Glossary

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From the Archives: When Does the “1099s to Veterinarians” Rule Start?

By | November 25th, 2016|Categories: Glossary|Tags: , |

I've done a few posts on issuing 1099s to veterinarians, and all of those posts are popular. This one from September 2014 addresses the question of "when does the 1099s to veterinarians" rule start?

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Glossary: Payroll Taxes

By | November 1st, 2016|Categories: Glossary|Tags: , |

Payroll tax refers to taxes an employer pays when the employer has employees.

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Glossary: ROBS Transactions

By | October 28th, 2016|Categories: Glossary|Tags: , , |

In the tax world, the term "ROBS" stands for "Rollover for Business Startup." In a ROBS transaction, a person uses existing retirement account money to fund the startup of a new business, and if done right, the transaction is tax-free.

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Glossary: RTRP

By | October 20th, 2016|Categories: Glossary|Tags: , |

RTRP stands for Registered Tax Return Preparer, a program/designation the IRS tried to get off the ground a few years ago. The RTRP program would have required unlicensed tax preparers to pass an open-book exam before they could prepare tax returns. The IRS ended up losing a court battle, and the RTRP program was shelved.

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Glossary: Cost of Goods Sold

By | August 23rd, 2016|Categories: Glossary, Small Business Tax and Accounting|Tags: , , |

Cost of goods sold refers to a deduction from gross income for the cost of producing or acquiring items sold by a business.