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Despite the fact that a couple had rented much of the farmland near their farmhouse and had made substantial improvements to the property, it wasn’t held as rental property or for the production of income, according to the Court of Appeals for the Eighth Circuit, which...

In its attempts to narrow the “tax gap” between what taxpayers report and what they legitimately owe, the IRS is cracking down on taxpayers who fail to report taxable income. For one married couple, the IRS claimed the value of an airline ticket received by redeeming...

Consider including in your five-year business plan an image of the people you will likely be hiring then — keeping in mind that “Generation Z” will be your entry-level hires. You may get some help from the global study Gen Y vs. Gen Z Workplac...

You can be subject to penalties if you don’t pay enough tax during the year through estimated tax payments and withholding. Here are some strategies to protect yourself: Know the minimum payment rules. Your estimated payments and withholding must equal at least 90% of your tax...

Do you know what your business is worth right now? Practically speaking, it is worth what the highest bidder is willing to pay for it — no more or no less. Nevertheless, by taking all the relevant factors into account, you can position yourself for the best possible deal....

In the recent movie, The Internship, the character played by Vince Vaughn is amazed when he begins working at Google and finds out he can graze on an array of free food and beverages all day long. (However, he is sternly told that he can’t take anything home from the...

Profit Generating Ideas Reduce the amount of discounts you give. Depending on profit margins, you may have to generate $15 of sales to recover $1 of discounts. Implement better inventory control. Inventory isn’t an asset. It’s a liability. You can’t stop the...

Over the last three decades, 52 U.S. companies have established a tax domicile abroad (these transactions are also known as corporate inversions, redomiciling or expatriation). Although corporate inversions are not new, they are more common than in the past. Since 2008, 22...

Surveys repeatedly show that many Americans are not saving enough for retirement. That’s a shame. Not only are they risking a financially-insecure future, they are overpaying their taxes. Don’t let this happen to you. Here are some facts you should know: You are...

If you’re a “large” employer, time is running out to prepare for the Affordable Care Act’s (ACA’s) shared responsibility provision, commonly referred to as “play-or-pay.” It’s scheduled to go into effect in 2015. Under transitional relief the IRS issued earlier this year, for...