Uncategorized Archives - Philadelphia CPA
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Uncategorized

Most people gamble periodically.Rule 1- Your Winnings are taxable. Your income from gambling is taxable, and is reported to the IRS on Form W-2G.Rule 2- Keep records of your losses. You are allowed to offset your gambling winnings with your gambling losses-however, the IRS and...

Limited liability companies (LLCs) provide liability protection for all owners (members), regardless of their managerial functions; and multi-member LLCs qualify for favorable partnership-tax rules.This benefit can be lost or curtailed if you do not have an operating agreement document in your company records.LLCs are created...

Borrowing payroll tax withholding funds is stealing. Why? It's not yours. When you or your corporation withhold money from the employees, you individually act in a fiduciary capacity and have the responsibility to remit that money to the government timely.Your willful failure to accomplish this,...