Avoiding the 6-year Statute of Limitation
Many taxpayers are unaware that the normal statute of limitation that generally requires the IRS to assess tax within three years after taxpayers file their returns can be extended to six years if an item [...]
Fewer IRS Audits Predicted for 2015
In an email to employees, IRS Commissioner John Koskinen said the IRS will not be able to close as many audits in 2015 due to the agency's budget cuts. With a reduction in enforcement personnel [...]
Property Taxes Due February 1st
If you are a property owner, the 2nd installment of your property taxes are due Sunday, February 1st. Annual property tax bills are mailed in early October of each year. The bill is payable in [...]
Deducting Self-Employed Medical Insurance for S Shareholders
According to the IRS, a 2-percent shareholder in an S corporation may be eligible for a deduction against Adjusted Gross income (AGI) for the cost of accident and health insurance premiums paid by the corporation. [...]
Personal use of employer-provided automobile on 2014 W-2s
An employee must include personal use of an employer-provided automobile in gross income. If not reimbursed by the employee, the personal use of the automobile is a taxable fringe benefit. The employee must include in [...]
Substantiating Expenses
Statutory requirements require taxpayers to provide specific detailed information to substantiate expenses for the following: Travel expenses (including meals and lodging while away from home); Any item with respect to an activity that is of [...]
Tax Increase Prevention Act of 2014
Dear Client and Friends: The Tax Increase Prevention Act of 2014 (the Act) was passed on December 16, 2014. Thankfully, the Act retroactively extends most the federal income tax breaks that would have affected many [...]
Tax Tip Credit for Restaurant Owners
Many restaurant owners are missing out on a significant tax savings opportunity (free money!) by failing to claim the FICA tip credit when they file their tax returns. The "Credit for Employer Social Security and [...]
Research Credit Extended Under New Law
On December 19th, President Obama signed into law HR 5771, the "Tax Increase Prevention Act of 2014" (TIPA). The bill generally provides for a 1-year extension, through 2014, of over 50 expired or expiring individual, [...]
Charitable contributions from IRAs
Eligible taxpayers have until Wednesday, 12/31/14, to make Qualified Charitable Distributions (QCDs) from their IRAs. QCDs of up to $100,000 per year from IRAs are available to taxpayers who are age 70.5 or older. QCDs [...]