Challenging Tax Environment
Taxpayers and their advisers engaged in year-end tax planning for 2015 are challenged by the uncertain fate of “extender legislation.” In previous years, a number of “temporary” tax rules, i.e., those having a termination date specified in [...]
Retail stores and restaurants: remodel or refresh is deductible
Retail and restaurants now have a safe harbor income tax accounting method to determine whether costs paid to refresh or remodel a qualified building are deductible repairs and maintenance expenses, or if they must be [...]
State Taxes
States are more and more aggressive about taxing businesses that sell to their citizens. So, even though your business is not physically present in a particular state, any sales in that state may create income, [...]
TOT (Transient Occupancy Tax: Hotel, Motel, Campground or Bed Tax) Program
Do you offer, or will you be offering, lodging in unincorporated Sonoma County for a fee? TOT applies to any structure, or any portion of any structure, which is occupied or intended or designed for [...]
Employers Need to Understand Their Employment Tax Responsibilities
The IRS has issued a fact sheet to remind business owners how critical it is to understand the various types of employment-related taxes they may be required to deposit and report. This fact sheet provides [...]
Inside Public Accounting Awards Linkenheimer Best of the Best Award for 2015
Linkenheimer LLP CPAs & Advisors is proud to be recognized as a Best of the Best firm this year by INSIDE Public Accounting. IPA reviewed over 100, under $5 million dollar CPA firms, to select [...]
Treasury Launches myRAs Nationwide
With the initial pilot phase of the program concluded, the Treasury has announced that myRAs (my Retirement Accounts) are now available nationwide. A myRA is a Roth IRA with Roth IRA annual contribution limits ($5,500 [...]
“Heavy” Trucks and Vans Continue to Qualify for Fast Cost Recovery
Passenger autos used primarily for business (i.e., greater than 50 percent) are subject to significant federal depreciation limitations, e.g., $3,160 for passenger autos and $3,460 for light trucks or vans in the first year at [...]
Understanding Your Form 1095-B, Health Coverage
Form 1095-B, Health Coverage, is used to report certain information to the IRS and to taxpayers about individuals who are covered by minimum essential coverage and therefore aren't liable for the individual shared responsibility payment. [...]
Poor Recordkeeping Hurts Taxpayers: Problems and Prevention
Every year a few taxpayers go to court hoping for a better outcome than the one offered by the IRS. Usually, they lose due to poor records, not meeting all requirements for particular deductions, or [...]