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Thursday, 23 October 2014 14:04

Closing a Business

There is more involved in closing your business than just locking the doors. This section provides procedures for getting out of business, including what forms to file and how to handle additional revenue received or expenses you may incur.

Closing a Business Checklist

There are typical actions that are taken when closing a business. You must file an annual return for the year you go out of business. If you have employees, you must file the final employment tax returns, in addition to making final federal tax deposits of these taxes. Also attach a statement to your return

Thursday, 23 October 2014 13:59

Your Appeal Rights

The IRS has an administrative appeals process that works with taxpayers to try to settle tax disputes in an effort to avoid formal court hearings. The role of Appeals is to make an independent review of a tax dispute and to consider the positions taken by both the taxpayer and the IRS. The Appeals unit strives to resolve tax disputes in a fair way and remain impartial to both parties.

The IRS will send you a report and/or letter that will explain the proposed adjustments or proposed or taken collection action. The letter also tells you of your right to request a conference with an Appeals or Settlement Officer, as well as how to make your

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

Did you know...... On this day in 2002, about 50 Chechen rebels storm a Moscow theater, taking up to 700 people hostage during a sold-out performance of a popular musical..  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!

Wednesday, 22 October 2014 16:14

Tax Relief in Disaster Situations

Tax Relief in Disaster Situations

For taxpayers impacted by a disaster, the tax code may provide necessary relief. The law permits the IRS to grant taxpayers affected by a federally declared disaster additional time to perform certain time sensitive acts, including filing returns and paying taxes when the original or extended due date of the return falls within the disaster period. In addition, affected individual and business taxpayers in a federally declared disaster area can more quickly obtain a refund by claiming losses related to the disaster on the tax return for the previous year, usually by filing an amended return. For more information

Wednesday, 22 October 2014 16:05

S Corporations

S corporations are corporations that elect to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes. Shareholders of S corporations report the flow-through of income and losses on their personal tax returns and are assessed tax at their individual income tax rates. This allows S corporations to avoid double taxation on the corporate income. S corporations are responsible for tax on certain built-in gains and passive income at the entity level.

To qualify for S corporation status, the corporation must meet the following requirements:

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

Did you know...... On this day in 1962, Cuban Missile Crisis actually began.  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!

Rollovers of Retirement Plan and IRA Distributions

Most pre-retirement payments you receive from a retirement plan or IRA can be “rolled over” by depositing the payment in another retirement plan or IRA within 60 days. You can also have your financial institution or plan directly transfer the payment to another plan or IRA.

The Rollover Chart summarizes allowable rollover transactions.

Why roll over?

Tuesday, 21 October 2014 14:00

Partnerships

Partnerships

A partnership is the relationship existing between two or more persons who join to carry on a trade or business. Each person contributes money, property, labor or skill, and expects to share in the profits and losses of the business.

A partnership must file an annual information return to report the income, deductions, gains, losses, etc., from its operations, but it does not pay income tax. Instead, it "passes through" any profits or losses to its partners. Each partner includes his or her share of the partnership's income or loss on his or her tax return.

Tuesday, 21 October 2014 13:08

Armed Forces Tax Information

Armed Forces Tax Information

The tax law provides some special benefits for active members of the U.S. Armed Forces and certain benefits for individuals serving in combat zones. For more information on the various tax benefits available to members of the U.S. Armed Forces, please refer to Publication 3, Armed Forces' Tax Guide.

For federal tax purposes, the U.S. Armed Forces includes commissioned officers, warrant officers, and enlisted personnel in all regular and reserve units controlled by the Secretaries of Defense, the Army, Navy, and Air Force. The Coast Guard is

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

Did you know...... On this day in 1959, Guggenheim Museum opens in New York City.  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!

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

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