December 07, 2017
Wayne Naegele
Blog Posts
0 CommentsFAQ: What is a change-of-accounting for IRS purposes? The method and systems by which a taxpayer calculates the amount of income, gains, losses, deductions, and credits and determines when these items must be reported, constitute the taxpayer’s method of tax accounting. Although the Tax Code and the regulations authorize the use of several accounting methods, […]
Read moreDecember 07, 2017Wayne NaegeleBlog Posts0 CommentsDecember 2017 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 federal tax reporting and filing data for individuals, businesses and other taxpayers for the month of December 2017. December 1 Employers. Semi-weekly depositors must deposit employment taxes […]
Read moreOctober 12, 2017Wayne NaegeleBlog Posts0 CommentsCongressional tax writers set to take up reform proposals Tax writers in Congress are set to begin debating and writing tax reform legislation. On September 27, the White House and GOP leaders in Congress released a framework for tax reform. The framework sets out broad principles for tax reform, leaving the details to the two […]
Read moreAugust 09, 2017Wayne NaegeleBlog Posts0 CommentsRules for managing tax basis on stock sales worth a look A recent Tax Court decision and pending tax reform proposals have intersected in highlighting how stock sales can be timed for maximum tax advantage. The taxpayer in the recent case (Turan, TC Memo. 2017-141) failed to convince the Tax Court that he timely made […]
Read moreJune 10, 2017Wayne NaegeleBlog Posts0 CommentsBusiness meals and entertainment: how to maximize tax deductions Many businesses consider the occasional wining and dining of customers and clients just to stay in touch with them to be a necessary cost of doing business. The same goes for taking business associates or even employees out to lunch once in a while after an […]
Read moreMay 11, 2017Wayne NaegeleBlog Posts, P&N News0 CommentsThe long wait is over – Insightful Accountant is excited to announce our “Top 100 ProAdvisors for 2017.” Our Categorical Winners and “ProAdvisor of the Year” will be announced during one of the Main Stage Events at next month’s “Scaling New Heights” conference in Orlando, Fla. A special thank you to our sponsors, Canon imageFORMULA Document […]
Read moreApril 13, 2017Wayne NaegeleBlog Posts0 CommentsIRS Issues 2017 Inflation-Adjusted Vehicle Depreciation Dollar Limits The IRS has released the inflation-adjusted limitations on depreciation deductions for business-use passenger automobiles, light trucks, and vans first placed in service during calendar year 2017. All limitations are inflation-adjusted based upon October 2016 CPI amounts, with rounding conventions that account for almost all 2016 limits remaining […]
Read moreMarch 09, 2017Wayne NaegeleBlog Posts0 CommentsCongressional leaders highlight tax reform proposals As the new administration and Congress get to work, tax reform is high on the agenda. Although legislative language has not been yet released, statements from tax writers in Congress shed some light on various proposals. Tax reform House Ways and Means Chair Kevin Brady, R-Texas, has predicted that […]
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