IRS Enforcing New Penalties on 1099s

In June of 2015, Congress passed the Trade Preferences Extension Act which greatly enhanced the penalties for all 1099s. This means that the penalties for filing 1099s late have become substantial and this has become an area where the IRS is increasing their enforcement efforts. In the past we have been advised by the IRS …

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No Longer Tax Free – Nevada Enacts Commerce Tax

Nevada has been a favored place to transact business as an income tax-free state. That all ended on June 10, 2015, when Governor Sandoval signed a bill enacting a new “Commerce Tax” applicable to each “business entity” with Nevada gross revenue exceeding $4,000,000 in a taxable year. The Nevada Commerce Tax is a gross revenue …

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Protecting Your Inventory and Customers from Employees

During the last year, I have received more phone calls than usual from business owners who believe employees are stealing inventory from them. Many of the concerns I hear from small business owners fall into two categories. The first scenario is the extremely popular and growing internet business, in which entrepreneurs keep inventory in warehouses, …

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Basic Tax Tips for New Businesses

So – you are tied of working for someone else, and want to be your own boss? Make all of the decisions? Be in charge? Or maybe you have a great idea that no one else is doing? Or you have a passion for something, and think that it can support you and your family? …

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Save on Taxes While Growing Your Business

It’s a worthy goal; one that most all business owners would like to achieve – growing your business while at the same time saving on taxes. It can be done and the IRS gives us some amount of incentive. Consider investing in new equipment. More, better, newer, more efficient, perhaps? Sooner or later, it’s likely …

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