Part I

Why Go Public?

When a company “goes public” through an “initial public offering” (or IPO), it essentially sells some of its shares to retail and institutional investors, and those shares are then invariably listed on a public stock exchange, where the price for the shares floats up or down depending on a range of factors related both to the financial performance of the company and the state of the capital markets (and the broader economy) more generally. In order to become public, the company must go through a rigorous process of information disclosure centered around an extensive, written prospectus. Then, once public, it must adhere to a range of rules on timely legal and financial disclosure. Why would a business owner agree to jump through all these hoops?
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You can make a change or an adjustment to a tax return you’ve already filed by filing an amended return. Here are the top 10 things the IRS wants you to know about amending your federal tax return.

1. If you need to amend your tax return, use Form 1040X, Amended U.S. Individual Income Tax Return.
2. Use Form 1040X to correct previously filed Forms 1040, 1040A or 1040EZ. The 1040X can also be used to correct a return filed electronically. However, you can only paper file an amended return.
3. You should file an amended return if you discover any of the following items were reported incorrectly: filing status, dependents, total income, deductions or credits. Read the rest of this entry »

Analysis of This Popular Tax Break Now Available

In a last-minute move before adjourning for the July 4th holiday, Congress has provided relief to taxpayers to claim the first-time homebuyer credit. The Homebuyer Assistance and Improvement Act of 2010 extends the closing date deadline to claim the credit, from June 30, 2010, to September 30, 2010, for homebuyers who signed sales contracts prior to May 1, 2010. It is estimated that this extension will enable an estimated 180,000 additional homebuyers to utilize the homebuyer credit.

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 The IRS is now accepting applications for the $1 billion pool of funds earmarked by the health care reform bill (the Patient Protection and Affordable Care Act of 2010) for small and mid-size biotechnology companies to provide needed funding to support critical research and development programs under the qualifying therapeutic discovery tax credit program. The application period began June 21 and ends July 21.    

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For details about what’s available on Where’s My Refund?, please see About Where’s My Refund.

How can I get my personal refund information?

Go to the Where’s My Refund? online tool to check on the status of your refund.

You can generally get information about your refund 72 hours after IRS acknowledges receipt of your e-filed return, or three to four weeks after mailing a paper return.

You’ll need to provide the following information from your tax return:

• Your Social Security Number (or Individual Taxpayer Identification Number)
• Your Filing Status
• The exact whole dollar amount of your refund Read the rest of this entry »

Tax Filing Postponed for Storm Victims

Victims of severe storms and flooding beginning March 12 in Massachusetts, Rhode Island and West Virginia may qualify for tax relief from the Internal Revenue Service.

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