Employer Identification Numbers – Change in responsible party must be reported

Employer Identification Numbers – Change in responsible party must be reported to IRS(Source: Snell & Wilmer) –  When filing for an Employer Identification Number (EIN), which is required for purposes of tax administration, the applicant must disclose the name and taxpayer identification number (e.g., Social Security Number, Individual Tax Identification Number, or EIN) of the[ … ]

Why tax planning for real estate is becoming more important

As the real estate market slowly recovers and potential taxes go up for many, tax planning for real estate is becoming more important. Higher-income taxpayers could see the benefit of some of their home-related deductions reduced with the reinstatement of the itemized deduction phase-out as well as face higher income tax rates plus the new[ … ]

Accounting for Goodwill

In recent years accounting rules have become more complex and complying with those rules has become more costly, especially to small business owners.  The Financial Accounting Standards Board (FASB), the organization that sets the accounting standards, established a Private Company Council (PCC) to evaluate the existing accounting rules and determine how nonpublic companies can be[ … ]