The Small Business Tax Help Blog

Archive for September, 2008

Question: state tax deficiency and federal debt?

I am a non-resident, who had a state tax deficiency for 2005. The NJ div. of tax. had not recognized my payroll stubs as sufficient evidence for the fact that I have paid taxes. However, I sent them my W2s (which I received later) and today I got to know that they have made an adjustment to my account and have cleared the deficiency off. However in the last couple of months I also got to know that I do have a federal debt connected to this state tax deficiency. As long as I understood, this has been done for the IRS to withhold for the state tax deficiency from my federal tax return. Do you know any phone number, where I could check if the federal debt has been also cleared off? I do have an immigrant visa interview soon and I worry that this federal debt could be a problem.

Answer: Try calling the IRS, 1-800-829-1040.

CNG dealers call off strike after assurances

KARACHI, Jan 01: All CNG station owners and dealers associations have agreed to call off a countrywide strike after meetings with the Minister of Petroleum and Natural Resources Syed Naveed Qamar here Friday.

TaxPlus - Tax Information By Subject

If you are an entrepreneur who resells wholesale merchandises such as wholesale jewelry, or if you are thinking about becoming a reseller who purchases wholesale jewelry and then resells the items for money, you must know a solid handle on how the wholesale jewelry business works. Even if Although you do not have a strong experience as a retailer or you are just getting started as a reseller business, there are wholesale jewelry businesses that are glad to work with you when you begin your line of work established. Perhaps you have a gift store or a jewelry shop, or maybe you run your reseller jewelry business out of your house. Or perhaps you are just in the designing level of creating your business. Regardless of what stage you are in with your line, you will typically need to transact with wholesale jewelry suppliers on a natural basis to establish your business and keep it functional. Looking upon which companies you are working with, it is at times possible to purchase wholesale jewelry for fifty percent (or even less) of retail. You will need to make your research, to find out which specific wholesale jewelry supplier might be the advisable matches for your needs. Learn as much as you can on what other retailers will have to suppose about operating with any wholesale jewelry provider you are contemplating making dealings with so that you can get a strong hold of their credibility in the industry. Being a reseller, many (if not most) wholesale jewelry providers will ask you to supply them with your clear business license information as well as a sales tax number. (Not all of them require you to render them with this information, but it is important to be aware that many of the more reputable middlemen set this.)

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Contact Information
Company:yiwu dushang jewelry co,ltd
Website:www.jewelry-wholesale-online.com
Phone:86.579-85597585
Fax:86.579-85320753
Adress:3f,No.13-15,Building 4,A zone, Futian jewelry street,yiwu city,zhejiang,china

Sarkozy Says Future Carbon Tax Must Not Hurt French Industry

Jan. 6 (Bloomberg) — President Nicolas Sarkozy said a planned carbon emissions tax must not create a competitive burden for French industry, including steel and electricity producers.

Best Offshore Business Tax Structure

Take steps to guard income for the future

Dear Action Line: I’m 56 and have always put money in my 401(k), but that’s about it. As the economy is on the mend, what are some money tips for 2010? — W.H., Tulsa.

In November 2009, the IRS started a new National Research Program Initiative (the Initiative): an industry wide specific random audit of employment taxes for 6,000 entities to encompass the course of the next thirty six months. The scope of the Initiative is dual in nature: First: assess systemic Employment Tax Compliance: and second: collect assessments from delinquent employers.

With tax revenues decreasing from the down economy, the U.S. Treasury Department is increasing its efforts to close the tax gap the difference between the total tax liabilities and taxes paid to the IRS. Auditing employment taxes is seen by the IRS as a crucial means of closing the tax gap. For tax year 2001 for example, the gross tax gap was estimated by the IRS at around $345 billion, with underreporting of employment taxes accounting for around 17% of the tax gap.

The IRS will audit companies to ensure that Federal withholding taxes are deducted and paid over to the government from employees wages for Social Security and Medicare as well as Federal Unemployment taxes. An employer found to be in noncompliance could face harsh civil penalties and interest on unpaid taxes. These fines could have a particularly severe impact on small business owners.

The IRS has prioritized four areas to focus their auditing efforts under the Initiative, including:

Worker Classification: i.e. whether an employer properly classifies an employee as an employee or independent contractor for tax purposes. Determining which depends on the behavioral, financial and type of relationship the company has with the person performing the work.

Employee Fringe Benefits: A fringe benefit is a form of pay for the performance of services. i.e. benefits such as insurance coverage, company car or child care, etc. that are provided by employers tax free to employees but not to independent contractors.

Reimbursed Business Expenses: e.g. reimbursement for taking a client to lunch, purchasing office supplies: which requires a written business expense plan. I.E. You must have paid or incurred expenses that are deductible while performing services as an employee. You must adequately account to your employer for these expenses within a reasonable time period, and you must return any excess reimbursement or allowance within a reasonable time period.

Compensation of Owners who are also employees of the company, whereby unpaid taxes may result in personal liability for the employer.

Since the employment tax audits Initiative has begun, it has been reported that the IRS has already started the process of selecting businesses for audit of their employment taxes. Noncompliance with employment tax law can result in severe repercussions for employers. To ensure that procedures are in place to meet with compliance of applicable tax law can save time, money and distress in the event of an audit.

For example, the Internal Revenue Code requires each employer to properly categorize their Worker classification in order to not only make sure they are in compliance with the tax laws but also be able govern their workers appropriately . Employers should consider consulting with experienced counsel in preparation for the Initiative and in the event of an audit of their employment taxes.

Mindspeed and TeamF1 to Demonstrate New Class of Security Multi-Service Business Gateways at CES 2010

NEWPORT BEACH, Calif.—-Mindspeed Technologies, Inc. , a leading supplier of semiconductor solutions for network infrastructure applications, today announced that the Secure Gateway Solution from TeamF1, Inc. , the leader in embedded networking and security software solutions for wired and wireless applications, is now available on Mindspeed’s Comcerto 1000 packet processor, enabling a new …

Tax Deduction Tips for Businesses : Filing Expense Accounts for Taxes

2009: Our year in review

It was a year of economic pain for Hancock and surrounding counties. But in the midst of that pain, there were signs of progress.

CSULB Economic Stabilization Act Panel Discussion