| Non-deductible Business Interest |
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| Not all interest is deductible by a business. In general, you are not permitted to deduct interest that must be capitalized under the Internal Revenue Code, that is not really interest, that is personal interest, or that is prohibited under other sections of the tax law. More... |
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| Exclusion of Lodging Furnished by an Employer from Gross Income |
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| Generally, the value of lodging provided by an employer to an employee, his or spouse, or dependents is excluded from gross income if all of the following requirements are met: More... |
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| Abusive "Welfare Benefit Plan" Tax Schemes |
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| Generally, contributions to a welfare benefit fund are deductible when paid, but only to the extent that they qualify as ordinary and necessary business expenses of the taxpayer and only to the extent allowable under the Internal Revenue Code. The Code imposes strict limitations on the amount of tax-deductible pre-funding permitted for contributions to a welfare benefit fund. More... |
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| Terminating a Business |
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| You have decided to close your business. What you really want to do is just pick up your box of personal belongings, shut the door, and walk away. But unfortunately, it is not quite that simple. More... |
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| Use Tax |
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| States that impose a sales tax on the sale of tangible personal property or services frequently impose a use tax for the privilege of using, storing, or consuming goods or services within the state. Goods become taxable upon delivery to the buyer within the taxing state and after the buyer's use of the goods begins. The use tax is a non-recurrent tax; thus, once paid, an owner can use the goods repeatedly. It is usually imposed on the purchaser, user, or consumer of goods and services. More... |
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