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You can reduce your tax exposure and make your assets bullet proof if you incorporate in Nevada, the business friendly state. Nevada Corporations, Asset protection strategies, Nevada LLC - let Nevada Corporate Headquarters assist with incorporating your business.
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| Nevada Corporate Headquarters, Inc. | Small Business Blog |
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Category
Tax & Accounting
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The Small Business and Entrepreneurship Council released their annual Business Tax Index report that ranks the various states from best to worst based on the state tax systems. As we expected, Nevada ranked very high, within a fraction of a point of 1st place for the “Best Small Business Tax Structure”.
The 5 Best States, and [...]
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Blogger Diane Kennedy, a CPA who graduated from the University of Nevada, Reno wrote a recent post on her website, TaxLoopholes.com, about legally upstreaming income. Diane points out several legitimate strategic uses of upstreaming strategies. I will use her four stated uses, and add my own commentary:
1. To upstream the income of a C corporation in [...]
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Disraeli once said that “there are three kinds of lies: lies, damned lies, and statistics.”
In business, some of the “statistics” that can tell such damning lies are the numbers found on company balance sheets and income statements. Too often, the reality is not accurately reflected in the numbers. Accounting is not intended to be a [...]
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The economic climate that individuals, corporations and businesses have been feeling has also hit state and local governments in a big way. Most states will be addressing huge budget deficits during the 2009 legislative cycle with limited options.
Although Nevada is one of the states with a budget deficit that must be resolved in coming months, [...]
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The State of California is in economic disarray. A conference committee on the state budget produced a spending plan that calls for an $8.2 billion tax increase, primarily on business and high income earners. It adds approximately $4 billion more in spending than the “Governator” recommended. Here are the highlights of the plan:
1. New 10% [...]
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Notice 2008-1 The IRS has released its first Revenue Ruling for the year 2008, which provides clarification for rules that allow a 2%-shareholder/employee to deduct accident and health insurance premiums. Accident and health insurance premiums paid or furnished by an S corporation on behalf of its 2-percent shareholders in consideration for services rendered are treated [...]
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The Internal Revenue Service is looking for 115,478 taxpayers who are due refund checks worth about $110 million after the checks were returned as undeliverable. The refund checks, averaging about $953, can be claimed as soon as taxpayers update their addresses with the IRS. Some taxpayers have more than one check waiting.
“Taxpayers should not miss [...]
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It is tax time! We might as well try to find some humor and enjoyment in a sometimes difficult and distressing responsibility. I see that Turbo Tax is doing a promotional contest using YouTube where contestants upload tax rap videos. Here is one that I found entertaining. Enjoy.
If you need some help getting your taxes prepared, [...]
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One of the issues raised in the Northwest Energetic Services case mentioned in my last post, is the question of “when is a fee really a fee, and when is a fee really a tax?”
Norrthwest’s attorney, Amy Silverstein, of Silverstein & Pomerantz, LLP in San Francisco, argued that the “fee” imposed by California was an [...]
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Today I read an article about a recent legal decision in the case of Tax Commissioner of West Virginia v. MBNA America Bank, N.A. that is not just a little bit disturbing. This case, which was filed November 21st of this year, flies entirely in the face of everything we thought we knew about the application [...]
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Last may, the IRS announced that it was to stop collecting federal excise tax on long-distance telephone service. Since 1898, the IRS has collected a tax, which was 3% at the time, on all long distance communications. Courts have ruled that long-distance communications of yesteryear are not the same thing today, and ruled that the [...]
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The US Department of Treasury has published a one-page summary of impact that increased taxes will have on millions of Americans if permanent tax relief is not passed by Congress. To summarize a summary, unless permanent tax relief is passed, by 2011:
A family of four with two children making $60,000 in annual income today will pay [...]
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The Internal Revenue Service today issued guidance emphasizing the need for employers to track the amount of expense reimbursement allowances paid to employees on a per diem basis. Revenue Ruling 2006-56 tells employers that if they routinely pay per diem allowances in excess of the federal per diem rates, but do not track the allowances [...]
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Samuel A. Donaldson, Associate Professor of Law at the University of Washington has published an abstract that explains the several developments in federal income, estate and gift taxes that effect individual and small business taxpayers. His summary contains updated information covering a period from August 2005 through September 2006. And, it is free, which is always [...]
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Today, the Internal Revenue Service issued the 2007 mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Starting January 1, the standard mileage rates for the use of a car (including vans, pickups or panel trucks) will be:
48.5 cents per mile for business miles driven;
20 [...]
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I am frequently asked about the impact of a husband and wife owning the membership interest in an LLC in a community property state. It is and interesting issue that is unresolved in many respects.
The LLC makes a lot of sense as the entity of choice for couples who are involved in real estate transactions [...]
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An interesting development in the area of state sales tax comes from the growing popularity of iTunes, and the anticipated rollout of Microsoft’s equivalent service for the purpose of selling music and movies to the public. In a nutshell, states are generally attempting every conceivable method of laying claim to tax revenue from these web-based [...]
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The instructions to IRS Form 2553, Election by a Small Business Corporation, contains the following instructions about the required consent of shareholders:
Each shareholder consents by signing and dating either in column K or on a separate consent statement. The following special rules apply in determining who must sign.
At this point, the instructions list seven different circumstances [...]
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This from Jeff Haig, EA, MST who is a Tax Senior withIntegrated Tax Solutions in Las Vegas:
As you probably know, the President signed the Tax Increase Prevention and Reconciliation Act into law on May 17, 2006. The new legislation also contains an assortment of business and corporate tax breaks, as well as some revenue raisers [...]
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The Board of Equalization has ruled that an LLC registered in Montana was doing business in California solely because the managing member was a California resident (Appeal of Mockingbird Partners LLC (May 17, 2006) Cal. St. Bd. of Equal. Case No. 306061). This is the second taxpayer to lose on this issue in the past [...]
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U.S. Comptroller General David Walker on December 12 opened a White House conference on aging with a warning that will be unwelcome to a president known for his tax-cutting ambitions: Raise taxes to avoid a fiscal meltdown.
“While nobody likes tax increases, including me . . . in the final analysis, over the longer term, you [...]
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The AP is reporting that the United States Supreme Court upheld a ruling by the California Supreme Court which allows a California man to sue a Nevada casino company in his home state for false advertising and deceptive business practices. The California Supreme Court decision said that even though Harrah’s Entertainment Inc. had no properties [...]
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On October 1, 2005, the Streamlined Sales and Use Tax Agreement came into effect. Eighteen states had seats on the Governing Board at the launch, with a 19th state scheduled to join at the beginning of 2006. Businesses that have not previously been collecting sales and use taxes in these states can now register with [...]
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The IRS has published a helpful document called Life Cycle of a Private Foundation, that graphically outlines the steps and processes associated with becoming a non-profit foundation. By clicking on the graphics in the document, the user is automatically sent to supporting informationa and documentation on the IRS website. It is a pretty useful tool for [...]
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On September 21 the House and Senate passed the Katrina Emergency Tax Relief Act of 2005. The $6.1 billion measure provides tax relief for individuals and businesses affected by the hurricane and incentives to promote charitable donations for victims. President Bush has promised to sign the bill as soon as he receives it.
Highlights of the [...]
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