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European and State Governments Squeezing Businesses for tax Dollars!

European governments are attacking American businesses trying to get as much tax money as possible. The latest leader in this witchhunt is France. They are not only going after companies for large civil taxes but they are at going after the businesses and the employees of the business for criminal penalties and possibly jail. Leading the list are Google, McDonald's and All these companies have some relationship to France by having services sold through subsidiaries, but the French do not care about legal structures of business. They just want their tax!

This sounds a lot like many State governments. New Jersey is always trying to find "nexus" to pull in out-of-state businesses as being subject to New Jersey taxes. Also any business located in New Jersey is subject to grueling sales and use tax audits and lengthy appeals and court hearings. It is a real problem particularly when the company tries to handle it themselves or have an accountant represent them i…

Key deadlines for businesses and other employers

2018 Q3 tax calendar: Key deadlines for businesses and other employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the second quarter of 2018. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements.
July 31
Report income tax withholding and FICA taxes for second quarter 2018 (Form 941), and pay any tax due. (See the exception below, under “August 10.”)File a 2017 calendar-year retirement plan report (Form 5500 or Form 5500-EZ) or request an extension.August 10
Report income tax withholding and FICA taxes for second quarter 2018 (Form 941), if you deposited on time and in full all of the associated taxes due.September 17
If a calendar-year C corporation, pay the third installment of 2018 estimated income taxes.If a calendar-year S corporation or partnership that filed an automatic…

Midyear - Tax and Financial Checkup


Hardship 401(k) Withdrawals

Tax Law changes that may affect your business’s 401(k) plan
When you think about recent tax law changes and your business, you’re probably thinking about the new 20% pass-through deduction for qualified business income or the enhancements to depreciation-related breaks. Or you may be contemplating the reduction or elimination of certain business expense deductions. But there are also a couple of recent tax law changes that you need to be aware of if your business sponsors a 401(k) plan.
1. Plan loan repayment extension The Tax Cuts and Jobs Act (TCJA) gives a break to 401(k) plan participants with outstanding loan balances when they leave their employers. While plan sponsors aren’t required to allow loans, many do. Before 2018, if an employee with an outstanding plan loan left the company sponsoring the plan, he or she would have to repay the loan (or contribute the outstanding balance to an IRA or his or her new employer’s plan) within 60 days to avoid having the loan balance deemed …

Put Children on the Payroll

Putting your child on your business’s payroll for the summer may make more tax sense than ever
If you own a business and have a child in high school or college, hiring him or her for the summer can provide a multitude of benefits, including tax savings. And hiring your child may make more sense than ever due to changes under the Tax Cuts and Jobs Act (TCJA).
How it works
By shifting some of your business earnings to a child as wages for services performed, you can turn some of your high-taxed income into tax-free or low-taxed income. For your business to deduct the wages as a business expense, the work done must be legitimate and the child’s wages must be reasonable.
Here’s an example: A sole proprietor is in the 37% tax bracket. He hires his 20-year-old daughter, who’s majoring in marketing, to work as a marketing coordinator full-time during the summer. She earns $12,000 and doesn’t have any other earnings.
The father saves $4,440 (37% of $12,000) in income taxes at no tax cost to h…

Bitcoin and Digital Currencies are Taxable Property in the US

What businesses need to know about the tax treatment of bitcoin and other virtual currencies
Over the last several years, virtual currency has become increasingly popular. Bitcoin is the most widely recognized form of virtual currency, also commonly referred to as digital, electronic or crypto currency.

While most smaller businesses aren’t yet accepting bitcoin or other virtual currency payments from their customers, some larger businesses are. And the trend may trickle down to smaller businesses. Businesses also can pay employees or independent contractors with virtual currency. But what are the tax consequences of these transactions?

Bitcoin 101
Bitcoin has an equivalent value in real currency and can be digitally traded between users. It also can be purchased with real currencies or exchanged for real currencies. Bitcoin is most commonly obtained through virtual currency ATMs or online exchanges.

Goods or services can be paid for using “bitcoin wallet” software. When a purchase is …

Australians lose freedom of choice and pay higher costs due to tax law changes

The Australian government is attacking its own citizens with a new sales tax designed to harm international sales.

The Australian government has the equivalent of a sales tax, known as the Goods and Services Tax, on international online sales of less than $1000. The purpose of this tax is to prevent Australians from purchasing a wider range of goods at cheaper prices from online services such as Amazon. As part of its protectionist policy to boost local retailers, Australia is imposing this unwieldy tariff. As a result, Amazon had no choice but to block sales to Australia from its main site. Australians will have less choice, and pay more for it, to subsidize local business.

This is another way of hurting the consumer and limiting free choice.

Here is a good article from Thompson-Reuters on the issue:

Amazon geoblocks Australia from US site as tax change kicks in By Stephen Coates and Byron Kaye
SYDNEY (Reuters) - Inc said on Thursday it will force Australians to use its Aus…

Cherry Hill West HS Career Day

Cherry Hill West High School
Career Day
May 31, 2018

How to Become a Lawyer and What Lawyers Do

How To Become A Lawyer:

1.You are required to obtain a bachelors degree. There is no such thing as “pre-law” although some schools have prelaw advisors. You can choose any major, but the key is to choose courses that require you to hone your skills in reading, and analysis and in writing. Since a lawyer’s job is to communicate with clients, courts, administrative agencies, and adversaries, the ability to write well and to communicate well orally are extremely important.

Majors That Can Be Particularly Useful Are:

A. Social sciences such as English, History, Political Science, Economics
and Marketing.
B. Business so long as you are required to do a lot of writing.
C. Engineering or Science if you are contemplating Patent Law.

2.While you are in school, grades are exceptionally important. It is important to take a major that you are interested in and that you will do well so you can have a high GPA…