Billy Thomas, CPA
Tax Filing Delayed
Yes, tax season is officially underway. Although, some of you early 1040 filers will have to wait. Due to the recent Tax Relief Act passed in mid-December, the IRS will need time to update the forms and its own software to adjust for the most recent tax changes. The IRS has released a list of forms and schedules that will delay processing by the IRS due to the recent legislation.
If you are filing Schedule A […]
Natalelie Burchfi
In the first part of this series, reasons to consider a forensic accounting expert witness and the Federal Rules of Evidence for expert witnesses were reviewed. An expert witness is a witness who, by virtue of education, training, skill, or experience, is believed to have knowledge in a particular subject beyond that of the average person, sufficient so that others may officially (and legally) rely upon the witness’s specialized (scientific, technical or other) opinion about an evidence or fact issue […]
Natalie Burchfiel
During legal proceedings, there often arise analyses of situations, background, or other detailed information regarding a case that the average person would simply not know much about. When someone is shot in a suspicious manner and there were no witnesses, a ballistics expert may be called in as an expert witness to rule out some scenarios based on how the bullet entered the body, or help confirm the weapon used by identifying specific bullet size or material it […]
Year-end Planning
There are only 8 more days left in 2010. That means that for the most part, your ability to lessen your tax burden will soon come to an end.
I know that during the next week the last thing you want to think about is your 2010 taxes and to be truthful, any significant planning should have been done long before now. But, there are still some things to consider in the limited time available. Here are five items that […]
Jobe Dupre’, CPA
Additional first-year depreciation in the 2010 Tax Relief Act.
The recently enacted 2010 Tax Relief Act includes a wide-ranging assortment of tax changes affecting both individuals and business. On the business side, one of the most significant changes provides incentives for businesses to invest in machinery and equipment by allowing for faster depreciation deductions. By acting before year-end, this new provision can benefit your 2010 taxes. Here are the details.
Expansion and extension of additional first-year depreciation. Businesses […]
Recently, a CIO in Tacoma, Washington was convicted of the embezzlement of more than $500,000 from the company that employed him. How did he do it? He acquired computer equipment for the company and then resold it over the internet, retaining the proceeds for himself. He and a friend also set up a sham company to generate bogus invoices for computer supplies and services, which the company paid.
Such schemes by information technology employees are not uncommon. Why is such […]
Unless you have been mired down with holiday gift buying and year-end celebrations, you have heard that on December 17, 2010, President Obama signed into law the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010, or H.R. 4853, a bill that extends the President G. W. Bush-era tax cuts, including retaining favorable tax rates on long-term capital gains and qualified dividends, providing estate and gift tax relief and an AMT “patch” for all Americans for another […]
Brian Wynne, CPA
CERTAINTY.
Last night, the House passed (by a vote of 277-148) the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. The President will sign the bill soon, finally giving the American taxpayer some certainty with respect to income and estate/gift taxes, at least for the next two years.
At its most sweeping, the bill extends the current tax rates, which were set to expire at the end of this year, for two more years, to 12/31/2012. […]
Lawrence R. Beebe, CPA, Principal
Last year, our Forensic Accounting Blog advised our readers about gift card fraud and how to avoid it and we still think it is useful advice. But there are several areas where individuals, businesses, regulatory agencies and the justice system need assistance in fighting fraud throughout the year, and especially during a holiday season in a slowly recovering economy. If a Forensic Accountant were to offer some gifts to these various parties, it may resemble […]
Glenn Bailey, CPA
EFT Now Required For Most Business Tax Payments
Electronic Funds Transfer (EFT) is now required for most business related tax payments made after December 31, 2010.
Payments should be made thru the EFTPS system (www.EFTPS,gov)
Taxpayers that were formerly not required to use EFT and used Federal Tax Deposit (FTD) coupons now must make eligible payments via EFT.
This includes the following taxes:
Corporate income and estimated taxes;
Excise taxes reported on Form 720, Quarterly Federal Excise Tax Return.
Unrelated business income taxes of […]
