The straight line

Category Archives: Small business Tax

UBIT…Yes Indeed!

Our firm’s position has not changed in the last year. We are still encouraging our clients to make the appropriate tax filings (990-T) to comply with Internal Revenue Code Sections 511-513.

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Tax Relief for Victims of Floods and Storms

Businesses, retirees, and self-employed individuals who owe quarterly payments or who must file various returns will have extra time to do both. Due dates vary but you can find details for your state and county on the IRS Web at: http://www.irs.gov (click on: “IRS Provides Disaster Relief to Ike Victims”)

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Dow Jones and Portfolio Declines

As I write this article on Tuesday morning, September 30th, the stock market is in turmoil. Coming off of the single day largest loss in the Dow Jones history, I am fielding calls from nervous and anxious clients asking for tax advice, mostly dealing with investment losses and portfolio declines.

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Work Opportunity Tax Credit

The employer must hire designated community residents. A designated community resident is a new employee who is at least 18 and has not reached the age of 40, and who lives in a designated county. 30 counties in Iowa qualify and 35 counties in Nebraska qualify as a designated county - as well as many counties in surrounding states. Please note that it is the employee that must reside in a designated county. It is not relevant where the employer is located.

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