Every year, hundreds of thousands of people lose money to telephone scams. One of the most infamous scams is the IRS scam - and it is still on the rise. On July 19, the IRS issued its Tax Tip 2018-111, "Here's How the IRS Contacts Taxpayers", to help people avoid becoming a victim of scammers who pretend to be from the IRS with a goal of stealing personal information and ultimately his/her money.
On March 13, 2018 the IRS announced five new compliance campaigns (3/13/18 IRS Announcement - SECA Tax), one of which relates to the reporting of self-employment income by limited partners in partnerships and LLCs. In the past there has been much uncertainty and inconsistency about the reporting of self-employment income by LLC members. Sec. 1402(a)(13) states that, other than guaranteed payments, the distributive share of all other income to a "limited partner" is excluded from self-employment tax. This has led to many LLC members, whether active in the business or not, to exclude their earnings from self-employment taxes.
You have done your planning to make an IRA contribution or Roth IRA conversion and visit your broker to complete the paperwork to make the magic happen. You're given a myriad of documents to complete to set the account up, provide funding details and selecting a beneficiary. You start to gather your things to leave and then you're handed a three page document that appears to be a lot of "boiler plate" language and your broker tells you that no signature is required. You may not be aware that this document is the contract between you and your custodian and it lays out all of the rules you have agreed to follow. Much like a qualified retirement plan, the document governs everything.
According to a new Standard & Poor’s report, there are two key indicators that will tell you what kind of shape the manufacturing industry is in. The first is the Institute for Supply Management’s Purchasing Manager’s Index and the second is the Federal Reserve’s Capacity Utilization Index for motor vehicles and parts.
In the simplest terms, Industry 4.0 is the intersection of machines, devices, sensors, data and people all communicating in real time via the cloud, intranet or network (ERP/MRP) system. “Smart factories” will begin to propel manufacturing into a new era where production, information technology and communication (internet) are all connected together to improve processes and supply chain optimization. The ultimate manufacturing goal is to make more informed decisions that will move products faster through the supply chain. These premises are the foundation of the Industrial Internet of Things (IIoT).