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IRS Rolls Out New Random Audit |
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Next fall, we'll see the return of the IRS's random audit, with the first wave beginning in October and targeting about 13,000 returns for the 2006 tax year. Currently the IRS faces intense pressure from Congress to mend the $290 billion national "tax gap," or the difference between what the government collects each year vs. what it should be collecting. IRS officials and congressional investigators say research has shown that tax "noncompliance" is high among the self-employed. |
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Corporation cancels shareholder's debt |
What happen when your Corporation (your business) cancels a loan it made to you?
If a corporation cancels a shareholder's debt without repayment by the shareholder, the amount canceled is treated as a distribution to the shareholder. |
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Deciding Upon Your Corporate Structure |
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So you're trying to decide if a C-Corporation, S-Corporation or a LLC tax structure is better for you? Determining the type of legal structure for a new business can be daunting for entrepreneurs and small business owners. Corporations and limited liability companies (“LLCs”) are preferred business structures because, unlike sole proprietorships and partnerships, both offer liability protection. This means that the owner of a company cannot be held personally responsible for the company’s debts. The personal assets of an owner are shielded from company liabilities. |
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Should I incorporate my business? |
There are many great benefits to incorporating your business.
One primary benefit is LIMITED LIABILITY. If you maintain the corporation's legal status properly, and avoid personally guaranteeing the corporation's obligations, your corporation, and not you, would be solely responsible for its own obligations. |
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The strongest trees are not those in heavily protected forest, but the trees which stand in open spaces where they are in constant struggle with wind and all the elements of weather. (from the book, "You Can Work Your Own Miracles") |
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