Ask Robert Ray how Nevada’s title industry from a commercial real estate perspective is doing amid the coronavirus pandemic, and you’ll get a mixed response. In the title business for 25 years, and senior vice president, manager of Fidelity National Title Group in Las Vegas, Ray is anxious to see how the industry recovers as businesses begin to reopen and employees begin … [Read more...] about Nevada’s Title Industry
Internal Revenue Service (IRS)
Taxes and NevadaThe Give and Take
The Nevada State Legislature kept the business community waiting until the end of the 80th legislative session last month. On June 3, the last day the legislature was in session and on deadline, the Senate and Assembly passed several key bills that will affect taxes for years to come and kept some taxes on businesses from expiring. These actions are cause for … [Read more...] about Taxes and Nevada
Business Succession Planning: Do It Now, Before It’s Too Late
According to the Small Business Administration, small businesses make up approximately 99.7 percent of U.S. employer firms. Of that number, approximately 78.5 percent of U.S. small businesses are non-employer (businesses without employees). More than 50 percent of all small business owners are 50 or older. Although small business owners usually understand the … [Read more...] about Business Succession Planning: Do It Now, Before It’s Too Late
Twelve Most Missed Tax Deductions and Credits that Save Money
Tax season is here. There will soon be a rush to collect paperwork, fill out forms and find receipts, as people try to file taxes by the April 15th deadline. Happily, it’s easy to get the biggest tax refund with these little-known tax deductions and credits: Depreciation on Computers & Cell Phones If the use of a computer and/or cell phone can be even remotely … [Read more...] about Twelve Most Missed Tax Deductions and Credits that Save Money
New Tangible Property Regulations: Tax Deduction Opportunities and Potential Pitfalls
The new tangible property regulations from the IRS are some of the most dramatic tax law changes to affect businesses since the 1986 Internal Revenue Code overhaul. These rules are complicated and require immediate action from all businesses that own tangible property, as they are effective now. Lack of action could mean lost opportunity to take advantage of these rules to … [Read more...] about New Tangible Property Regulations: Tax Deduction Opportunities and Potential Pitfalls
Federal Courts Deal Gamblers Two Good Hands: Foreign Gamblers Win Big
After a night of gambling, it's no fun to walk out of the casino a loser. It's even worse when the IRS tries to tax each individual bet that was won over the course of a losing night. Enter Sang Park, a South Korean businessman who enjoyed gambling during his trips to the United States — only to then have the IRS seek more in taxes. Until just recently, the IRS taxed … [Read more...] about Federal Courts Deal Gamblers Two Good Hands: Foreign Gamblers Win Big
Independence Day 2013: Freedom Fighters Wanted
As Americans celebrate Independence Day this month, it’s fitting to ask how much freedom U.S. citizens really have in 2013, and how much we have handed over to the federal government. I won’t say the feds have taken our freedom away from us, because they’ve done so with our permission. Ever since the FDR administration, citizens have stopped insisting that the government adhere … [Read more...] about Independence Day 2013: Freedom Fighters Wanted
Protect Your Assets: Nevada Offshore Trust
Imagine that, through no fault of your own, you find yourself in a difficult lawsuit. It’s clear they are coming after your assets, your business, everything you have worked a lifetime to build. But you are not worried. You sleep well because years ago you set up a Nevada Offshore Trust, and your assets are protected. A Nevada Offshore Trust, also known as an Asset Protection … [Read more...] about Protect Your Assets: Nevada Offshore Trust
April 2013: Around the State
IRS Announces Over $11 Million in Unclaimed Refunds for Nevadans The Internal Revenue Service (IRS) has announced that Nevadans who didn’t file a tax return in 2009 are entitled to over $11 million in unclaimed funds. The agency estimates a median $559 refund is waiting for just over 12,500 individuals in the Silver State. Returns from 2009 must be filed by April 15th of this … [Read more...] about April 2013: Around the State
Internal Revenue Service Annual Inflation Adjustments for 2013
The Internal Revenue Service announced today annual inflation adjustments for tax year 2013, including the tax rate schedules, and other tax changes from the recently passed American Taxpayer Relief Act of 2012. The tax items for 2013 of greatest interest to most taxpayers include the following changes. Beginning in tax year 2013 (generally for tax returns filed in 2014), … [Read more...] about Internal Revenue Service Annual Inflation Adjustments for 2013
Independent Contractor or Employee?: IRS Will Now Settle Employment Taxes
After receiving much success from its Voluntary Offshore Bank Account Disclosure Program, the Internal Revenue Service (“IRS”) has now decided to provide an opportunity for businesses to come clean by reclassifying workers as employees for federal employment tax purposes. The IRS announced on September 21, 2011 that it has developed the Voluntary Classification Settlement … [Read more...] about Independent Contractor or Employee?: IRS Will Now Settle Employment Taxes