Private Business Blog

Blogs February 24, 2016 Selling Your Business: Things to Keep in Mind

If you're selling a business, here are things to keep in mind. This article covers the sale of assets, sale of an ownership interest, cash flow analysis, due diligence by the buyer, earn-outs and tax issues. When selling a business, it's important to…

Blogs December 22, 2015 Phased Out of a Roth IRA?

Have you been phased out of a Roth IRA? Many taxpayers who want to contribute to a Roth IRA cannot due to the income-based phase-out but there is a work-around. Can taxpayers make a nondeductible contribution to a traditional IRA account and then con…

Blogs August 12, 2015 FBAR Due Date Revised

The FinCEN Form 114 will be due on April 15 of the year following the calendar year being reported on. The FBAR is used to report signature authority over or a financial interest in a foreign financial account. The report is now done electronically v…

Blogs August 10, 2015 Changes to Business Tax Return Filings

New filing due dates for business tax returns. Changes apply to tax returns for years beginning after December 31, 2015 with the one exception for C corporations with June 30 year-ends. Tax extension filing periods have been affected as well. Here's…

Blogs August 04, 2015 Update on Health Insurance Plan Reporting

IRS Health Care Tax Tip 2015-42 is a reminder to all providers of health coverage that they must file annual returns with the IRS reporting information about the coverage and about each covered individual. Health coverage providers will be reporting…

Blogs July 16, 2015 New ACA Penalty as of July 1

Affordable Care Act Penalty as of July 1. For small employers who are thinking they can provide their employees with medical insurance coverage but avoid the medical insurance hassle in covering their employees with a company plan, consider the follo…

Blogs June 26, 2015 Borrower Beware

There are occasions when individuals are advised to borrow money against property (non-residence) or securities they own in order to fund the purchase of a home or a vehicle. But is the interest deductible as either mortgage interest or investment in…

Blogs June 09, 2015 Installment Agreement Options

IRS installment agreement options are available to taxpayers. About 50% of offers-in-compromise are approved. The IRS normally wants to figure out how they can get the taxpayer to full pay as soon as possible but here are some installment agreement o…

Blogs June 08, 2015 Fresh Start and Cash Flow

Determining an offer-in-compromise amount to extinguish debt owed to the IRS is made up of 2 components - net equity and cash flow. These are used by the IRS to determine reasonable collection potential or RCP. What is RCP and the cash flow calculati…