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What is a LLC?

A limited liability company (“LLC”) is a comparatively new business entity that offers organizers who comply with all necessary organization and filing requirements an array of attractive, flexible options by which to manage their business. Initially, LLCs began appearing around the country in the late 1970s.  Arkansas passed its own law authorizing LLCs, the “Small Business Entity [...]

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What Are Your Chances of Being Audited?

The figures and percentages compare returns filed in calendar year 2008 and audited in FY 2009 to returns filed in calendar year 2007 and audited in FY 2008. Of the 138,788,744 total individual income tax returns with a filing requirement (this excludes returns filed only to receive an economic stimulus payment), 1,425,888 were audited. This [...]

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