An anonymous couple in California’s “gold country”—named after the 1849 Gold Rush—found $10 million in rare gold coins buried in cans on their property. Why stay anonymous? They don’t want people digging on their property. After all, this is the biggest and best coin discovery in U.S. history. So said Davis Hall of Professional Coin [...]
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Being the subject of a sales and use tax audit is a fact of life for many large corporate taxpayers. For other taxpayers, an audit comes as an unwelcome surprise. Predicting what makes a company more vulnerable to a sales and use tax audit can prove to be a valuable exercise. Knowing what triggers an [...]
By: Michael Flerchinger, The Nichols Accounting Group Red Angus, December 2013 Benjamin Franklin once said the only two things certain in life are death and taxes. Doing year-end tax planning won’t save your life, but it’ll surely help you defer a portion of your tax bill – which can feel like financial resuscitation. This is [...]
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If during 2013 income tax return filing you found that your business had a net operating loss (NOL) for the year, the news isn’t all bad. While no one enjoys being unprofitable, an NOL does have an upside: tax benefits. In a nutshell, an NOL occurs when a company’s deductible expenses exceed its income — [...]
If you still file a paper return, it’s important to know the IRS’s “timely mailed = timely filed” rule: If your tax return filing deadline April 15, it’s considered timely filed if it’s postmarked by midnight on April 15. But just because you drop your return in a mailbox on the 15th doesn’t mean you’re safe. [...]