Know the New Lingo

Gone are the days of simply cash, check or charge. Like everything, the way we pay for things has evolved, and there's a long list of vocabulary words you should be familiar with to prepare for the wave of the future. Learn the lingo of all non-cash payments, so you're not caught off guard when someone asks to pay in Bitcoin or a chip card.

http://www.manta.com/small-business-tips/know-the-new-lingo/?su=MT1000503709&utm_medium=Email_Marketing&utm_source=Newsletter&utm_campaign=TOTD&utm_content=TOTD_BestOf_Rebrand

Turn Those Frowns Upside Down

Don't turn a blind eye to disengaged, disgruntled and altogether cranky employees. These Grinch-like folk have the capacity to wreak havoc on a business, and their unhappiness and poor attitude can quickly spread to others. Keep lines of communication open and take the time to get to know your employees. Once you've established trust, you'll be able to learn from the honest feedback as they share thoughts, opinions and challenges.

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Keep Your Assets Separate

Getting sued is for the birds, and it can leave a nasty stain on your company. So, just like separating your colors and your whites, it's important to separate your cash. If something were to go wrong, you don't want your personal accounts mixed in with those for your business. Keep things nice and tidy, and consider making your business a limited liability company (LLC). Perfect for one-owner businesses, LLCs help prevent anything from tarnishing your finances.

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IRS Head Says Budget Cuts Could Delay Tax Refunds

Budget cuts at the IRS could delay tax refunds, reduce taxpayer services and hurt enforcement efforts, IRS Commissioner John Koskinen said Thursday.

About half the people who call the IRS for assistance this filing season won't be able to get through to a person, Koskinen said. Once tax returns are filed, there will be fewer agents to audit them.

"Everybody's return will get processed," Koskinen told reporters. "But people have gotten very used to being able to file their return and quickly getting a refund. This year we may not have the resources, the people to provide refunds as quickly as we have in the past."

In recent years, the IRS says it was able to issue most tax refunds within 21 days, if the returns were filed electronically. Koskinen wouldn't estimate how long they might be delayed in the upcoming filing season, which is just a few weeks away.

Congress cut the IRS budget by $346 million for the budget year that ends in September 2015. The $10.9 billion budget is $1.2 billion less than the agency received in 2010.

The cuts come as the IRS is starting to play a bigger role in implementing President Barack Obama's health care law. For the first time, taxpayers will have to report on their tax returns whether they have health insurance.

Millions of taxpayers who are receiving tax credits to help pay insurance premiums will have to report them as well.

Some Republicans in Congress have vowed to cut IRS funding as a way to hurt implementation of the health care law. Koskinen has said it won't work.

He said the IRS is required to enforce the law, so other areas will have to be cut, including taxpayer services and enforcement.

Kosinen said the IRS is imposing a hiring freeze, except for emergencies, and is eliminating almost all overtime.

"In some ways, these budget cuts are really a tax cut for tax cheats," Koskinen said. "Because to the extent we have fewer people to audit and enforce the tax code, that means some people cutting corners on their taxes or not complying are going to get away with it, and that is a decision that Congress has made."

The National Treasury Employees Union represents IRS workers. Union President Colleen M. Kelley said waits at IRS walk-in centers will stretch for hours and "correspondence will continue to pile up and taxpayers will wait longer and longer for a response."

"Starving the IRS hurts more than just the agency's workforce, it hurts all taxpayers," Kelley said.

Koskinen called Thursday's news conference to highlight tips for choosing a qualified tax preparer. He said it is important to check preparers' qualifications and work history, confirm their fees and always review the tax return before signing it. He said taxpayers should be wary of preparers who promise big refunds.

The tax filing season generally starts in mid-January, though it has been delayed in recent years because of last-minute tax changes enacted by Congress.

Once again, Congress passed a tax bill this year just before going home for the holidays, extending more than 50 temporary tax breaks that had expired. Koskinen, however, said the filing season would start on time next month, though he said the agency was not yet ready to announce the exact date.

Each year, millions of taxpayers file their returns in the first few weeks of the filing season so they can get fast refunds. This year, refunds averaged about $2,800. 

http://www.nytimes.com/aponline/2014/12/18/us/politics/ap-us-irs-delayed-refunds.html?_r=0

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We have been in this business 10 years and are the proud holders of an A+ rating with the BBB with zero complaints. When working with the largest collection agency in the world, it’s essential to have informed attorneys on your side. We know how the IRS works. We take over all communication with the IRS and/or State and keep you up to date throughout the entire process of your tax resolution. Plus, we offer this No Risk Guarantee on every contract we prepare:

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