November 15, 2015
Andrew Presti
Blog Posts
0 CommentsFAQ: When is Equipment “Placed in Service”? For a business to start writing off the cost of depreciable equipment and property, it is necessary that the equipment be placed in service. To write off costs in 2015, the equipment must be placed in service by December 31, 2015. The “placed-in-service” requirement applies, for example, for […]
Read moreNovember 15, 2015Andrew PrestiBlog Posts0 CommentsHow Do I…Shift Taxable Income into 2016? As the calendar approaches the end of 2015, it is helpful to think about ways to shift income and deductions into the following year. For example, spikes in income from selling investments or other property may push a taxpayer into a higher income tax bracket for 2015, including […]
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November 15, 2015Wayne NaegeleBlog Posts0 CommentsIRS promises more identity theft protections in 2016 filing season After acknowledging earlier this year that hackers breached one of its popular online apps, the IRS has promised more identity theft protections in the 2016 filing season. The IRS, along with partners in the tax preparation community, has identified and tested more than 20 new […]
Read moreNovember 15, 2015Andrew PrestiBlog Posts0 CommentsSmall businesses score victory with PACE Act, wait for fix on health reimbursement arrangements Small businesses received some welcomed news in October with passage of the Protecting Affordable Coverage for Employees (PACE) Act. The new law revises the definition of small employer for purposes of market reforms under the Affordable Care Act (ACA). The PACE […]
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November 15, 2015Steve GrgasBlog Posts0 CommentsClock ticks down to year-end passage of tax extenders for individuals and businesses As 2015 winds down, another temporary extension of the tax extenders appears almost certain. Despite talk in early 2015 about finding a permanent solution to the on-again, off-again extenders, the arrival of November brings a short window for Congress to extend these […]
Read moreOctober 12, 2015Andrew PrestiBlog Posts0 CommentsOctober 2015 tax compliance calendar As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important tax reporting and filing data for individuals, businesses and other taxpayers for the month of October 2015. October 2 Employers. Semi-weekly depositors must deposit employment taxes […]
Read moreOctober 12, 2015Wayne NaegeleBlog Posts0 CommentsTax whistleblowers continue to find a friend in Tax Court In two recent cases, whistleblowers have had success before the Tax Court. In one case, Tax Court granted motions to compel production of documents filed by three whistleblowers—individuals who informed the government about a tax evasion scheme-whose reward claims the IRS had denied. In another […]
Read moreOctober 12, 2015Wayne NaegeleBlog Posts0 CommentsHow do I? Deduct foreign business travel with sightseeing included Foreign travel expenses may be subject to allocation if the taxpayer engages in personal activities while traveling on business. A portion of the foreign travel expenses may be nondeductible if the individual engages in substantial nonbusiness activity. The allocation rules apply where the individual engages […]
Read moreOctober 12, 2015Wayne NaegeleBlog Posts0 CommentsCongress returns and takes up some tax bills After a five week recess, lawmakers returned to work in September and took up several tax bills. While some tax bills moved out of committee, their ultimate passage by both the House and Senate before year-end is unclear. Congress has only a finite number of days in […]
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