The week of September 13-17 has been declared National Small Business Week by the Small Business Administration. To commemorate the week, here are three tax breaks to consider. READ MORE HERE
CLAIMING A THEFT LOSS DEDUCTION IF YOUR BUSINESS
IS THE VICTIM OF EMBEZZLEMENT
A business may be able to claim a federal income tax deduction for a theft loss. But does embezzlement count as theft? In most cases it does but you’ll have to substantiate the loss. A recent U.S. Tax Court decision illustrates how that’s sometimes difficult to do.
WANT TO FIND OUT WHAT IRS AUDITORS KNOW ABOUT YOUR BUSINESS INDUSTRY?
In order to prepare for a business audit, an IRS examiner generally does research about the specific industry and issues on the taxpayer’s return. Examiners may use IRS “Audit Techniques Guides (ATGs).” A little-known secret is that these guides are available to the public on the IRS website. In other words, your business can use the same guides to gain insight into what the IRS is looking for in terms of compliance with tax laws and regulations. READ MORE HERE
GETTING A DIVORCE? BE AWARE OF TAX IMPLICATIONS
IF YOU OWN A BUSINESS
If you’re a business owner and you’re getting a divorce, tax issues can complicate matters. Your business ownership interest is one of your biggest personal assets and in many cases, your marital property will include all or part of it.READ MORE HERE
