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New Single Distribution Rule for Retirement Plans

Beginning January 1, 2015, when participants choose to direct their retirement plan distribution to go to multiple destinations, the amounts will be treated as a single distribution for allocating pre-tax and after-tax basis (Notice 2014-54 and REG-105739-11). This will allow 401(a) qualified, 403(b) and 457(b) governmental retirement plan participants to:

roll over amounts to both a Roth IRA and a non-Roth IRA,

allocate the pre-tax amount of the distribution to the non-Roth IRA and the after-tax amount to the Roth IRA, and avoid having

The Taxpayer Advocate Service (TAS) is your voice at the IRS. Our job is to ensure that every taxpayer is treated fairly, and that you know and understand your rights. We can offer you free help with IRS problems that you cannot resolve on your own. We know this process can be confusing, but the worst thing you can do is nothing at all!

TAS can help if you cannot resolve your problem with the IRS and:

Your problem is causing financial difficulties for you, your family, or your business.

A Limited Liability Company (LLC) is a business structure allowed by state statute. Each state may use different regulations, and you should check with your state if you are interested in starting a Limited Liability Company.

Owners of an LLC are called members. Most states do not restrict ownership, and so members may include individuals, corporations, other LLCs and foreign entities. There is no maximum number of members. Most states also permit “single-member” LLCs, those having only one owner.

A few types of businesses generally cannot be LLCs, such as

eggg•toid/  eggˌtoid/Submit/  noun/  a brief or trivial item of news or information.

Did you know...... On this day in 1985, the First Blockbuster store opened.  In addition to our " Egggstravagant" Birthday Wish of Information, We "ALL" at NestEggg hope that your day is an "Egggstravagant" one! Look below to see your Birthday Horoscope and what else has happened in history on "Your" Day,  Happy Birthday!

Sunday, 19 October 2014 17:31

We Are Feeding Hungry Children?

We Are Feeding Hungry Children On Lagonave Island- Haiti Very Hungry Children!

One trip to Haiti and the images of the smiling, friendly children are with you forever. In Haiti, 42% of the population is under the age of 14. Of those, 42% of children under the age of 5 years are malnourished. Nearly 8% of the babies born never make it to age 5. These are grim statistics! 

You all know I have been active and privileged partnering with God helping our brothers and sisters in Haiti for 20 years now. Recently our mission work was blessed with a food program through STOP HUNGER NOW.

Most small tax-exempt organizations whose annual gross receipts are normally $50,000 or less are required to electronically submit Form 990-N, also known as the e-Postcard, unless they choose to file a complete Form 990 or Form 990-EZ instead.

If you do not file your e-Postcard on time, the IRS will send you a reminder notice. There is no penalty assessment for late filing the e-Postcard, but an organization that fails to file required e-Postcards (or information returns – Forms 990 or 990-EZ) for three consecutive years will automatically lose its tax-exempt status. The revocation of the organization’s tax-exempt status will not take place until the filing due date of the third year. 

Sunday, 19 October 2014 12:46

What are Principal Business Activity Codes?

This list of principal business activities and their associated codes is designed to classify an enterprise by the type of activity in which it is engaged to facilitate the administration of the Internal Revenue Code. These principal business activity codes are based on the North American Industry Classification System.

Using the list of activities and codes below, determine from which activity the company derives the largest percentage of its total receipts. Total receipts is defined as the sum of gross receipts or sales (page 1, line 1a) plus all other income (page 1, lines 4 through 10). If the company purchases raw materials and supplies them to a subcontractor to produce the finished product,

eggg•toid/  eggˌtoid/Submit/  noun/  a brief or trivial item of news or information.

Did you know...... On this day in 1985, the First Blockbuster store opened.  In addition to our " Egggstravagant" Birthday Wish of Information, We "ALL" at NestEggg hope that your day is an "Egggstravagant" one! Look below to see your Birthday Horoscope and what else has happened in history on "Your" Day,  Happy Birthday!

eggg•toid/  eggˌtoid/Submit/  noun/  a brief or trivial item of news or information.

Did you know...... On this day in 1867, the U.S. formally takes possession of Alaska after purchasing the territory from Russia for $7.2 million, or less than two cents an acre.  In addition to our " Egggstravagant" Birthday Wish of Information, We "ALL" at NestEggg hope that your day is an "Egggstravagant" one! Look below to see your Birthday Horoscope and what else has happened in history on "Your" Day,  Happy Birthday!

If you are an employer, the number of employees in your business will affect what you need to know about the Affordable Care Act (ACA).

Employers with 50 or more full-time and full-time-equivalent employees are generally considered to be “applicable large employers” (ALEs) under the employer shared responsibility provisions of the ACA.  Applicable large employers are subject to the employer shared responsibility provisions.  However, more than 95 percent of employers are not ALEs and are not subject to these provisions because they have fewer than 50 full-time and full-time-equivalent employees.

Friday, 17 October 2014 13:33

Daily A-Z Index for Business- Corporations

Corporations

In forming a corporation, prospective shareholders exchange money, property, or both, for the corporation's capital stock. A corporation generally takes the same deductions as a sole proprietorship to figure its taxable income. A corporation can also take special deductions. For federal income tax purposes, a C corporation is recognized as a separate taxpaying entity. A corporation conducts business, realizes net income or loss, pays taxes and distributes profits to shareholders.

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