June 2008 1-877-834-8211

Corporate Shield

IN THIS ISSUE


Welcome to the new and improved "Corporate Shield," your monthly information source for maximizing your corporate structure.

Compass is enhancing its services to better serve their loyal customers. Over the next few months we will be introducing you to some new and exciting services and a brand new website that is sure to help you gain access to valuable information affecting your business.

What's New... 

$125,000 Corporate Veil Guarantee

In 2008 we added a $125,000 Corporate Veil Guarantee. As a member in good standing with the Compass Group we will guarantee the integrity of your Corporate Veil up to $125,000.

Referral Program-That Pays You

The Compass Group launched a new, lucrative referral program. You can earn $60-$200 by simply referring your friends, family or business associates.  Call your account executive today at 1-877-834-8211 to join.


Your Corporate Minute
IRS On The Hunt--Do You Know Where Your Corporate Record Book Is? Business audits for 2008 are on the increase- up 26% from the prior year. The audit focus was on partnerships and S corporations.

According to the audit guidelines published on the IRS website (www.irs.gov) one of the first things an agent will ask for are the Annual Minutes and Record Book of the corporation.

Your corporate records are all that stand between you and showing the government that you acted in accordance with the law. If you have failed to maintain your corporate records call 1-877-834-8211 immediately, and we will assist you with getting your corporate records up to date and squeaky clean. The IRS is giving you fair warning that they are stepping up their audits. Make sure your records are in order before it's too late.  Call 1-877-834-8211 today.

Should I Hire Family Members

Many business owners hire their children, their spouse, or other family members to work in the business. Sometimes this works out well; sometimes it causes problems. Let's look at the pros and cons.

  • Hiring your children. Hiring your kids for a summer or part-time job usually has more tax advantages and fewer drawbacks than hiring other relatives. The financial advantage is that if you're paying your child to do useful work, the business gets a tax deduction for the wages paid. Your child will probably pay little or no income tax, and the after-tax wages stay in the family. Also, if your child is under age 18 and your business is unincorporated, neither the child nor the business needs to pay federal payroll taxes. This exemption also applies to a partnership or LLC if the only partners are you and your spouse.
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One Day Seminars

Tax Recordkeeping:  Some Tips to Make it Easier 

Are you sometimes overwhelmed and intimidated by the prospect of keeping records for federal tax purposes? Well, you are not alone. Here are some suggestions that should help you determine what to keep and for how long.

Normal statute of limitations. This is three years from the later of the due date or the actual filing date of the return. The statute period can be extended to six years if your income is understated by more than 25%. There is no statute of limitations if fraud is involved. Be safe and maintain the following records for seven years.

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Your Home Could Provide Retirement Income

Did you know you can use your home to help pay for your retirement needs? For many seniors, their house is their biggest asset. If you're at least 62 years old and own your own home, you can use a reverse mortgage to convert this asset into much-needed cash.

With a reverse mortgage, the lender makes loan advances to you which don't have to be repaid until your death. Repayment of the loan and accrued interest would also come due if you sell the house or move, but you won't have to repay more than your home is worth. Depending on the type of reverse mortgage you apply for, the proceeds may be taken out in a lump-sum, in monthly payments, or made available as needed through a line of credit.

Read More...

Email: info@compassincorporated.com
Voice: 1-877-834-8211
Web:
http://www.compassincorporated.com/





 
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