The Multistate Tax Commission announced that it is working with 13 states to implement a sales tax amnesty program aimed at getting online retailers to register and file sales tax returns. The main benefit of the amnesty program is that sellers will not be required to report prior period sales, nor be required to pay […]
About Richard Huffman
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Entries by Richard Huffman
September 15 Individuals: If you are not paying your 2017 income tax through withholding (or you will not pay enough tax during the year that way), pay the third installment of your 2017 estimated tax. Use Form 1040-ES (Estimated Tax for Individuals). For more information, see IRS Publication 505 (Tax Withholding and Estimated Tax). Partnerships: If a […]
After paying rent for several years, many business owners are not thrilled about helping their landlord build equity in the building and ultimately they regret not purchasing the property from the outset. The principals at Beckner & Associates, a real estate firm in Lenexa, Kansas believe most businesses should own their own property. The hard questions […]
If you own an unincorporated small business, you may be getting fed up with high self-employment (SE) tax bills. One way to lower your SE tax liability is to convert your business to an S corporation. SE Tax Basics Sole proprietorship income as well as partnership income that flows through to partners (except certain limited […]
Businesses currently face numerous uncertainties in the marketplace. As President Trump and Republican congressional leaders work toward fulfilling their campaign promises, tax laws could substantially change, the estate tax could be repealed, and various laws and regulations (including the Dodd-Frank and Affordable Care Acts) could be repealed or revised. Interest rates and inflation could both […]
It’s a lot more efficient to retain good employees than to find and hire new ones. The Society for Human Resource Management (SHRM) recently asked its members how they are adapting their employee benefit programs to avoid losing quality workers. Two-thirds of respondents in the study represent employers with fewer than 500 employees. SHRM’s “Strategic […]
When someone dies, one of the first questions that close relatives usually have is whether they are personally responsible to pay the credit card bills of the decedent. They may even start getting telephone calls from creditors asking them to pay outstanding balances. Close relatives may also want to know: Who is responsible for paying […]
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