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Many accountants and insurance agents who signed for, gave advice on, or sold many 412i, 419, captive insurance or Section 79 plans are finding themselves not only losing their licenses but being fined huge penalties by the IRS as well. The sad thing is, many of them not only didn't see it coming. Read More

Financial advisors who have sold certain types of retirement and other benefit plans to small businesses might soon be facing a wave of lawsuits; unless Congress decides to take action soon. Affected plans are 412 and 419 plans as well as captive insurance and Section 79 Plans... Read More

If you wait until the year is over then it is too late to plan and minimize your taxes. Here are some tips to get started with your tax planning today. Read More

In January, 2010 Revenue Canada extended Employment Insurance benefits to self employed individuals/small business owners. The following represents some of the key details Read More

Whether you buy or sell online, you may need to watch out. Cash-hungry state governments are reconsidering something that’s long been threatened an Read More

This week, Peter advises Rob in Dallas – a small business owner – about unpaid payroll taxes. In trying to deal with tightened cash flow, Rob has spent his firm’s payroll taxes in hopes of funds being available when the money was due to the IRS. Now that it is due, he doesn’t have the funds any longer to pay the IRS. Peter talks about this issue in detail. Read More

One of the worst kept secrets leading up to the emergency budget in June was that VAT would rise. The business world had braced itself for the change and the fact that the increase to 20% is not taking effect until 4 January 2011 actually went some way towards boosting business confidence. Unfortunately, the fact that we have some six months to get ready for change has also meant that many businesses are adopting the ostrich mentality. .. Read More

Keith Hall, tax expert for the National Association for the Self-Employed, joined me on Microbusiness Conversations for an informative chat about microbusiness and taxes and, specifically, about those nasty (and stupid) new 1099 reporting requirements that were slipped into the Patient Protection and Affordable Care Act. This is an important conversation, so I hope you take the time to listen.
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This is a follow-up article to on written by the author last week - 4 Tips to Get the Most from your Tax Planning. The focus of this addition is to embrace any complexity that will legitimately add value to your business through tax savings Read More