On Wednesday, the IRS released Revenue Procedure 2009-47, which is its annual update to the substantiation rules for business travel expenses when an employer provides a per diem reimbursement allowance. It sets the per diem rate for travel to high-cost localities and for travel to other localities in the continental United States.The revenue procedure covers situations in which an employee incurs lodging, meal and incidental expenses or just...more
The Cowboys will host the Detroit Lions on November 21st and then host the Super Bowl champion New Orleans Saints on Thanksgiving Day in another huge sportsbook match-up. Dallas will continue the toughest portion of their 2010 NFL schedule with a game at the AFC champion Indianapolis Colts on December 5th. The schedule's stretch run begins on December 12th with a Sunday Night game against Philadelphia, in a playoff rematch from last year....more
Need Help Settling Overdue Taxes? No one ever said being a grownup was easy. Sure, there are some perks. But above all else, adults are expected to be responsible. They have to go to work, raise their kids, and pay their taxes. That's how the whole human comedy keeps perpetuating itself. Of course, every now and then it hits a snag. America has earned a rather bad reputation for debt in recent years. The United States is officially the world's biggest debtor nation. It's easy to blame the government for this imbalance. After all, they played a part in creating the record trade deficit. But when it comes to personal debt, Americans must accept responsibility. Most shoppers know that credit card debt is out of control. The average family is saddled with around ten thousand dollars of credit card debt. But did you know that Americans also owe more in back taxes than any other nationality? According to the latest figures, there are over twenty million delinquent taxpayers in the U.S. They owe in excess of two hundred billion dollars in back taxes. The agency that is responsible for collecting these debts is the Internal Revenue Service (IRS). No one likes getting a call...more
Panama as an Offshore Company Tax Haven There is no tax on income earned outside Panama. This rule applies to both personal and corporate income. Panama is also known for its strong maritime business and good privacy laws. Political stability is also recognized as good. As banking and shipping are Panama's two main ‘offshore'...more
One of the few advantages of paying alimony is that the money is tax deductable. That may not take the all the sting out of New York state spousal support but it eases the pain a little. Unfortunately that pain can come back redoubled when the payer gets a polite letter from the IRS saying taxes are owed on alimony from previous years. That's the...more
Even if someone is self employed, there are just so many tax implications which he will need to consider so that he stays on the correct side of the law. To be safe, it is more convenient to get a tax accountant to do all the calculations and advisory services that need to be done when a business is supposed to pay income taxes. Furthermore, legal concerns are not the only concerns but there are benefits which many people forego because they do not recognize that these benefits exist. Some benefits which an Orange County CPA will help a business enjoy are rebates and other claimable sums which people who do not know about tax will not bother to follow up.Take some initiative and contact a reputable tax accountant Orange County and let an expert be the one examining all the relevant documents to immediately put the business on the right path. Remember, the tax accountants have the required expertise to deal with a business of any size. Someone does not worry about how simple or diverse the business operations involved are. It does not matter how much money is spent in paying for the services of an Irvine CPA because all the money spent on this process can anyway be claimed as an...more
Author: Richard A. ChapoAs we celebrate leaving 2009 behind, we necessarily turn towards 2010 and start considering what the future holds. For instance, what does the year hold on the tax front? 2009 was a unique year when it came to personal finance...more
Author: ChintamaniCertain forms of equity compensation provided to employees require tax withholding. Many types can be offered to non-employees, such as board members or consultants, as well as to employees. Withholding for employees is required...more
An individual holding an Incentive Stock Option to acquire his employer's stock, and considering taking advantage of this fall's run-up in the price of that stock, needs to be planning for the potential Alternative Minimum Tax impact. Time is...more
My favorite thing to do on a Sunday Morning is to sit down with a cup of coffee and study the NFL lines. Nothing gets my juices (or coffee) going more. Its almost like NFL lines have some sort of magnetic pull on me, like theyre secretly saying, Come...more
Just like the past years, predictions based on analysis on the past performances of the National Football League participating teams are being released everywhere to serve as a good reference not only for the football enthusiasts, but...more