Retailers often find accounting for merchandise inventory challenging and time-consuming, especially when they carry many different types of products. The retail inventory method simplifies the process by allowing taxpayers to approximate ending inventory without necessarily taking a physical inventory count. In August, the IRS issued final regulations on certain changes within the retail inventory method. Then, the IRS followed up by issuing guidance to explain how taxpayers can obtain automatic approval from the IRS to make certain accounting method changes within the retail inventory method.
News & Articles
Like it or not, some customers always lag in their payments. It hurts your company's cash flow and causes frustration for both your accounts receivable personnel and the customers.
But you can get your receivables in better shape and to keep them there if you get your staff on this regular exercise routine:
The highly publicized scandal involving the IRS targeting of certain groups continues to unfold. The situation highlights the steps an organization needs to take in order to gain tax-exempt status and how the IRS failed to handle certain applications properly. This article provides answers to questions you may have about the current controversy in Washington and what a not-for-profit group must do to be considered for tax-exempt status.
Benjamin Franklin famously said, "In this world nothing can be said to be certain, except death and taxes." But right now, nothing seems more uncertain than taxes, especially when it comes to the estate and gift tax rules for 2013. The IRS recently announced the annual gift tax exclusion amount is going up for 2013. However, things are clear for this year, so if you are inclined at year end, you can make gifts to loved ones to reduce your estate. Here are the basics.
Concerned about global warming and other environmental challenges? Many businesses are getting on board the green train. Besides being socially responsible, businesses and employers may derive some tax benefits for going green. Here are six examples:
Suppose you've been doing business with a company that owes you money or has been late in paying for services you have provided. You might have even filed a lawsuit to obtain the payments. But then you receive a notice that the company has filed for bankruptcy. This article will explain some of the rights and responsibilities in this situation.
The Tax Code requires exempt organizations to pay UBIT on income from activities that are not related to its missions. But payments other than "qualified sponsorship payments" are not automatically subject to UBIT.
Tax season is just around the corner. Now is the perfect time to begin planning for 2012 tax year. If you would like assistance, please contact EHTC at (616) 575-3482. Our goal is to help you maximize your profits by cutting your taxes. Below are some Michigan tax tips to consider for your businesses:
There are great benefits to hiring an outside contractor and many employers choose to take that route. Since an outside contractor is not an employee, this eliminates overtime payroll taxes, unemployment tax, health benefits and other fringe benefits. Furthermore, you are unhappy with their performance, you can simply discontinue using their services. Given all these incentives, it may be advantageous to contract with people outside the company. However, be very careful not to misclassify employees as independents.
Is this your situation: Your cash flow is not sufficient to pay your bills. Even if you are profitable, you don't have enough cash. Pretty soon, you won't be able to borrow any more money or you'll have to put more personal capital into the company. If so, continue reading.