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Small-Business Owners: Prepare For A Tax Hike

A change in payroll taxes on small service S corporations seems likely. But there are things you can do to minimize the pain. Owners of small businesses should prepare themselves for some big changes on the corporate tax front. Here’s the background: The American Jobs and Closing Tax Loopholes Act (H.R. 4213) was recently approved […]

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Compensatory Damages Can Be Tax Deductible

A 2010 court decision that favored the IRS over a corporate taxpayer provides useful insights for other companies making restitution payments to the government. On January 18, 2000, Fresenius Medical Care Holdings Inc. and the United States signed a “Global Agreement” resolving a series of suits against the company on claims of Medicare fraud. The […]

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Turning Business Losses into Tax Refunds

Businesses with a need for a cash infusion may be able to obtain one quickly as a result of a tax refund from recently expanded net operating loss (NOL) carryback allowances. These provisions address the fact that, although a net loss may appear in only one tax year, it represents weaknesses that may have arisen […]

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Lost in Taxation

It seems as if the tax code was conceived by graphic artist M.C. Escher, wait until you meet the new and not improved Internal Revenue Service created by ObamaCare. What, you’re not already on a first-name basis with your local IRS agent? National Taxpayer Advocate Nina Olson, who operates inside the IRS, highlighted the agency’s […]

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Middle-Class Tax Cut Extensions Expected to Stay on Hold Until Fall

Congressional consideration of an extension of $3 trillion in expiring tax cuts is likely to be put off until after the August recess, White House spokesman Robert Gibbs told reporters July 12. President Obama has called on Congress to extend all of the 2001 and 2003 tax cuts for households earning less than $200,000 per […]

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