- Business Entity Mistakes – Criminal Conduct and Independence by Richard A. Chapo
In this age of information, most small business owners understand they need the protection provided by a corporation or limited liability company. Such protection, however, can be lost though certain actions. 333 words 2006-07-23 - Net Telephone Services In Trouble – 911 FCC Rules Upheld by Richard A. Chapo
Net telephone service providers are facing a huge problem. A court has upheld FCC regulations requiring the voice over internet protocol providers to provide 911 services. 911 RulesAs you know, traditional telephone companies provide 911 call services to customers. 333 words 2006-07-22 - How To Avoid Scam Artist When Donating To Tsunami Relief by Richard A. Chapo
Millions of people have shown their true character by making cash donations to charitable groups providing relief to those devastated by the Tsunami. While your actions are a shining example of the best traits of people, a few unsavory groups are trying to make a profit off of the tragedy. 553 words 2006-07-22 - Business Entities – Filings With The State by Richard A. Chapo
Nearly all small businesses should form entities to limit their exposure to civil liability in the form of lawsuits. In forming an entity, certain documents have to be filed with the state in question. 394 words 2006-07-22 - Incorporating Tips – Capitalization by Richard A. Chapo
Capitalizing a new business entity is a critical step of the formation process. Failing to take the step can lead to serious legal problems if the entity is ever sued. So, what is capitalization and what steps must be taken? 495 words 2006-07-22 - How To Get An Extension To File Your Business Tax Returns by Richard A. Chapo
Yes, the tax season is upon with the first filing date for some businesses being March 15, 2005. If you can’t imagine getting your tax returns together by that date, you need not worry. The IRS automatically gives you an extension if your file the appropriate form. 550 words 2006-07-21 - Forming a Corporation – Investors by Richard A. Chapo
You’ve come up with the best idea since sliced bread, figured out a business name and formed a corporation. There is, however, one small problem. You need money. Welcome to the world of investing. 427 words 2006-07-20 - Privacy Rights – Big Brother’s Bumbling by Richard A. Chapo
The General Accounting Office has reported the federal government is ignoring individual privacy rights of citizens. Not only is it ignoring guidelines, the actions being taken may server to put your privacy at more risk of being violated. 331 words 2006-07-19 - Nigerian Scams – Finally Going To Jail by Richard A. Chapo
Ah, don’t you love those Nigerian scams? I’m the brother of Finance Minister… Well, they are finally being prosecuted and going to jail. Banco Noroeste – BrazilIn the biggest scam of its sort, three Nigerian scammers managed to steal $242 million dollars from Banco Noroesto, a bank in Brazil. 400 words 2006-07-18 - TransUnion Credit Agency – Customer Data Stolen by Richard A. Chapo
It seems a day doesn’t go by without a company announcing it has lost or had customer data stolen. TransUnion Credit Agency has now joined the parade of identity theft. TransUnion Credit AgencyIn late summer, TransUnion discovered that over 3,600 consumer records had been stolen from a regional sales office in California. 309 words 2006-07-18 - Copyright – What Can You Protect? by Richard A. Chapo
The legal protection known has “copyright” has come front and center over the past few years with major legal rulings regarding peer-to-peer networks on the Internet. Copyright protection, however, can be a confusing area of the law. 282 words 2006-07-18 - Anti-Phishing Bill Introduced To Congress by Richard A. Chapo
Sen. Partick J. Leahy has introduced the Anti-Phishing Act of 2005 to Congress for consideration. The Act would allow federal prosecutors to seek fines of up to $250,000 and prison sentences of up to five years against individuals convicted for promoting phishing scams. 422 words 2006-07-18 - Getting a Tax Credit for Your Kids by Richard A. Chapo
As you know, raising a family is a full time job and can put stress on your finances. Fortunately, you can claim a tax credit to help cut your IRS bill if you have kids. Getting a Tax Credit for Your KidsWith a tax deduction, you are reducing the total amount of adjusted gross income you have. 364 words 2006-07-18 - Grokster – Rest In Peace by Richard A. Chapo
Grokster fought the law and the law won. Having lost in a Supreme Court ruling, Grokster has shut down and settled with the recording and movie industry. Grokster - Rest In PeaceFacing up to a Supreme Court decision against them, Grokster has settled with the music and movie industries. 359 words 2006-07-16 - Business Entities – A Quick Guide by Richard A. Chapo
Business entities comes in so many types that business owners can easily get confused. Here’s a quick guide that will hopefully shed a little light on business entities for you. Business Entities "C" Corporation: 510 words 2006-07-15 - Create Tax Savings And Transfer Wealth To Your Child With A Roth IRA by Richard A. Chapo
Parents must give serious thought to protecting their family through estate tax planning. While life insurance and trusts should be a part of every plan, Roth IRAs can be a simple tool for passing money to your child on a tax-free basis. 676 words 2006-07-15 - Hurricane Katrina – How To Use Your Business Loss To Get A Refund on 2004 Taxes by Richard A. Chapo
With the massive losses caused by Katrina, the economy of the Gulf Coast region is in extremely bad shape. Fortunately, there is a quirk in the tax code that can help you generate a large refund from your 2004 taxes. 343 words 2006-07-14 - Get a Jump Start on Your Taxes by Richard A. Chapo
Preparing and filing your taxes is a less than exciting task. Much like visiting the dentist it something that must simply be done. There are ways to make it a little less painful. Get a Jump Start on Your TaxesAs with many things, procrastinating on the preparation of your taxes is a bad move. 424 words 2006-07-13 - Protecting Your Business With Non-Disclosure Agreements by Richard A. Chapo
Every business should protect proprietary information when dealing with independent contractors, vendors and other businesses. The best way to do this is to use a non-disclosure agreement, often referred to as an “NDA. 463 words 2006-07-13 - Tax Changes You Should Know for 2005 Returns by Richard A. Chapo
Every year, you have to file tax returns and every year there are changes to the tax code. Here are some key changes for 2005 to keep in mind when you prepare returns. Tax Changes You Should Know for 2005 Returns2005 was a fairly quite year when it came to changes to the tax code. 510 words 2006-07-12 - Small Employers Rejoice – IRS Simplifies Filings by Richard A. Chapo
On of the largest burden on very small employers is dealing with taxes. Fortunately, the IRS has taken a major step to reduce this burden. Quarterly Federal Tax Returns – Not! There are millions of small businesses that labor under the burden of filing federal tax returns each quarter of the calendar year. 349 words 2006-07-12 - S Corporations – Filing The Election by Richard A. Chapo
Getting a corporation designated as an “S” can be a bit confusing. If you are committed to getting an “S” corporation, here is how you do it. “S” CorporationThe “S” in S corporation refers primarily to a tax designation. 383 words 2006-07-12 - Why Even A Simple Contract Can Save Your Bacon by Richard A. Chapo
Every business owner says it; "Do I really need a written contract? " The answer is "YES, YES and YES! " Using a written contract is like buying insurance for your business deals, but much better. 520 words 2006-07-11 - Do You Own Your Web Site Design? by Richard A. Chapo
Your web site has been up for a few months and you are making money hand over foot. While surfing sites one evening, you are shocked to find a competitor using your design. You find out your designer sold them the same design. 704 words 2006-07-10 - Minority Shareholders – Fighting The Man by Richard A. Chapo
Investing in a corporate entity is fairly standard practice in our society. Problems arise when you own a small percentage of shares, but disagree with the direction the majority shareholders are taking the entity. 404 words 2006-07-09 - Tax Benefits of A “C” Corporation - Funding by Richard A. Chapo
If you are going to form a corporation, you might be surprised to learn a “C” corporation comes with a lot of tax benefits. While this article isn’t intended to replace the advice of a good tax professional, it may serve to open your eyes to the value of a “C” corporation. 371 words 2006-07-09 - What To Do If You Didn’t Get a W-2 by Richard A. Chapo
If you worked in a salaried position during 2005, your employer should issue you a W-2 form for your tax reporting. So, what if you haven’t received one? What To Do If You Didn’t Get a W-2W-2 Forms, known as Wage and Tax Statements, must be issued by employers to all employers with duplicates being reported to the IRS. 369 words 2006-07-07 - The Secret To Protecting Your Business Assets by Richard A. Chapo
Regardless of the type of business you conduct, there is a significant risk of being sued in our litigious society. Lawsuits can range from claims of negligence to defective products to disputes with employees. 410 words 2006-07-07 - Hurricane Katrina – Businesses Can Claim Casualty Tax Losses by Richard A. Chapo
Hurricane Katrina has left a wide and long path of destruction. Besides the human toll, businesses on the Gulf Coast have taken a beating. If yours is one, here is how you can write off casualty losses on your taxes. 429 words 2006-07-06 - Alternative Minimum Tax – Online Tool by Richard A. Chapo
Hell hath no fury like a person who just found out the alternative minimum tax applies to them. The IRS has set up an online tool to figure out if you do. Alternative Minimum TaxThe alternative minimum tax is a procedure that was set up to keep the richest of Americans from avoiding tax paying responsibilities. 383 words 2006-07-04 - What To Do If You Didn’t Get a Form 1099 by Richard A. Chapo
If you earned revenues as an independent contractor in 2005, you should have received a 1099 Form for the work. So, what if you haven’t received one? What To Do If You Didn’t Get a Form 1099If you earned over $600 from one person or company as an independent contractor in 2005, that company or person is supposed to issue you a 1099-MISC form. 375 words 2006-07-03 - Victims of Hurricane Katrina – IRS Gives Tax Relief by Richard A. Chapo
In response to the devastation along the Gulf Coast, the IRS is giving tax relief to victims of Hurricane Katrina. The following steps are expected to be expanded upon in the next few weeks. 343 words 2006-07-02 - Tax Returns for the Deceased by Richard A. Chapo
Two things in life are certain – death and taxes. Here’s what to do if the two are combined as far as filing a tax return. Tax Returns for the DeceasedIf a person dies, their finances are immediately converted into something called an estate. 387 words 2006-07-02 - Legal Terms – A Quick Guide by Richard A. Chapo
Legal issues and problems are stressful, complex and inevitable. If you get wrapped up in legal issues, it sometimes helps to understand the lingo being bandied about. Legal TermsContract: 363 words 2006-07-02 - Microsoft v. Google – Kai-Fu Lee’s Non-Compete Agreement by Richard A. Chapo
Unless you’ve been on vacation all summer, the brawl between Google and Microsoft should be old news. New developments, however, have occurred with publication of the non-compete agreement signed by Kai-Fu Lee. 311 words 2006-07-01 - Earnings From Abroad and Taxes by Richard A. Chapo
With the every expanding global economy, many people receive earnings from foreign entities. Unfortunately, the federal government wants you to pay taxes on it. Taxes on Your Earnings From AbroadThe federal government has a very simple attitude towards taxes and earnings. 416 words 2006-06-30 - 1099-MISC Forms For Independent Contractors for 2005 by Richard A. Chapo
As we begin 2005, you’re probably not thinking about taxes at all. This is a mistake as deadlines are approaching for issuing and filing 1099s to independent contractors. What is a 1099 MISC? 437 words 2006-06-30 - Business Tax Deductions by Richard A. Chapo
As we enter mid-March, taxpayers begin to become very interested in deductions. Following are a few that you may be entitled to claim. 285 words 2006-06-29 - Deadlines Approaching For Filing 1099s For Independent Contractors by Richard A. Chapo
While the middle of January may seem a bit early to begin thinking about taxes, 1099-MISC filing deadlines are looming for businesses. Generally speaking, IRS 1099-MISC is the form used to report miscellaneous income that you paid to persons during 2004 in the course of your trade or business. 529 words 2006-06-28 - Tax Reduction Tips by Richard A. Chapo
In the rush to get tax returns prepared and filed by April 15th, many overpay their taxes. Following are a few tax reduction tips that could help you save a bundle. Tax Credit For Starting A Small Business Pension Plan Establishing a pension plan can help you retain important employees. 640 words 2006-06-26 - Database Hacks - Are Banks Required To Notify You? by Richard A. Chapo
Ever wonder if banks are required to tell customers when their systems are hacked? You may be shocked to learn that they are not. The only exception to this standard has been database hacks that effect California residents. 376 words 2006-06-26 - Tax Jokes and Quotes by Richard A. Chapo
Do you realize that some tax forms ask you to check a box if you are BLIND? Quote: “Two years ago it was impossible to get through on the phone to the IRS. Now it's just hard to get through. 346 words 2006-06-25 - Tax Records - What You Should Keep And For How Long by Richard A. Chapo
Many taxpayers are confused about how long they should keep tax records. The term "tax records" refers to your tax returns and the documents that support the information in the returns. These documents can include receipts, bank statements, 1099s, etc. 578 words 2006-06-25 - How to Check the Status of Your Tax Refund Online by Richard A. Chapo
So, you were pleasantly surprised to learn that you are getting a refund on your taxes. Congratulations! The IRS expects to issue approximately $54 billion dollars in refunds for the 2003 tax year. 478 words 2006-06-24 - Google’s Book Scanning and Copyright Laws by Richard A. Chapo
As you may know, Google is making an effort to scan every book in the world. The goal is to create a giant online database of every book that can be searched. One small problem is the fact that Google is violating copyright laws. 372 words 2006-06-24
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