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News
& Special Announcements
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Overtime
Rules
Do the
overtime rules have you confused or concerned?
Not sure when to pay overtime or how to avoid
paying overtime? The Labor Department has
released permissible methods to avoid paying overtime
to your employees. Please call me for more
information.
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Fixed Asset Issues
Are
you carrying assets on your books that you long
ago got rid of? This is potentially a double-whammy.
If you dispose of an asset, you can write off
the remaining tax basis for a loss on your tax
return. Also, you can remove the asset from
your business property tax roll. If you
are carrying a large number of disposed assets,
this can add up to a fair amount of dollars going
to the government instead of in your pocket.
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Tax Scams
There are plenty of tax scams out there.
One of the most common is claiming that the government
has no authority to collect taxes under the Constitution.
Another scam states that you can opt out of the
US jurisdiction of taxation by claiming you are
an "American" citizen, not a citizen
of the USA. Semantics, yes, but these scam
artists are duping thousands of taxpayers each
year into paying over hard earned cash to unwittingly
particpate in the scam. BEWARE! The
16th Amendment of the US Constitution grants the
power to tax. These cases have been heavily
litigated in the tax courts and the Supreme Court.
The taxpayer loses every time and gets hit with
very stiff fines.
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Where is your return being prepared?
Have
you ever closely read the engagement letter your
CPA asks you to sign each year? If not,
be on the lookout for this or some similar clause:
"We
may outsource preparation of your tax return."
What
your CPA is not telling you is that the outsourcing
may be to India. That's right, your CPA
may have transmitted your tax and financial information
to someone in India to prepare your return, someone
even they have not met in person. Believe
it or not, this is all the rage in the CPA profession.
If it's no big deal to your CPA to send your information
to India, why didn't he/she come right out and
tell you? Why hide it in a vaguely
worded clause buried in a letter most clients
never read? Maybe they don't want you to
know. |
