At Borgida & Company, P.C. we feel that an informed client is our best customer. We have selected the following articles for you to view.

Year-end Tax Planning

As the end of the year approaches, it is a good time for you to engage in tax planning, which will be more challenging than usual because of uncertainty over whether and how Congress will extend AMT relief to avoid millions more becoming entrapped by it in 2007, and whether Congress will extend a number of important tax breaks expiring at the end of 2007.  More on Year-end Tax Planning

2007 IRS Tax Letter

IRS Cautions Employers to Comply with Federal Recordkeeping Requirements

IRS has reminded employers about the importance of keeping good records.  Under Reg. Section 31.6001-1(e)(2), employment tax records must be maintained for at least four years after the later of the due date of the tax for the return period to which the records relate, or the date the tax is paid.  More about the 2007 IRS Tax Letter

Highlights of the Small Business and Work Opportunity Tax Act of 2007

On May 25, 2007, President Bush signed H.R. 2206 into law.  This Iraq supplemental spending measure includes a minimum wage increase and a tax title (Title VIII B) called the "Small Business and Work Opportunity Tax Act of 2007."  More about the Small Business and Work Opportunity Tax Act of 2007.

 

Free Agent Society

What’s the free agent society?  You’re living in it right now—where employees change their jobs frequently.  Loyalty is a thing of the past. Onward and upward…let’s get to where the grass is greener.  More about the Free Agent Society

Stock Picking

Owning individual stocks offers several benefits to investors—the first knowing exactly what you own.  Hopefully, you’ll know more about your stocks than just the stock symbol.  Peter Lynch, former manager of the Fidelity Magellan Fund, said you need to be able to explain in one minute why you own a stock.  Another benefit is that you decide when to buy and sell.  Controlling the timing of gains and losses are important with your income taxes.  You can’t get this control investing in mutual funds.  Sure, you can invest in tax efficient funds, but as a fund shareholder you can’t control when dividends and capital gains are distributed.  Some people accumulate certain stocks when they inherit shares, buy stock in the company they work for, or buy shares from the insurance company they have their policies with.   More about Stock Picking.

Pack Your Parachute

To get your estate planning documents prepared, you'll need a good estate planning attorney. Having a well thought out and properly documented estate plan is like having a parachute-it better work the first time.  There is no estate planning version 2.0. Either version 1.0 works or it doesn't. It's simple...get it right the first time. OK, you can have lots of versions while you are alive; it's only the last version that matters. More about estate planning.

IRS 20 Factor Test on Employment Status

As an aid to determining whether an individual is an employee under the common law rules, twenty factors or elements have been identified as indicating whether sufficient control is present to establish an employer-employee relationship.  The twenty factors have been developed based on an examination of cases and rulings considering whether an individual is an employee.  More on IRS 20 Factor Test