Oct 29, 2020 | Income Tax
What You Need to Know About Partnerships A partnership is the relationship existing between two or more persons who join together to carry on a trade or business. Each person contributes money, property, labor, or skill and expects to share in the profits and losses...
Oct 22, 2020 | Income Tax
Tax Treatment of Fringe Benefits The term “fringe benefit” refers to any benefit provided to an employee that is in addition to money. All benefits provided to an employee are taxable unless the law specifically excludes or defers tax on the benefit. Thus, a fringe...
Oct 15, 2020 | Income Tax
What is the unpardonable sin in an IRS audit? Suppose you just received a letter from the IRS telling you that you are the subject of an IRS audit. What one record receives special attention? What one record can create a nightmare for you? What one record makes the...