2009 Newsletter Archive

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September - Mortgage Debt Relief: Answers to Frequently Asked Questions

Is there a limit? Yes. The exclusion can cover the tax due on up to $2 million of forgiven debt ($1 million if you’re married and file separate tax returns). Any excess is taxable under the general rules. Read More...

April - Good Help Is Hard To Find

Start the youth of America off right by showing them the worthwhile opportunities that result in a job well done. They will have pride and ownership as a contributing member of society, and did I mention that your company can write off their wages. As with anything involving the IRS, you are required to meet a few guidelines. Make sure the salary the corporation is paying the children is reasonable for the job they are doing. If you already have an employee doing similar work, then use that as a guideline for what they should get paid. If you are creating a new position, then do a comparative study based on the type of work and the business you are in. Read More...

In This Issue:

  • How Long Should You Keep Tax Records?
  • One-Day Seminar Schedule
  • S Corporations Face Close IRS Scrutiny
  • Your Rights as a Tax Payer
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DISCLAIMER: Compass Group and its employees or agents are not in the business of providing tax or legal advice. If legal advice or other expert assistance is required, the services of a person in those professions should be sought. Compass Group, its employees and agents do not make any factual determination as to the validity of any business deduction for tax purposes. Compass Group does not expressly or impliedly endorse, accept, or validate any business record produced by Compass Group on behalf of Client. The Completed Documents produced by Compass Group through this written request are based solely upon the information provided by the client.