As you might have followed in the news, a comprehensive tax reform bill has moved a few steps closer to the president’s desk. Republican House and Senate negotiators released a final tax bill on Friday, December 15 that would overhaul…
The IRS recently released its statistics for federal taxes in 2015 (the latest year analyzed). Who pays income taxes can be a politicized issue, especially now with significant tax legislation currently under consideration with Congress. However, the information presented below…
Starting your own business as a sole proprietorship or freelancer can be intimidating. Not knowing how much money you will make regularly or how to pay for the costs of doing business let alone taxes can add more stress to…
The old adage about death and taxes doesn’t hold true for a tax audit by the IRS. There are steps you can take to avoid or minimize your chances of being selected for audit. Except in the cases of fraud,…
It is that time of year again when businesses start working on their annual budget for the upcoming year. Recently, there has been some discussion in the accounting community about the value of the annual budget process.
I will always remember the wise words of an old mentor/boss who told me many years ago, “We can do more for our clients in November and December than we can in March and April.” After year-end, with the exception…
In December of 2015, Congress passed the Protecting Americans from Tax Hikes Act (PATH Act). Under this new law, many tax extenders were made permanent. Tax extenders are popular but traditionally temporary tax breaks. Congress has had a pattern the…
The IRS recently issued Notice 2015-82 which raised the capitalization of business assets threshold from $500 to $2,500. This notice is effective on 1/1/16 but the IRS has stated that it will not be questioning 2015 tax returns on this…
Welcome to my blog. This will be the first of many periodic posts that aim to pass along pertinent information related to tax and accounting issues that seem applicable to a large number of individuals and businesses. I will do…