Month: November 2016

The President-Elect’s Tax Plan: What the Future Could Look Like

With Donald Trump as the president elect and Republicans holding a majority in the U.S. House and Senate, GOP tax reform appears likely in 2017. While campaigning, Mr. Trump promised big tax changes. Here’s a digest of his proposals, according to his website. Individual Tax Rates and Capital Gains Taxes For individuals, President-elect Trump proposes fewer […]

Posted In: Tax Advisor, Tax Deductions, Tax Filing

What You Need to Know About the Alternative Minimum Tax

Congress originally devised the alternative minimum tax (AMT) rules to ensure that high-income individuals who take advantage of multiple tax breaks will owe something to Uncle Sam each year. In recent years, however, that concept has eroded. Now, even upper-middle-income taxpayers are likely to owe the AMT. Here’s an overview of how the AMT works and […]

Posted In: Tax Advisor, Tax Deductions, Tax Filing

No Current Deductions Before Business Commences

Starting up a business and wondering about how tax deductions will be handled? The most important thing to understand is that most expenses incurred before a business begins functioning cannot be deducted or amortized until the year when the business does become active. Start-Up Costs Include Amounts Paid for the Following: An analysis or survey of potential markets, […]

Posted In: Business, Tax Deductions

Business: Prepare for the Unexpected

Think of it as a prenuptial agreement for a family business — a mechanism to reduce hard feelings and provide for an equitable distribution of assets. Officially, it’s called a shareholders’ agreement and it lays out the ground rules of a family business in terms of governance, succession, the transfer of assets, liquidity and other issues. […]

Posted In: Business

Get Ready Businesses: Some Filing Due Dates Are Changing

Thanks to recent legislation,the due dates have been changed for some information returns and related statements and for some business tax returns. Here’s what you need to know. Two Laws Are Responsible for the Changes 1. The Protecting Americans from Tax Hikes (PATH) Act.Enacted on December 18, 2015, the PATH Act extended or made permanent […]

Posted In: Business, Tax Advisor, Tax Deductions, Tax Filing

Year-End Tax Strategies for Small Businesses

It’s not too late to take steps to significantly reduce your 2016 business income tax bill and lay the groundwork for tax savings in future years. Here’s a summary of some of the most effective year-end tax-saving moves for small businesses under the existing Internal Revenue Code. After President Obama hands over the baton to his […]

Posted In: Tax Advisor, Tax Deductions, Tax Filing

IRS: We Disagree with Court Decision Involving Customer Loyalty Discounts

The IRS recently announced its “non-acquiesence” with a federal appeals court decision that held a retailer that issued loyalty discounts to its customers was entitled to deduct its liabilities attributable to discounts, which were accrued but hadn’t yet been redeemed. (IRS Action on Decision 2016-03) What Is an IRS “Action on Decision?” The IRS has […]

Posted In: IRS, IRS Notice

Fraud Alert: The ACFE Puts a Spotlight on White Collar Crime

The average organization loses 5% of its annual revenues to fraud, according to the 2016 Report to the Nations on Occupational Fraud and Abuse published by the Association of Certified Fraud Examiners (ACFE). Bear in mind, that’s the top line of your income statement, not the bottom. So, for every $1 million in annual revenue, your company is expected to […]

Posted In: Business, Fraud

Quickbooks: Checking Your List Twice?

Let’s say you’ve entered a name on a QuickBooks list and now you can’t use it on a particular form. What’s wrong? QuickBooks allows you to maintain databases for your customers, vendors, employees and “other names.” These list entries can be used on various forms and reports. The particular list to which a name is added […]

Posted In: Business, Quickbooks

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