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Showing 10 posts in Tax.

How to Reduce the Risk and Mitigate the Harm of Identity Theft

Identity TheftAccording to the Department of Justice (the “DOJ”), an estimated 17.6 million Americans aged 16 or older were victims of at least one attempt or incident of identity theft in 2014. Identity theft takes many forms - from stealing someone’s identity to obtain government benefits to creating new financial accounts in another person’s name. The most frequent type of identity theft - 80 percent of all cases according to the DOJ - involves someone trying to take over an existing bank or credit card account. Tax-related fraud is also on the rise.

We are all at risk of identity theft. It seems like a week never goes by without a news report about a data breach at a major retailer or bank. Unfortunately, most people who are victims of identity theft - or suspect they might be - are not aware of the steps they should take to mitigate the harm from the theft.

This article identifies the steps that a person whose social security number is compromised should immediately take upon learning of a problem, as well as actions to take to protect against the risk of identity theft in the future. Read More ›

Categories: News, Privacy, Tax

Remedying Past Employee/Independent Contract Misclassification Through IRS’s Voluntary Settlement Program

Employee or independent contractor? It’s a legal distinction that has significant implication for both workers and employers. Take ride-sharing service Uber, for example. It’s now defending a class action lawsuit filed by its drivers who claim they are misclassified as independent contractors. Should plaintiffs be successful, they may be entitled to damages including reimbursement for expenses they incur, such as gas and vehicle maintenance. Read More ›

Categories: Employment, Tax

Forming a Business Entity

Why should someone form a business entity? The main reason is to protect themselves from personal liability. Other benefits include attracting investors, marketing the company, maybe saving in taxes and helping to sell or transfer the company to a third party or other family members. Learn more about business entities and the benefits of forming a business entity in the short video clip below.


Foster Swift business attorneys realize entrepreneurs and business owners have many legal questions so we've developed a library of short videos to provide basic legal information on some of the more frequently asked questions. Click here to view our video library.

Categories: Startup, Tax

File Tax Returns Early: IRS Releases Information on Tax-related Identity Fraud

Have your filed your individual tax return? Be sure to read the blog post, "One Reason You May Want to File Your Tax Return Early this Year: Identity Theft," on Foster Swift's Tax Law Blog and file early this year.

Categories: Tax

Tax Write-Off for Film Producers Renewed

As part of the recent tax bill, Section 181 of the U.S. Tax Code was renewed allowing a 100 percent tax write-off for the first $15 million of the cost of producing a film in the U.S. Click here to read more about Section 181 in Forbes.

Categories: Tax

Kickstarter and Crowdfunding can provide much needed business funds – and a big tax bill

Kickstarter is a crowdfunding platform for creative projects. It has helped a wide range of people fundraise to help finance a variety of projects. Often time people overlook the tax implications to successful Kickstarter campaigns. Check out our Tax Law Blog post to learn more about the tax implications>

Categories: Crowdfunding, Tax

Are Large High-Tech Companies Shirking Tax Responsibilities? A Recent Study Suggests Just That

A recent report, "Tech Untaxed," published by The Greenlining Institute, shows that some of the nation's largest high-tech companies (Apple, Microsoft, and Google, to name a few) are paying significantly lower effective tax rates even as their yearly profits rise. Read More ›

Categories: E-Commerce, Tax

Michigan Sales Tax on Internet Retailers...Possibly

The applicability of sales tax in Internet transactions is a contentious issue in the state tax arena.  Many Internet retailers do not collect sales tax on their sales unless they have a physical presence in a state.  As a result, states have alleged that they are losing millions in tax dollars and brick-and-mortar retailers are operating at competitive disadvantages to their online competitors that do not impose sales tax.  Although states have encountered Constitutional difficulties in taxing out-of-state retailers, the pendulum may be swinging in favor of the states. Read More ›

Categories: E-Commerce, Tax

Sales Tax And The Internet Marketplace

Internet Sales TaxThe applicability of sales tax in Internet transactions is in the spotlight and one of the most contentious issues in the state tax arena.  With states strapped for cash, some legislatures are focusing on a perceived subsidy that benefits Internet retailers to the detriment of "brick-and-mortar" retailers. Case and point, when you travel to the mall and buy the latest Harry Potter book, sales tax will be charged. However, order that same book via an Internet retailer, such as Amazon.com, and no sales tax is charged. So what gives? Read More ›

Categories: Cloud Computing, Tax

The Taxation of Cloud Computing: Proposed Guidance

Cloud computing and its various delivery methods continue to grow at an impressive rate.  A potent example of this growth is "software as a service," or SaaS, a product that allows consumers to access software remotely over the Internet for a fee.  For example, Google Docs, Google’s “software as a service” office suite, allows users to create documents, presentations, and spreadsheets via software stored remotely on Google’s servers. Read More ›

Categories: Cloud Computing, Tax