Better Business Blog

The IRS has issued a warning about a fraudulent scheme targeting Electronic Federal Tax Payment System (EFTPS) users. The scheme uses an e-mail claiming that the user’s tax payment was rejected and directs the user to a website for additional information. The website contains malware that will attempt to infect the user’s computer.
Here is the [...]

Prior to the recent economic downturn, flipping real estate was popular.  With mortgage interest rates low and home prices at historical lows, flipping appears to be on the rise again.   House flipping is, essentially, purchasing a house or property, improving it, and then selling it (presumably for a profit) in a short period of time.  [...]

The IRS has issued proposed regulations that would eliminate paper coupons for deposits of employment taxes, corporate income and estimated taxes, and many other taxes (REG-153340-09).  The paper 8109 coupon payment system will be shut down at the end of 2010.  Taxpayers currently still using the paper coupons to make federal payroll and corporate tax [...]

On Monday, August 16th, Governor Quinn approved the bill to establish a tax amnesty program for all taxpayers for taxes due for any taxable period ending after June 30, 2002 and prior to July 1, 2009.  The amnesty period will run from October 1, 2010 through November 8, 2010.
The amnesty program will afford taxpayers a small [...]

The Departments of Labor, Treasury and Health and Human Services recently issued regulations to implement a new Patient’s Bill of Rights as part of the Health Care Reform Act.  The major initial provisions include the following:
INSURANCE FOR UNINSURED AMERICANS WITH PRE-EXISTING CONDITIONS
Beginning July 1, 2010, a Pre-Existing Condition Insurance Plan will [...]

Medical expenses are deductible if you itemize your deductions.  However, there is a limit on how much of those medical expenses can be deducted based upon your income for the year.  Currently, only medical costs that exceed 7.5% (10% if you are subject to the alternative minimum tax) of your adjusted [...]

The objective of the IRS’ Offer in Compromise (OIC) program is to accept an offer for less than the amount of tax that’s owed when it is in the best interest of both the taxpayer and the government and promotes voluntary compliance with all future payment and filing requirements.
If you are unable to pay [...]

Earlier I posted the press release dated August 12, 2010 on the new Illinois Small Business Tax Credit. That post can be found here.  Here are a number of important details you need to know in order to claim this credit.
1.  The most important detail is that you, as the employer, must register your new [...]

From a press release on the Illinois.gov website:
CHICAGO – August 12, 2010.  Small businesses that create new jobs between July 1, 2010 and June 30, 2011 may be able to take advantage of a $2,500 tax credit for new hires. The Illinois Small Business Job Creation Tax Credit, proposed and signed into [...]

With the current economy, and not always knowing what lies ahead, most business owners and executives tend to be financially conservative and preserve the cash of the business.  This conservative approach frequently carries over to hiring activities, with many employers choosing to hire independent contractors/freelancers as opposed to full-time employees.  [...]