2014 Episode 5 - November 29, 2014

Letters from the IRS need attention. Gilbert is hoping Congress can rewrite our outdated (1985) tax code and repatriate money that is sitting overseas. He also teaches about Sales & Use tax. If you don't pay sales tax in another state, you might get a letter asking you to pay the tax with a penalty. Be sure to evaluate your business model (S-corp, LLC, etc.) to be sure it is till the best for your business. Accrual vs. Cash basis accounting makes a difference too. He also answers questions. Black Friday is proof that free-market works: no government intervention, no tax breaks. Tax-free weekends, by contrast, are not good. "The government that governs the least governs the best."