LATEST NEWS

  • Section 179 Expensing

    Section 179 Expensing

    Sec. 179 expensing allows businesses to deduct up to 100% of the cost of qualifying assets (new or used) in Year 1 instead of depreciating the cost over a number of years. Sec. 179 can be used for fixed assets, such as equipment, software and real property improvements...Read More »
  • Retirement Plan Loans: Good Idea or Bad?

    Retirement Plan Loans: Good Idea or Bad?

    Defaulting on Retirement Plan Loans Causes Taxable Distributions Want to borrow money from your retirement plan? Not so fast. Retirement plan loans can be a viable way to get money in a crunch, but you need to follow the rules about repaying them. If you don’t, it could lead to unfavorable tax consequences, as two taxpayers recently learned the hard way...Read More »
  • Proposed Tax Cuts and Jobs Act Released

    Proposed Tax Cuts and Jobs Act Released

    Proposed tax cuts lower some, phase out some and keep some of the old taxes The U.S. House bill has been released. The proposed Tax Cuts and Jobs Act would retain a 39.6% tax bracket for married couples with income of more than $1 million annually. The corporate tax rate would be cut from 35% to 20% and there would ... Read MoreRead More »
  • Charitable Donations Reduce Taxes

    Charitable Donations Reduce Taxes

    You can claim write-offs for contributions of cash and other items donated to charitable organizations, such as United Way and Goodwill. What you might not realize is that not all contributions to charities qualify for tax breaks...Read More »
  • Is Your Fitness Center Tax Deductible?

    Is Your Fitness Center Tax Deductible?

    Your company probably offers an array of fringe benefits to its employees, including health insurance and group-term life insurance. While there are certain requirements, these fringe benefits are generally deductible by the company and tax-free to the employees as long as they are not discriminatory in nature...Read More »
  • Handling a Data Breach

    Handling a Data Breach

    Could your data be hacked? Unfortunately, every organization — including for-profit businesses, not-for-profits and government agencies — is vulnerable to cyberattacks today. Examples abound. In September, Equifax reported a data breach that exposed the credit histories and other information of 145.5 million Americans. Shortly thereafter, the Securities and Exchange Commission (SEC) reported a hacking incident that occurred in 2016...Read More »
  • Gifts in Kind

    Gifts in Kind

    Not-for- profit organizations don’t receive only cash donations. Your support also likely comes in the form of gifts in kind and donated services. But even when such gifts are welcome, it can be challenging to determine how to recognize and assign value to them for financial reporting purposes...Read More »
  • Hurricane Tax Credit

    Hurricane Tax Credit

    A new law, signed by President Trump on September 29, 2017, provides various tax breaks for victims of Hurricanes Harvey, Irma and Maria. Among them is a valuable tax credit for eligible employers affected by the devastating hurricanes...Read More »
  • Crowdfunding for Not-for-Profits

    Crowdfunding for Not-for-Profits

    Crowdfunding was first used by entrepreneurs to attract small-sized investments to for-profit ventures, primarily via the Internet. The global crowdfunding market is projected to become a $90 billion to $96 billion industry by 2025, according to a study commissioned by the World Bank...Read More »
  • Per Diems Simplify Expenses

    Per Diems Simplify Expenses

    The process of submitting and approving expense reports for business travel can be an administrative hassle if your business reimburses employees for actual travel expenses. Fortunately, the IRS offers simplified alternatives that can save time and reduce recordkeeping...Read More »
  • Why It’s Risky to Rely on Unofficial IRS Guidance

    Why It’s Risky to Rely on Unofficial IRS Guidance

    In a recent blog, National Taxpayer Advocate Nina Olson explained why taxpayers can't rely on answers to Frequently Asked Questions (FAQs) and Answers and other forms of "unofficial" guidance that are posted on the IRS website. While tax professionals already knew this, many taxpayers may find it to be a disturbing revelation...Read More »
  • The Importance of Good Tax Records

    The Importance of Good Tax Records

    Federal tax law allows deductions for many items, such as legitimate business expenses and charitable donations. But, if you claim deductions on your tax return, you also must maintain adequate records to support them. If your tax return is audited, missing or incomplete records could lead to additional taxes, interest and penalties, as these three recent U.S. Tax Court cases demonstrate...Read More »
  • Revenue Recognition for Contracts

    Revenue Recognition for Contracts

    Changes coming soon to contract revenue recognition Revenue is the top line of your company’s income statement. So, it tends to receive a lot of attention from investors, lenders and other stakeholders. Why? Changes in revenue can tell whether your company is growing or declining. Moreover, changes in the composition of revenue can provide insight into your strategic plans. If your ... Read MoreRead More »
  • Amending a Federal Income Tax Return

    Amending a Federal Income Tax Return

    Know the rules before amending a federal tax return What should you do if you discover an error on a previously filed individual tax return? For example, you might have missed some tax-saving deductions and credits on your 2016 personal federal income tax return that you filed in February. Or you might have recently discovered that you failed to claim some ... Read MoreRead More »
  • Ins and Outs of Deducting Legal Expenses

    Ins and Outs of Deducting Legal Expenses

    Legal expenses incurred by individuals are typically not currently deductible under the federal income tax rules. Instead, they’re most often treated as either personal outlays (which are nondeductible) or as part of the cost of acquiring an asset, such as real estate. In the latter situation, legal costs usually aren’t deductible right away; instead, they may be capitalized and amortized ... Read MoreRead More »
  • Consider Section 179 Deductions for Real Estate Expenses

    Consider Section 179 Deductions for Real Estate Expenses

    The Section 179 deduction for qualified real property expenses was made permanent under the Protecting Americans from Tax Hikes (PATH) Act of 2015. However, claiming this deduction isn't a no-brainer. Here are the pros and cons.Read More »
  • Remember RMDs this Tax Season

    Remember RMDs this Tax Season

    Did you know that, once you turn age 70½, you must start taking mandatory annual withdrawals from your traditional IRAs, including any simplified employee pension (SEP) accounts and SIMPLE IRAs that you set up as a small business owner?Read More »
  • How S Corporations Can Save on Federal Employment Taxes

    How S Corporations Can Save on Federal Employment Taxes

    If you own an unincorporated small business, you may be getting fed up with high self-employment (SE) tax bills. One way to lower your SE tax liability is to convert your business to an S corporation.Read More »
  • 10 Important Tax-Related Developments for 2016

    10 Important Tax-Related Developments for 2016

    Several significant tax developments happened last year that may affect federal income tax returns that individual and business taxpayers file in 2017. Here's a quick look at 10 key changes that you should be aware of during this tax season.Read More »
  • Tax Fraud Awareness: How to Protect Your Identity and Assets

    Tax Fraud Awareness: How to Protect Your Identity and Assets

    The IRS, taxpayers and tax preparers share a common enemy: identity thieves. We all have a part to play in the fight against tax-related identity theft. Your role starts by learning the mechanics and warning signs. From there, taxpayers can take proactive steps to protect their data online and at home.Read More »
  • IRS Reports a Significant Increase in Whistleblower Awards

    IRS Reports a Significant Increase in Whistleblower Awards

    The IRS Whistleblower Office is celebrating its 10-year anniversary this year. The office was created under the Tax Relief and Health Care Act of 2006 to oversee the IRS whistleblower program, which is a critical part of overall enforcement and compliance.Read More »
  • Consider State Taxes When Deciding Where to Live in Retirement

    Consider State Taxes When Deciding Where to Live in Retirement

    When you retire, you may consider moving to another state — say, for the weather or to be closer to loved ones. State taxes also may factor into the equation. Here's what you need to know about establishing residency for state tax purposes — and why the process may be more complicated than it initially appears to be.Read More »
  • Important Tax Figures for 2017

    Important Tax Figures for 2017

    The following table provides some important federal tax information for 2017, as compared with 2016. Many of the dollar amounts are unchanged or have changed only slightly due to low inflation. Other amounts are changing due to legislation.Read More »
  • Cures Act Approves HRAs for Small Employers

    Cures Act Approves HRAs for Small Employers

    On December 13, 2016, President Obama signed into law the 21st Century Cures Act. In addition to funding medical research, accelerating cutting-edge treatments for rare diseases and adding significant reforms to the mental health system, the new legislation allows small employers to provide standalone Health Reimbursement Arrangements (HRAs) to employees without paying penalties imposed by the Affordable Care Act (ACA).Read More »
  • Employee, Partner or Both? Recent Developments Help You Decide

    Employee, Partner or Both? Recent Developments Help You Decide

    Are you an employee, a partner, a partner who doesn't know it — or a combination of these classifications? The answer can have serious tax implications. If you participate in a business that's operated as a partnership or a limited liability company, here are some recent developments that you need to know.Read More »
  • FBI Case Exposes Massive Telefraud Scheme

    FBI Case Exposes Massive Telefraud Scheme

    Do you dread getting phone calls from unfamiliar sources? It seems that callers are more likely to be aggressive solicitors, pushy telemarketers or even devious con artists than legitimate business people. Criminals typically target the elderly, disabled people or immigrants, threatening them with fines, penalties or deportation if they don't make payments to the callers. In some cases, unsuspecting victims lose their entire life savings.Read More »
  • Spotlight On Business Tax Trends

    Spotlight On Business Tax Trends

    The Joint Committee on Taxation (JCT) is a nonpartisan Congressional committee that, among other things, assists in the analysis and drafting of proposed federal tax legislation and prepares reports that interpret newly enacted federal tax legislation. The JCT recently issued the Overview of the Federal Tax System as in Effect for 2016. Here are the details of that report, including some interesting trends about business taxes.Read More »
  • New Overtime Rules Suspended for Now

    New Overtime Rules Suspended for Now

    Many employers have been wrestling with plans to comply with new U.S. Department of Labor (DOL) overtime rules since last May. That's when the rules were finalized, with a December 1 compliance deadline. Those new rules included raising the minimum salary overtime exemption to $913 per week from $455. A little more than a week before the deadline for the rules was to take effect, a federal court has issued an injunction, at least temporarily blocking implementation of the changes.Read More »
  • DOL Overtime rule Delayed

    DOL Overtime rule Delayed

    The new DOL overtime rule, set to become effective December 1, 2016 has been put on hold. Last week, on November 22nd a judge in Texas issued a preliminary injunction barring the Department of Labor from implementing the new rule.Read More »
  • It’s Time for Individuals to Plan for Taxes in 2016 and Beyond

    It’s Time for Individuals to Plan for Taxes in 2016 and Beyond

    Year end is rapidly approaching.It's now time to consider making some moves that will lower your 2016 tax bill and get you into position for tax savings in future years. This article offers some year-end planning tips for individuals — while keeping the results of the recent election in mind.Read More »