In a ruling that could have far-reaching consequences for businesses selling products in Ohio, the state's supreme court decided that Ohio could tax out-of-state businesses that have no contacts with the state beyond selling $500,000 in goods here.
Implausible deniability
During the Regan administration, certain incidents raised questions that had overtones of the Watergate Scandal, involving "what did the President know and when did he know it?" Certain members of the administration noted that the president was not informed of some operations as a means of providing him "plausible deniability." This was employed to prevent a reoccurrence of the Watergate issues that took down the Nixon presidency.
New rules from IRS on captive insurance
Captive insurance is a device used by some small businesses in Ohio to provide a form of self-insurance. The "captive" insurance company is a captive of the entity it insures. For instance, a factory or manufacturing plant may create a captive insurer to protect it from certain types of risk that may be more expensive in the traditional insurance market or altogether unavailable.
3 things you should know about IRS audits
It is no secret that the Internal Revenue Service (IRS) is a large and complex organization. Even so, it is not as intricate as the tax laws they monitor and enforce. If you have ever had to actively engage in legal action regarding tax laws, you have probably quickly realized that the complexity of the process can feel overwhelming. If you are facing an audit, one of the most comforting things you can do is to learn about your rights.
SBA letter to IRS seeks more info on valuation discount rule
The Small Business Administration (SBA) has weighed in on the side of small businesses in an effort to seek additional clarification from the Internal Revenue Service regarding the ending of the valuation discount under section 2704 of the Internal Revenue Code. The practice has become commonplace for transfers of interests in small family businesses or farms. The SBA is concerned that the IRS has underestimated the effect the change will have on continuity and succession planning for these entities.
