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Fraudulent Tax Shelters - KMPG Goes Down Hard 2008-01-04 08:49:00 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 SheltersFrom 1996 to 2003, KMPG promoted a tax strategy known as the Son of Boss. This shelter was used to create phony ...

The Annual Gift Tax Exclusion: Getting The Edge 2008-01-04 08:48:00 Whether helping the kids with a down payment on their first home, paying the premiums on a life insurance policy in an irrevocable trust, or moving appreciated assets to a younger generation, annual gifting will touch the lives of millions of Americans. But before the transfer is made, an investor should spend some time looking at the investment and the tax ramifications of the property to be ...

Taxing Overseas Firms for SOX Compliance 2008-01-04 08:07:00 The Sarbanes-Oxley Act, also called the Public Company Accounting Reform and Investor Protection Act of 2002 was signed into law on July 30, 2002 by President Bush. In the aftermath of Enron, Arthur Andersen, Global Crossing, and WorldCom, SOX promises greater corporate accountability and transparency. Named after Senator Paul Sarbanes and Representative Michael G. Oxley, SOX focuses on the ...

Render Unto Caesar 2008-01-04 08:06:00 Once a year Canadian taxpayers are required, by law, to file an income tax return in the prescribed form: $150(1).For individuals: $150(1)(d) ITA, they must do so by April 30 of the following year, provided that they owe any taxes or if they are served with a requirement to file: $150(2) ITA.There are other rules for corporations, trusts, partnerships and deceased individuals.If any taxpayer is ...

Failure To Pay Employment Taxes - Penalties 2008-01-04 08:05:00 As an employer, you must pay employment taxes if you have employees. Fail to pay and the IRS will rain all over your parade.PenaltiesIf 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 handling their funds. This fact is very important to the IRS and it places great ...

Employment Taxes - Depositing With The IRS 2008-01-04 08:04:00 If your business has employees, you must pay employment taxes. The payment system can be a bit confusing, so this article discusses how to go about depositing employment taxes with the IRS.Depositing Employment TaxesTo pay employment taxes, you must deposit the money with the IRS. As is typical with tax situations, the payments are not actually made to the IRS. Instead, you must deposit the ...

Paying Workers - What Can You Write-Off? 2008-01-04 08:03:00 As your business grows, you are going to need help. This help comes in the form of employees and independent contractors. What you can write-off is dependent upon how your helper is classified – as an employee or independent contractor.Independent ContractorWhenever possible, you want to use independent contractors to assist you. Payments to independent contractors are completely deductible. You ...

Where to Find Tax Breaks for Your Home Based Business 2008-01-04 08:02:00 April 15th looms in front of most people every year like a big, full moon full influencing a tax based frenzy, but knowing where to find tax breaks for your home based business can make that frenzy a little less frantic and more beneficial to you and your home based business. Finding tax breaks for your home based business is not overly difficult, but make sure you discuss tax breaks for your ...

Insider Guides to IRS Audits! 2008-01-04 07:50:00 Ever wish that, as a business owner, you knew exactly what would raise "red flags" at the IRS? Or how to make an IRS audit go as smoothly and painlessly as possible?If you're in the right type of business, you can get that information, directly from the IRS!Traditionally, IRS examiners have been responsible for auditing many types of businesses. An examiner might audit a grocery store ...

Back To School - Educators Deduct School Expenses 2008-01-04 07:49:00 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 temporary tax code change, teachers can deduct certain school-related expenses from adjusted gross income.Educator Expense DeductionIf you work in the education field, you may be able to deduct up to $250 from your adjusted gross income for 2004 taxes. ...

Six Urban Myths About Taxation 2008-01-04 07:48:00 Six Urban Myths – Taxation“I am proud to be paying taxes… I could be just as proud for half the money.” – Arthur Godfrey Temporary Taxation in Canada In 1917, the Income War Tax Act (7-8 George V, Chap. 28) introduced Canadians to a ‘temporary’ tax on corporate and personal income.After 88 years it’s safe to say that the first myth of taxation is that Parliament considers taxation to be ‘ ...

Fiscal Deity: Tax Consultant 2008-01-04 07:47:00 Strategic planning throughout the year results in a minimal tax balance. The objective of planning your tax payables is not to prevent paying taxes, it is to pay no more than your fair share of taxes, and keep your money where it earns you the most.If you aren’t aware of it yet, Uncle Sam pays no interest. If he deducts your tax payment monthly or quarterly, and takes more than his fair share, he ...

The Tax Man Cometh... To Search 2008-01-04 07:46:00 You’re at your office, or home, and the doorbell rings – it’s the Canada Revenue Agency (“CRA”).The first thing to do is find out why they’ve come. If it is an “inspection, audit or examination” of your books and records under §231.1 Income Tax Act (“ITA”) then they have a right to be at your place of business, during business hours, to do these things.Just collect a copy of the business card ...

IRS Lock-In Letters - What's An Employer To Do? 2008-01-04 07:44:00 Employers often ask employees to designate the amount of tax withholdings for paychecks. Occasionally, employees will fail to withhold a sufficient amount in the eyes of the IRS. The IRS will then send a “lock-in” letter on the amount to be withheld. What’s an employer to do?WithholdingsFour taxes must be withheld from employee paychecks – Medicare, Social Security, Federal Income and State ...

Get Uncle Sam To Pay $36,000 For Your Child's Education! 2008-01-04 06:55:00 Let’s assume that you would like to begin saving for your children’s education fund. At the end of each year, for the next 8 years, you will contribute $2,000 into a Coverdell Education Savings Account (Education IRA), using your after-tax dollars. The money grows tax-free, and neither the contribution nor the interest is taxed when you make a withdrawal, as long as you use it for education ...