Blog
An Attorney With a Farm and a Farmer Named Pigg Offer a Lesson in Recordkeeping and Material Participation
Hopefully you keep good records of all your expenses. Keeping good records is the easiest way to make sure everything goes smoothly if you’re audited. But if you haven’t kept good records, there may be an alternate approach you can take to claim a loss if you need to....
Tax Season Opens January 19th
Yes, it’s that time of year again. The IRS announced last week that the 2016 tax season will begin as scheduled on Tuesday, January 19. They’ll begin accepting both individual electronic returns and paper returns that day. The IRS expects to...
Congress Passes Bill With Tax Extenders, Many to Be Permanent
Shortly before the Christmas holiday, Congress passed a bill extending a long list of expired tax provisions — some permanently, some for five years, and many for two years.The Journal of Accountancy published the details in an article...
Federal Mileage Rates Going Down for 2016
The lower gas prices are going to be reflected in the mileage rates for 2016. The IRS just announced that beginning January 1, 2016, standard mileage rates will be: 54 cents per mile for business miles, down from 57.5 cents for 2015 19 cents...
No More Writing Checks over $100 million to the IRS
Hopefully you don’t owe the IRS $100 million or more, but those who do will need to plan on paying with something other than a check after December 31st. Internal Revenue Bulletin No. 2015–36, dated September 7, 2015, states: “The Federal...
Here’s How Tax Professionals Help You Manage Tax Identity Theft
With identity theft so common, taxpayers are naturally concerned about the security of their information during the filling process. And although the e-filing system itself is secure, identity thieves will often file early the tax return of...
Save On Taxes and Get Room and Board Free for Your College Student
College is expensive, and a big chunk of that expense comes in the form of room and board. But if you get creative, you can mitigate that expense. Forbes recently published an article on a genius way to provide your student’s own room and...
What You Need to Know for Year-End Taxes if You Have Fewer than 50 Employees
You may have heard that the majority of the provisions in the Affordable Care Act don’t apply to employers who have 50 or fewer employees—and that’s correct. 95% of employers are not subject to the employer shared responsibility provision....
The IRS Teams Up with Tax Professionals to Tackle Phishing Schemes and Malware
It seems as if we’re sending out an alert every few months on the topic of identity theft — scammers are constantly inventing new ways of tricking people into sending them money. The IRS recently published an announcement that they’ve teamed...
The IRS Offers Reminders and Tax Tips for Gifts to Charity
If you’re making holiday donations to your favorite charities, you’re in for more than good karma. The IRS just sent out a newsletter outlining the tax benefits to giving and offering several tips to keep in mind. First, the Reminders...
Own a Vacation Home? Here are 7 Tax Tips You Won’t Want to Miss
The holidays are a great time to get away to a vacation home. Escape the crowds of the summer and have a truly relaxing holiday getaway. If you own a vacation home, you probably know that you need to report rental income, but here are 7 tax...
Thinking About Outsourcing Your Accounting? 3 Benefits to Consider
Accounting plays an important role in any business. It supplies company owners and the C-suite with information that helps them make smart business decisions. Accurate financial data is essential for successful companies. But although you...