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Richard A. Chapo Profile and Articles
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1). Accounting Methods – Cash and Accrual
When starting a business, you have to determine the method you are going to use for accounting and paying taxes. The two choices are the cash method and the accrual method.
Cash Method
If you are looking for simplicity, the cash method is probably your best accounting choice. Generally, income and deductions can be claimed...
2). 1099-MISC Forms For Independent Contractors for 2005
As we begin 2005, you’re probably not thinking about taxes at all. This is a mistake as deadlines are approaching for issuing and filing 1099s to independent contractors.
What is a 1099 MISC?
Generally speaking, the IRS requires you to report certain payments you made during the year to independent contractors. The 1099-MI...
3). Fraudulent Tax Shelters – KMPG Goes Down Hard
In the largest criminal tax case ever filed, KMPG has copped a plea to using fraudulent tax shelters to bilk the government out of 2.5 billion dollars. KMPG has agreed to pay a fine of $456 million dollars, but nine of its executives still are under indictment.
Son of Boss Tax Shelters
From 1996 to 2003, KMPG promoted a ta...
4). Failure To Pay Employment Taxes – Penalties
As an employer, you must pay employment taxes if you have employees. Fail to pay and the IRS will rain all over your parade.
Penalties
If you have employees, you absolutely must deduct and withhold various taxes from the paychecks of your employees. Since you are deducting money from the employee’s paycheck, you are handli...
5). Rental Property Tax Deductions
Own residential rental properties? This article discusses how income from those properties impacts your taxes.
What Constitutes Revenue?
Generally, rental income is defined as any revenue you receive from the occupancy or use of residential property. Rent, obviously, is included in that revenue. Many owners are surprised t...
6). Automobile Tax Expenses
If you use a vehicle for conducting business, you can deduct certain automobile tax expenses from your tax bill. This is true even if you use the vehicle for personal and business needs.
Automobile Tax Expenses
The powers that be have historically written sections into the tax code promoting business activities. One of th...
7). California Businesses Incorporating In Nevada - Is It Legal?
California is a notoriously bad state to do business in. Regulations, worker’s compensation and tax issues overwhelm companies. Seeking relief, many i
8). Anti-Phishing Bill Introduced To Congress
Sen. Partick J. Leahy has introduced the Anti-Phishing Act of 2005 to Congress for consideration. The Act would allow federal prosecutors to
9). Highlights of IRS List of 2005 Tax Scams
Each year, the IRS lists various scams taxpayers get caught up in. The top 2005 scams include several that manipulate laws governing charitable groups, abuse credit counseling services or rely on refuted arguments to claim tax exemptions. The agency is warning taxpayers about the growth of identity theft schemes with some particularly bold thieves ...
10). Back To School – Educators Deduct School Expenses
As teachers and students head back to school following a glorious summer, it’s time to remind teachers to organize 2004 school expenses. Under a tempo
11). Non-Compete Agreements In Action – Microsoft v. Google
Non-Compete Agreements are controversial documents that restrict a person’s right to work with competitors of a former employer. The effectiveness of
12). Home Office Tax Expenses
Self-employed individuals often work out of their own home. If this is the case with you, here’s a primer on home office tax expenses you can claim on your taxes.
Home Office Tax Expenses
America is a country built on small businesses. Yes, the big companies are the darlings of the media, but the guts of our economy are t...
13). Deducting Points On Home Refinances
Any points that you pay in the refinancing of your residence are tax deductible over the length of the loan in question. The deduction is allowable only if the residence is your primary home and the new mortgage replaces a previous one and/or is used to improve the residence. To the extent that money is taken out to pay off credit cards and non-res...
14). California Business Entities – How Long To Get Approved?
You’ve done your research and have decided on a business entity. You’re chomping at the bit to open a bank account and get moving. You file your corpo
15). Giving Your Car to Charity – The New Tax Rules
The IRS has changed the regulations on donating vehicles to charities. If you donated a car last year, you need to read the following to understand the new rules.
Giving Your Car to Charity – The New Tax Rules
Millions of people donate cars, boats, RVs, motorcycles and many other forms of transportation to charities each ...
16). A Lawyers Favorite Lawyer Jokes
Lawyer JokesQ: How does a pregnant woman know she is carrying a future lawyer?A: She has an extreme craving for baloney.Q: Wha
17). 40 Million Credit Card Numbers Stolen – Failure To Encrypt
CardSystems Solutions moronic security efforts have resulted in the potential theft of information for 40 million credit cards. Hackers were able to i
18). Standard Mileage Deduction Rates – 2005 and 2006
If you’re in business, you’re interested in the IRS mileage deduction rates. The 2005 rates fluctuated because of high gas prices and now the 2006 rates have been released.
Standard Mileage Deduction – 2005
In a move not seen for some time, the IRS actually issued two different mileage deduction rates in 2005. Mileage ded...
19). Database Hacks - Are Banks Required To Notify You?
Ever wonder if banks are required to tell customers when their systems are hacked? You may be shocked to learn that they are not. The only ex
20). Section 179 – Tax Relief From Depreciation Rules
“Depreciation.” For business owners, this word is the one most likely to inspire headaches and fits of cussing. The expanded provisions of Section 179 are just the medicine you need to cure the depreciation blues.
Depreciation
Traditionally, if your business property had a life of more than one year, the cost had to be ded...
21). Congress Considers National Data Privacy Law
Legislation was introduced into Congress this week that would establish a national data privacy law. The bill would require businesses to disclose to
22). Are You Overpaying Taxes If You Use Tax Preparation Software?
For many business owners the answer to this quandary is tax preparation software. Fill out a fairly simple interview, click “print” and out comes a completed return that will pass muster with the IRS. The answer to all your problems…or is it?
Can One Software Program Cover All Businesses?
Take a moment to consider the wide...
23). Dealing With Taxes If You Live and Work Outside The United States
When solar cells first came on the scene in the 1950s, they were simple. Now, there are a wide variety of cells and more are coming as technology improves.
An Overview of Solar Cells Through The Years
Solar cells are the basic component of any active system used to convert sunlight into a form of energy. Traditionally, so...
24). Doh! IRS Loses Taxes In San Francisco Bay
On September 23, 2005, the Internal Revenue Service began sending notices to tax payers in thirteen states that there may be a problem with their tax payments. Here is the scoop.
Traffic School?
It seems one of the trucks carrying the payments was involved in a traffic accident and the payments were lost. The accident actu...
25). Forming a Corporation – Investors
You’ve come up with the best idea since sliced bread, figured out a business name and formed a corporation. There is, however, one small problem. You
26). Do You Own Your Web Site Design?
Your web site has been up for a few months and you are making money hand over foot. While surfing sites one evening, you are shocked to f
27). Create Tax Savings And Transfer Wealth To Your Child With A Roth IRA
Parents must give serious thought to protecting their family through estate tax planning. While life insurance and trusts should be a part of every plan, Roth IRAs can be a simple tool for passing money to your child on a tax-free basis.
Roth IRA
First, we need a quick summary of the Roth IRA. A Roth IRA is an after-tax re...
28). Hybrid Vehicles and Tax Benefits
You have to love car dealers. With the passage of the Energy Policy Act of 2005, car dealers are screaming about the tax benefits of buying these vehicles. Here’s the scoop.
Deductions and Credits
The Energy Policy Act of 2005 made a major modification to the tax benefits of owning a hybrid vehicle in an effort to entice ...
29). Your Tip Earnings and Taxes
If you work in a service where you get tips, guess what? The IRS expects you to report them and pay taxes on them.
Your Tip Earnings and Taxes
The internal revenue service takes a very simple approach to tips. It views all tips you make in your job as taxable income that must be reported and for which taxes must be paid. ...
30). Dear John Letters From The IRS
Undoubtedly, you are aware of Dear John letters. Often a young lady sent them to men in the military, often containing bad news. Well, the IRS sends them to taxpayers as well.
Dear John Letters From The IRS
The Internal Revenue Service sends out millions of Dear John letters to taxpayers every year. Instead of informing yo...
31). Corporations Failing To Claim AMT Exemption Overpay Taxes By $11,000
Does your incorporated business pay alternative minimum tax [“AMT]? If so, there is a 93% chance you have been overpaying your taxes by an average of $11,000 a year according to the Treasury Inspector General.
The Office of the Treasury Inspector General for Tax Administration was created in 1999 to oversee the IRS. One of the duties o...
32). Gambling Income and Expenses - Taxes
Hit a big one? With more and more gambling establishments, keep in mind the IRS requires people to report all gambling winnings as income on the
33). 2006 List of Tax Scams Released by IRS
Every year, the IRS issues a list of tax scams. The goal is to alert taxpayers to the lack of merit of certain strategies as well as letting everyone know the IRS will not accept them.
2006 Scams
The IRS has kicked out its annual list of highly dubious tax scams for 2006. Promoters often make these strategies sound credibl...
34). How to Check the Status of Your Tax Refund Online
So, you were pleasantly surprised to learn that you are getting a refund on your taxes. Congratulations! The question for most taxpayers expecting a return is, "Where is my refund?"
Check Your Refund Status Online
The easiest way to check on your refund is to ask the IRS through IRS.gov. On the home page of the site, you w...
35). Alternative Minimum Tax – Online Tool
Hell hath no fury like a person who just found out the alternative minimum tax applies to them. The IRS has set up an online tool to figure out if you do.
Alternative Minimum Tax
The alternative minimum tax is a procedure that was set up to keep the richest of Americans from avoiding tax paying responsibilities. As is typ...
36). Various Ford and Mercury Hybrids Get Tax Credit Certification From IRS
Starting in 2006, individuals buying hybrid cars will get a tax credit instead of a tax deduction. The IRS has just started to kick out the exact amounts you can claim for your new hybrid.
Various Ford and Mercury Hybrids Get Tax Credit Certification From IRS
Under the Energy Policy Act of 2005, the tax benefits of owning...
37). Resolve Disputes With Your Partners Before They Happen
A majority of businesses have ownership groups of less than five individuals. While this provides for efficient and effective management, difficulties
38). Marriage and Taxes
Getting married is the greatest day for 50 percent of couples. The other 50 percent get divorced. Perhaps the marriage tax penalty has something to do with it.
Family Values – Hardly
For all the chatter from politicians about family values, it is ironic that the tax code actually penalizes people for getting married. At i...
39). California Financial Privacy Law Partially Invalidated
The 9th Circuit Federal Court of Appeals has dealt a blow to privacy advocates by invalidating a California privacy law. In litigation brought by the
40). Understanding Marketing Tax Deductions
Marketing is a necessary expense in running practically any business and the IRS acknowledges as much. You may run advertisements on or in the Internet, radio, television, magazines, newspapers and other media to sell your products or services. You should be deducting all of the associated costs on your tax returns.
Ordinary Marketing ...
41). S Corporations – Filing The Election
Getting a corporation designated as an “S” can be a bit confusing. If you are committed to getting an “S” corporation, here is how you do it.
42). IRS Obtains More Than 100 Injunctions Against Tax Scheme Promoters
The IRS has obtained civil injunctions against more than 100 promoters of illegal tax avoidance schemes and fraudulent return preparers in an ongoing crackdown that began in 2001. Many of the injunctions, obtained in cooperation with the Department of Justice, also order the promoters to turn over client lists and to cease preparing federal income ...
43). IRS Holding $2 Billion In Unclaimed Tax Refunds
Every year, the IRS announces that it is holding unclaimed tax refunds. Taxpayers have a limited time to claim the $2 billion dollars the IRS is currently holding.
Three years is a magical number when it comes to tax returns. It refers to the statute of limitations on certain tax issues such as when an audit can occur, when refunds can...
44). Your IRS Tax Appeal Rights
Are you in the middle of a disagreement with the IRS? One of the guaranteed rights for all taxpayers is the right to appeal. If you disagree with the IRS about the amount of your tax liability or about proposed collection actions, you have the right to ask the IRS Appeals Office to review your case.
During their contact with taxpayers,...
45). Small Business Tax Issues for Self-Employed Individuals
The United States is a nation of entrepreneurs. There are literally tens of millions of self-employed individuals that enjoy pursuing their dream business. Of course, few of you enjoy the paperwork and confusing tax issues that arise from owning your own business.
Many self-employed individuals are considered "sole proprietors" or "ind...
46). IRS Gives Victims of Hurricane Katrina More Relief
The IRS has announced further tax relief for victims of Hurricane Katrina due to slow clean up efforts and obviously devastated areas.
The IRS is giving relief to both businesses and individual taxpayers in certain areas that have been absolutely wiped out. Instead of being required to file in March or April, depending on whether the ...
47). Tax Benefits of A “C” Corporation - Funding
If you are going to form a corporation, you might be surprised to learn a “C” corporation comes with a lot of tax benefits. While this article isn’t i
48). Google's Book Scanning and Copyright Laws
As you may know, Google is making an effort to scan every book in the world. The goal is to create a giant online database of every book that can be s
49). Didn’t File Anything with the IRS on April 15th?
The magic tax date of April 15th has passed. If you did not file a tax return or extension request, you need to consider the following.
Didn’t File Anything with the IRS on April 15th?
The Internal Revenue Service is a bit touchy about filing tax returns. It would prefer you to file a return or extension to doing nothing,...
50). Tax Jokes and Quotes
Do you realize that some tax forms ask you to check a box if you are BLIND?
Quote: “Two years ago it was impossible to get through on the phone to the IRS. Now it's just hard to get through. That's progress.” -Charles Rossotti, former IRS Commissioner
Disappointed that you never had time to write the great American novel? ...
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