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Business Buy/Sell Agreements
It is important that businesses with more than one owner have a written buy/sell agreement specifying what happens when an owner withdraws from the business.
2007 IRS Data Book
The IRS recently released its 2007 Data Book describing activities conducted during Fiscal Year 2007 (FY 2007) from October 1, 2006, through September 30, 2007. The Data Book contains information about returns filed, taxes collected, enforcement, taxpayer assistance, and the IRS budget and workforce.
Evaluating Charitable Organizations
Some charitable organizations may be experiencing a reduction in contributions due to a perceived slowing in the economy. As a result, you may feel compelled to step in and help one or more charitable organizations in this challenging economic environment.
IRS's 2008 "Dirty Dozen" Tax Scams
The IRS recently updated its list of the most notorious tax scams, the "Dirty Dozen." "Taxpayers should be wary of scams and promises to avoid paying taxes that seem too good to be true," Acting IRS Commissioner Linda Stiff said in reference to the Dirty Dozen.
Recognizing Worthless Securities Losses
Taxpayers are allowed a capital loss tax deduction when securities (e.g., common stocks) that are held as capital assets become worthless. The issue of worthlessness can occur where, for example, a taxpayer owns an interest in a small, closely held corporation that is experiencing severe financial problems.
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elcome to this month's edition of the Tax and Business Alert. Our goal is to provide you with current articles on various tax and business topics. The articles are intended to keep you up to date on trends and issues that may impact your business and personal financial affairs. Please contact us if you have questions about any of the issues discussed.