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  There are several tax incentives small businesses may take advantage of this tax season, before the October 15th deadline (for those who received an extension). The Worker, Homeownership, and Business Assistance Act of 2009 expanded the Net Operating Loss (NOL) Carryback option, while the American Recovery and Reinvestment Act of 2009 increased the Section 179 Deduction and extended the bonus depreciation. These tax incentives may be especially helpful for contractors and other small business owners who have been hurt by the economy. Expanded Net Operating Loss Carryback Businesses and contractors that have suffered net operating losses (NOL) now have greater flexibility in carrying the loss back to a prior year to get a tax refund. These net operating loss provisions allow businesses to carry the loss back three, four, or five years, or a loss from operations for four or five years, in order to offset taxable income in the preceding taxable years. (An NOL can typically be carried ba

  Photograph the cars involved in the accident, get the names of any witnesses and get yourself checked out by a competent medical doctor. As   Orlando car accident lawyers  we have seen too many people suffer AFTER a car accident because they failed to take these steps. Even worse is the situation where someone follows these steps, has an injury, but hires a lawyer who failed to properly represent their interests. In one case, our client lost more than two years patiently waiting for his prior lawyers to file a lawsuit on his behalf. Sadly, he hired lawyers who simply believe once the client signs the contract, you just “talk” to the insurance company and wait to see if they offer any money. The truth is insurance companies know which lawyers try cases and which do not. Many Orlando lawyers who accept car and truck accident cases are NOT specialists. Only two percent of The Florida Bar is Board Certified as specialists in civil trial law, which includes car and truck accidents. As pas

  We feel blessed that many Floridians have been helped by the Florida car accident book,   Seeking Justice: An Insider's Guide for the Injured.   When I wrote this book, I hoped it would help people involved in a   car accident  protect themselves from insurance company adjusters. I also wanted to provide a solid method for injured people to find the right lawyer. From the reviews we have received, it has done just that. For anyone injured in a Florida car accident, a   Free copy of this book  can be a great place to start. After reading my book, people have shared that they had no idea that out of the 80,000 Florida lawyers- only 2 percent are certified as specialists in civil trial law, which includes car and truck accidents.  https://askcompetentlawyer.com/   Everyone should understand that car and truck accident cases have many complex issues that lawyers who do not specialize may not be aware of. Unfortunately, if a lawyer does not know the important issues involved in car an

  Alcohol-related crashes killed nearly 18,000 people on American highways last year. Just a few years ago, New Mexico had one of the most serious drunk driving problems in the United States, with more alcohol-related fatalities per capita than any other state. Since then, its legislators addressed the problem in part by requiring ignition interlocks for repeat "DWI" (driving while intoxicated) offenders. In essence it is a breath analyzer installed in the car that won't let the car be started if the driver has been drinking.  https://askcompetentlawyer.com/   The interlock requires the driver to pass a re-test at random intervals while driving, otherwise it will shut off the vehicle. It's meant to prevent people from taking a drink after they've started the car or from having a sober person start the car for someone who's been drinking. Other states have similar laws, but in 2005, New Mexico became the first to require interlocks for first-time offenders. Man

  Choosing well-qualified, caring doctors quickly is important for your health and for your car accident claims. As  Orlando car accident lawyers , many of our clients have no health insurance; many have no doctor; and, they do not know where they should go for medical care following a car accident. We interact with the best medical doctors in the Orlando area; and, we can provide critical guidance when it counts.  The sad truth is many doctors refuse to see car accident victims, especially those without insurance. Many doctors also work for auto insurance companies, making thousands of dollars examining car accident victims and "discounting" the injuries suffered. If you innocently choose one of these “insurance or defense” doctors, you will have little opportunity to receive full and fair compensation for your injury. As a  medical doctor and lawyer, Dr. Walter Ward  knows which doctors genuinely care to help car accident victims.  https://askcompetentlawyer.com/  Do not ru

  I am a big fan of college football and spend most of my fall Saturdays watching football games. Sometimes I wonder what the coaches are thinking when they call certain plays. Last fall during a particularly exciting play where the UGA quarterback was sacked by the opposing team's defensive end, I wondered what the left tackle was thinking. Of course, he may have been thinking about the next play, or perhaps the post-game festivities, but I guarantee you that he was not thinking about the tax ramifications of the Nike insignia on the quarterback's jersey. Though it may have been the last thing on the left tackle's mind, President Adams and the IRS have given it some thought. Corporate sponsorships are just one example of unrelated business income that is the prey of a new onslaught of  IRS audits  targeting colleges and universities.  https://askcompetentlawyer.com/business-commercial-litigation/  UGA in particular has been targeted, and the IRS is auditing the income it r

  When I was a child, my mother surprised me one glorious morning with a Rottweiler puppy.  https://askcompetentlawyer.com/   She justifiably handed me a piece of steak and explained that I was to give the steak to the Rottweiler because it would never bite the hand that feeds it. And, fingers in tact years later, she was correct. It seems the IRS never learned that lesson--their newest (and perhaps oldest) targets are restaurant owners. (Not surprising, as we all knew only   audits   satiate that IRS hunger). The IRS requires employers to file an annual tip allocation return, Form 8027. While approximately 50,000 returns were filed last year, an independent firm the IRS hired estimates that figure should be tripled. The IRS plans to align its files with the independent firm's information and send letters of inquiry to non-filers. If you own a restaurant and have not filed Form 8027 or know that there are problems with the form you filed, you need to contact a  tax professional  be

  The   Internal Revenue Service (IRS)   and to some extent the   South Carolina Department of Revenue (SCDOR)   understand that   times are tough   and people are having a hard time making ends meet. If you owe back taxes and are flat broke after you pay for necessities, then you may be able to get the   IRS off your back   until you get back on your feet. The IRS has the ability to place your account in  Currently Not Collectible (CNC)  status. If they do then you will no longer receive threatening letters or phone calls about your past due taxes and  YOU DO NOT HAVE TO MAKE ANY PAYMENTS . The IRS will not issue  bank levies or wage garnishments  while your account is in  CNC  status. However, the IRS will typically file a  Federal Tax Lien  to protect its interest in the past due taxes.  https://askcompetentlawyer.com/  In addition, you will continue to receive letters from time-to-time that inform you of your current balance. Interest and penalties continue to accrue while your acc

  If you have ever been   audited   by the Internal Revenue Service, then you know audits are no walk-in-the-park. They can take a long time to conclude and that's not good for your nerves. However, eventually they do come to an end and the IRS will provide you with a copy of the Revenue Agent's Report and proposed changes. Luckily for taxpayers this letter is not the end of the road. You have 30 days to file a written protest as to why you disagree with the proposed changes. The IRS Office of Appeals will review your protest and the audit file and contact you or your   tax controversy attorney   to schedule a conference. The function of the IRS Office of Appeals is to settle tax disputes, which typically arise in the form of proposed adjustments after an audit, in a more relaxed and informal way.  https://askcompetentlawyer.com/business-torts/  The Appeals conference is conducted by correspondence, by telephone or in person. At the conference, you or your tax controversy attor

  October 15th is fast approaching, and as such taxpayers will want to take note of several key changes in order to maximize savings this tax season. A number of new and expanded deductions and credits emerged in 2009, including education tax benefits for parents and students, tax breaks for vehicle and home purchases, and "green" energy credits for homeowners. Home Buyer Tax Credit The Worker, Homeownership, and Business Assistance Act of 2009 extends and expands the tax credit originally made available to first-time homebuyers through the American Recovery and Reinvestment Act of 2009.  https://askcompetentlawyer.com/  Now, homebuyers who have not owned a primary residence for three years prior to the purchase are eligible for the $8,000 credit. Homebuyers must have purchased a home between Jan. 1, 2009 to April 30, 2010 to be eligible for this credit. Because many people were experiencing paperwork delays, Congress has provided buyers who signed a binding contract by April

  If you are reading this, chances are you are looking for a   tax professional   to assist you in your dealings with the Internal Revenue Service or a state taxing authority. The best advice when hiring a tax professional is to do your homework. Do not be fooled by slick advertisements and sales pitches.  https://askcompetentlawyer.com/business-commercial-litigation/  Doing a little research before you hire someone can save you lots of time and frustration down the line, not to mention saving your hard earned money from going down the drain. Unfortunately, there are outfits that prey on unwitting consumers looking to resolve their tax debts. These companies often promise the world and never deliver, all the while charging you for services you may not receive in a timely manner. Many of our clients have come to us seeking help which they thought they had previously obtained, only to discover that nothing had been done on their case for months on end. So to help you find the right tax p

  South Carolina DME   sales tax audits   are ramping up throughout SC. The Department of Revenue is opening sales tax audits for   Durable Medical Equipment   retailers requesting lots of records and information. https://askcompetentlawyer.com/global-tax-fraud/  The audit period is generally three years. If you have received a   South Carolina SC DME sales tax audit notice   you do have options. South Carolina has several sales tax exemptions that apply to certain durable medical equipment or DME items. For example, South Carolina Code of Laws provides: SECTION 12-36-2120. Exemptions from sales tax. Exempted from the taxes imposed by this chapter are the gross proceeds of sales, or sales price of: (28)(a) medicine and prosthetic devices sold by prescription, prescription medicines used to prevent respiratory syncytial virus, prescription medicines and therapeutic radiopharmaceuticals used in the treatment of rheumatoid arthritis, cancer, lymphoma, leukemia, or related diseases, includ

If you are reading this, chances are you are looking for a  tax professional  to assist you in your dealings with the Internal Revenue Service or a state taxing authority. The best advice when hiring a tax professional is to do your homework. Do not be fooled by slick advertisements and sales pitches. Doing a little research before you hire someone can save you lots of time and frustration down the line, not to mention saving your hard earned money from going down the drain. Unfortunately, there are outfits that prey on unwitting consumers looking to resolve their tax debts. These companies often promise the world and never deliver, all the while charging you for services you may not receive in a timely manner. Many of our clients have come to us seeking help which they thought they had previously obtained, only to discover that nothing had been done on their case for months on end. So to help you find the right tax professional, we provide a few tips for you to consider: Step 1: Onlin

  The average American's wallet has probably felt quite a bit lighter in the past few years. And so has the IRS'. Like much of the American public, the years-long recession has the IRS lodged firmly between an economic rock-and-a-hard-spot. But, unlike most Americans, the IRS' vast network of resources, both monetary and from a personnel standpoint, pretty much guarantees that it won't go hungry. Due to the economic downturn, the amount of tax that the IRS has collected has decreased 3.3 percent, while government spending continues to increase. Although about 84 percent of all taxes are paid on time by taxpayers, the other 16 percent who either under-report income or overstate deductions results in about a $300 billion per year loss to the IRS. In order to combat these substantial losses, the IRS has ramped up its tax collections efforts through the addition of thousands of new IRS employees and smarter, more powerful computers designed to sniff-out taxpayers who aren&#

  As a rule, spouses who file their income taxes under the status of Married Filing Jointly are jointly and severally liable for any income tax liability shown on the return as well as any additional income tax liability which may arise as the result of an   audit . In other words, if your spouse makes a mistake on your jointly filed income tax return, you may be held both jointly liable (both you and your spouse) and severally liable (just you) for the amount of the underpayment caused by your spouse's error. And, to add to the fun, the amount of income earned by either spouse is irrelevant in determining joint and several liability. https://askcompetentlawyer.com/divorce1/  So, even if you report zero income for a given tax year, you could be held personally liable for the entire amount of the tax liability that results from any underpayment or your spouse's error on your jointly filed return. However, the IRS and certain states provide  "innocent spouse" relief  fr

  The IRS has selected approximately 260,000 returns claiming the first-time homebuyer credit for   correspondence audits   so far in 2010. The audits are apparently the result of filers failing to include sufficient documentation with their tax returns. These correspondence audits constitute approximately 21% of all correspondence examinations. https://askcompetentlawyer.com/fraud/  Accordingly, the IRS is truly turning up the heat this summer on those claiming the first-time homebuyer credit. The IRS requires homebuyers claiming the credit to attach the following: A copy of the settlement statement showing all parties' names and signatures, the property address, the contract sales price, and the date of purchase In the case of a mobile home, a copy of the executed retail sales contract In the case of a newly constructed home where you do not have an executed settlement statement, a copy of the certificate of occupancy Additional documentation may be necessary, as indicated below:

  Imagine a family member passes away and leaves the family farm or business to you. Internal Revenue Code Section 2032A allows for a Special Use Value to be applied to family farming operations as well as closely held businesses. However there are several requirements that must be met to claim the reduced value on the Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return. If these requirements are not met then you may receive a Notice of Deficiency from the IRS showing a vast increase in your taxable estate, coupled with a significant increase in tax and the imposition of hefty penalties. Unfortunately, this scenario can and does happen, as the IRS may find that the taxpayer insufficiently established the method of valuation. In general, the value of the gross estate of a decedent includes the value at the time of his or her death of all real and personal property. However, the executor or personal representative can often significantly reduce or even eliminate

  After various studies pertaining to accuracy in the reporting of income and expenses by cash intensive businesses, the IRS has created a new guide for its agents to refer to when conducting   audits   of such firms. With the tax "gap" reportedly at hundreds of billion of dollars, the IRS has begun training its Revenue Agents to be more savvy in interviewing business owners and recognizing indicators of unreported income. According to the guide, businesses that make a routine practice of misappropriating cash often have a pattern of reporting losses and/or low profit margins that are insufficient to sustain the business or its owners. The IRS lists the following indicators of unreported income: A lifestyle that cannot be supported by the income reported A business that reports losses each year yet continues to operate Account balances increasing annually despite reporting of low net profits or losses Business debt decreases, remains low, or doesn't increase despite repor

  After various studies pertaining to accuracy in the reporting of income and expenses by cash intensive businesses, the IRS has created a new guide for its agents to refer to when conducting   audits   of such firms. With the tax "gap" reportedly at hundreds of billion of dollars, the IRS has begun training its Revenue Agents to be more savvy in interviewing business owners and recognizing indicators of unreported income. According to the guide, businesses that make a routine practice of misappropriating cash often have a pattern of reporting losses and/or low profit margins that are insufficient to sustain the business or its owners. The IRS lists the following indicators of unreported income: A lifestyle that cannot be supported by the income reported A business that reports losses each year yet continues to operate Account balances increasing annually despite reporting of low net profits or losses Business debt decreases, remains low, or doesn't increase despite repor

  A relatively common occurrence with many businesses, is a failure to pay over withheld income and employment taxes. Often cash-strapped businesses hope that conditions will improve and decide to use the withheld taxes as working capital to fund operations. The Internal Revenue Service and other taxing authorities HATE being an "unwilling participant in a floundering business". In response to all too often finding itself as a unwitting lender, the Internal Revenue Service received authority from Congress in 1954 to assess personal liability against "responsible persons that willfully fail to pay over" withheld income and employment taxes. The Trust Fund Recovery Penalty results in personal liability for 100% of the withheld income and employment taxes ("Trust Fund" taxes) for every "responsible person" assessed. While deemed a penalty, the Trust Fund Recovery Penalty is a collection device used by the Internal Revenue Service to recoup those tax