Post By: Glenn Frank
It’s the most wonderful time of the year! Time when the company is thinking about celebrating a good year and sharing good cheer with the staff and clients. What a perfect way to say thank you to the folks that work for you and the customers you service. Eat, drink and be merry!
Before you rush to sip a libation and enjoy the holiday treats, we want to make sure you understand the tax deductibility of the […]
Michael Raiken, CPA
According to the IRS, tax scammers are getting more aggressive this tax season with evolving tax schemes. This time, they are calling unsuspecting people claiming that they have the person’s 2015 tax return and wish to verify a few details in order to process the return. The scammers are attempting to get personal information such as Social Security Numbers or personal financial information, such as bank numbers and credit cards.
This scheme is a continuation of past schemes […]
Billy Thomas, CPA
In recent years, congress has enacted various tax laws to increase the accurate reporting of tax basis. These laws have extended to individuals, financial institutions, and most recently executors (e.g. – personal representatives, and trustees). With the Surface Transportation Act of 2015, executors of estates required to file an estate tax return must now separately provide to the receiving beneficiaries as well as the IRS the estate’s claimed tax value of all property included in the decedent’s […]
Posting by Sarah McCraine
The IRS has announced the 2016 standard mileage rates effective for mileage driven on or after January 1st, 2016. The optional standard mileage rate multiplied by the number of miles driven is a simplified method commonly used to calculate the deductible cost of using a vehicle for business purposes. In addition, the rates can be used to calculate the deductible mileage allowed for attending medical appointments, moving, or when driving to serve with a charity.
The 2016 rates […]
Sarah McCraine, CPA
The IRS has announced the 2016 standard mileage rates effective for mileage driven on or after January 1st, 2016. The optional standard mileage rate multiplied by the number of miles driven is a simplified method commonly used to calculate the deductible cost of using a vehicle for business purposes. In addition, the rates can be used to calculate the deductible mileage allowed for attending medical appointments, moving, or when driving to serve with a charity.
The 2016 rates […]
Michael Raiken, CPA
For those employers providing mass transit and qualified parking benefits to their employees, congress retroactively increased the excludible transit benefits for 2015 from $130 to $250 effective January 1, 2015, as part of the 2015 extender package, through the Consolidated Appropriations Act. The fringe benefit for these exclusions was made permanent and is adjusted for inflation.
Stay tuned for more information from our blog and the IRS on how to reclaim any pre-tax benefit in excess of the […]
Michael Raiken, CPA
It looks like the IRS is providing help to some employers in keeping their New Years’ resolution to timely comply with the Affordable Care Acts’ information reporting requirements. On December 28, 2015, the IRS issued Notice 2016-4 extending the due dates for the 2015 information reporting requirements for applicable large employers and for insurers, self-insuring employers, and some other providers of minimum essential coverage.
Employers have until March 31, 2016 to provide their employees the 2015 […]
Camile Smith, CPA
Donations to charitable organizations can be a great way to both lower your tax liability and support causes you care about. When making your donation, keep in mind the IRS has specific requirements in order for your charitable contribution to be tax deductible. To deduct a donation you will need to itemize your deductions, donate to a qualified organization, and keep records.
First and foremost, for any charitable contribution you make to be deductible, you must itemize your […]
Sarah McCraine, CPA
A little cheer has come early this year, as President Obama has signed into law both permanent and extended tax breaks for individuals and businesses. This expansive bill has been the subject of much debate, as to which provisions would become permanent vs. extended for another year. Listed below are some of the more pertinent tax breaks that individuals and businesses having been hoping would be remain.
Individual Provisions (may be subject to income limitations)
Permanent Provisions
Additional […]
Sarah McCraine, CPA
As parents excitedly plan for the arrival of a new addition, they may be in for a bit of a surprise when they calculate the cost of childcare. According to 2015 data from Child Care Aware of America, the cost of full-time infant childcare can take up as much as 15% of median family income. Currently there are two tax benefits that parents may consider using towards their childcare expenses.
The first is the Child Dependent Care Credit, […]
