Better Business Blog

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 [...]

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 [...]

Corporate officers will sometimes attempt to disguise what should be payment for services as distributions of cash, dividends, and loans as a means of avoiding payroll taxes on the income.  Because they are pass-through entities, Sub Chapter S corporations are especially prone to the misclassification of income attributable to a misunderstanding [...]

The McHenry County EDC invites you to attend a Small Business Federal Resources Seminar hosted by Congresswoman Melissa Bean on Monday, June 7th from 7:30 to 11 AM at the McHenry County College, Conference Center, Building B, 8900 U.S. 14, Crystal Lake.
Participating agendies at this event include:

Small Business Administration: 504, 7a and Express loan programs, and [...]

The chairmen of the House and Senate tax-writing committees today released a summary of “H.R. 4213,” also called “The American Jobs and Closing Tax Loopholes Act of 2010.” It is considered an extenders bill because it extends some favorable tax provisions due to expire this year. However there is one item tucked away in this bill is something that could affect owners of small (3 or fewer employees) S corporations engaged in a professional service business.

In another example of the intention by Congress and the IRS to crackdown on misclassification of workers as independent contractors, Rep. James McDermott (D-Wa) introduced legislation that would make it more difficult for employers to receive protection from a potentially large employment tax assessment after incorrectly classifying a worker as an independent contractor.  The legislation would [...]

The Internal Revenue Service reminds consumers to avoid identity theft scams that use the IRS name, logo or Web site in an attempt to convince taxpayers that the scam is a genuine communication from the IRS. Scammers may use other federal agency names, such as the U.S. Department of the Treasury.
In an identity theft scam, [...]

President Obama will sign into law a program NHTSA is calling the Car Allowance Rebate System (CARS). This is a government program that helps you purchase a new, more fuel efficient vehicle when you trade in a less fuel efficient vehicle.  This also used to be known as the more fun “Cash for Clunkers” program.
There [...]

Well, tried moving the old blog to the smt-associates.com website and things didn’t go as planned.  Looks like I might be starting over.