My favorite IRS person, Taxpayer Advocate Nina Olson has issued her annual report to Congress.
In Fiscal Year 2011 Objectives, Olson euphemistically echoes what I and other tax bloggers have been saying more bluntly for months: The new 1099 reporting requirement is crazier than Sandra Bullock’s taste in men.
Here’s the story from WebCPA (emphasis added):
The report… expressed concern that a new [...]
Tags: Business Transactions · IRS procedure · Taxpayer Advocate
The National Association for the Self-Employed reports that the recently enacted Healthcare law will have an onerous record-keeping effect on small businesses:
Many of the nation’s entrepreneurs are about to become more familiar with IRS Form 1099. According to a new law set to go into effect in 2012, business owners will be required to submit a Form [...]
Tags: Business Transactions · C Corporations · IRS procedure · S Corporations · Self-Employed Taxpayers
I recently wrote in a post titled Tax Advice, Legal Advice & Piercing the Corporate Veil that it would be legal malpractice for an attorney to advise his corporate and business clients to commingle their personal and business funds.
I wrote the post in response to June Walker who had written a blog post titled You Do Not [...]
Tags: Business Transactions · Taxes 101
You’ve worked several decades building your business and now you’re ready to move on.
You want to lower your handicap to a single digit, read the complete works of Homer, Virgil and Shakespeare, and see the rest of the civilized world.
But wait, before you put your business up for sale here are some things (in no particular [...]
Tags: Business Transactions
Wall Street Journal – Taxes Blog
