cleverest strategies is coming under scrutiny.
The strategy arose a few years ago, a time when lots of U.S. companies were paying fat dividends. Wall Street sensed a golden business opportunity: sell […]
Taxpayers showing losses on Schedule C are in the spotlight
The Treasury Inspector General for Tax Administration (TIGTA) has issued a report presenting the results of a review to determine what actions the Internal Revenue Service is taking to address noncompliant, high-income Small Business/Self-Employed (SB/SE) Division taxpayers who claim business losses using a U.S. Individual Income Tax Return (Form 1040) Profit or Loss From Business […]
IRS Resources: Business Entertainment Expenses
The IRS is pretty clear in explaining rules to avoid a tax audit when dealing with entertainment expenses. See complete article for list of IRS publications.
Complete article can be found here:http://activerain.com/blogsview/199592/IRS-Resources-Business-Entertainment
Look out for tax hit after home loss
“In a package of proposals aimed at easing foreclosure worries for homeowners having trouble making their mortgage payments, President Bush called last week on Congress to temporarily make some borrowers exempt from a little-known tax that kicks debtors when they’re down.The provision, which assesses income tax on canceled or “forgiven” debts, can be triggered when […]
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