You may be surprised to learn that not every audit notification you receive will be legitimate. So, first, make sure you received an official audit notification. The Internal Revenue Service (IRS) will notify you either by letter or by a phone call followed by a letter. The IRS does notnotify taxpayers about audits through email, so if you do get an email saying you've been selected for an audit, it's probably fraudulent. If you've determined that you're definitely getting audited, your next step is to learn what's involved.
Socially responsible investing (SRI) lets you target individual companies or socially conscious mutual funds. For example, you might look to avoid tobacco, alcohol or gambling firms, and instead support companies with a good track record in social justice, environmental sustainability and alternative energy/clean technology efforts.
Every organization—public, private or nonprofit, as well as the people who lead them—is vulnerable to a multitude of directors and officers liability insurance exposures. What are we talking about?
Contrary to early reports, the Tax Cuts and Jobs Act of 2017 allows taxpayers who buy, build or substantially improve their homes using either a home equity loan, home equity lines of credit (HELOC) or second mortgages to deduct interest on the loans. That's the good news. But if you take out the loan to pay for personal living expenses—credit card debt, for instance—you can't deduct the interest from your taxes.
A Simplified Employee Pension IRA was designed to encourage retirement benefits in businesses that would otherwise not set up employer-sponsored plans. Sole proprietors, partnerships and corporations — even S corporations — can establish SEPs. SEP IRAs can receive employer contributions but with a higher annual contribution limit than standard IRAs. Think of a SEP IRA as a traditional IRA that lets employer contributions be vested immediately.
There's an official-looking letter on your desk: a court has informed you that a debtor is employed at your firm and you will have to start withholding the employee's pay accordingly. There are instructions for handling this, and a notice that you will be held in contempt if you don't respond.
Death. Debt. What do heirs have to repay? If a credit card, the agreement was repayment of what you borrowed — alive or dead. The obligation, though, doesn't extend to your family, friends or, in most cases, even your spouse.
Credit scores — what advice can help you raise your scores?
Check your credit report. Request a free copy of your credit report and check it for errors. The report comprises the data used to calculate your credit score. Check to make sure there are no late payments listed in error for any of your accounts and that the amount owed for each of your open accounts is correct. If there are errors, dispute them with the credit bureau. Note that AnnualCreditReport.com is the only official site for requesting a report.
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