IRS provides repair regulations relief for small businesses

In Rev. Proc. 2015-20, the IRS substantially simplified the requirements for small businesses to adopt the tangible property regulations (the “repair regulations”) for 2014. The relief allows small businesses to change their accounting methods, to comply with the regulations, without having to apply Code Sec. 481 and without having to file Form 3115, Application for […]

How Do I? Compute a late payment penalty

The tax code imposes a penalty on taxes that are paid after the due date (generally April 15). Taxpayers may wonder whether to save, to pay their taxes on time and avoid the penalty, or delay payment and owe a penalty. While this is a personal decision, and will vary with the taxpayer’s circumstances, a […]

IRS enters filing season with reduced enforcement and service due to budget cuts

The IRS is expected to shortly open the 2015 filing season and both the agency and taxpayers are preparing for some turbulence. The IRS is going into the filing season with a reduced budget, which could translate into fewer audits. Legislation passed by Congress in late 2014 could delay the start of the filing season, […]

Time payments to maximize year-end tax benefits

When accelerating or deferring income or expenses at year end as part of an overall tax strategy, certain timing rules become critical. So does the ability to prove to the IRS when certain actions take place. The following timing rules, among others, should be considered especially important as year-end approaches: Actual payment rule. Cash-basis taxpayers […]

Outsourced Accounting

Five Steps to Transform Financial Accounting from a Headache to a Competitive Advantage Accurate and up-to-date financial information can be a powerful tool for growing businesses. With reliable financial information, business owners can make better strategic decisions, secure resources and increase profitability. While there is no doubt that financial information can be an important competitive […]

IRS Announces New Mileage Rates

The IRS has announced that the optional mileage allowance for owned or leased autos will increase by 1.5¢ to 57.5¢ per mile for business travel beginning Jan. 1, 2015. This rate can also be used by employers to provide tax-free reimbursements to employees who supply their own autos for business use, under an accountable plan, […]

Congress Passes Tax Extenders

Extending personal and business tax incentives retroactively for 2014 With just two weeks left in the 2014 calendar year, Congress finally passed the much anticipated tax extenders bill extending, for 2014 only, a number of personal and business tax breaks that had expired at the end of 2013. The recently passed bill only extends the […]

FAQ: What is the new de minimis safe harbor for tax expensing?

Businesses generally want to write off costs more quickly, to reduce their taxable income and their tax burden. One mechanism for accomplishing this is to deduct the costs of depreciable property rather than capitalizing them. Under Code Sec. 179, taxpayers can expense a prescribed amount of their costs for tangible depreciable property, even if the […]

“Lame-duck” Congress returns with busy post-election tax agenda

Lawmakers are scheduled to return to work after the November elections for the so-called “lame-duck” Congress. Despite what is expected to be a short session, there is likely to be movement on important tax bills. Tax extenders Every two years, like clockwork, the same scenario seems to play-out in Congress. Many popular but temporary tax […]

Cash-flow 101 – Signs of Problems and Tips for Improvement

If income is the purpose of business, cash-flow is the lifeblood. As a business owner, you know how important cash-flow is to your business. Without cash, you can’t pay your bills, your employees or purchase the goods that you will sell. And if you can’t pay your bills, it doesn’t matter how much money you […]

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IRS provides repair regulations relief for small businesses

IRS provides repair regulations relief for small businesses

How Do I? Compute a late payment penalty

IRS enters filing season with reduced enforcement and service due to budget cuts

Time payments to maximize year-end tax benefits

Outsourced Accounting

IRS Announces New Mileage Rates

Congress Passes Tax Extenders

FAQ: What is the new de minimis safe harbor for tax expensing?

“Lame-duck” Congress returns with busy post-election tax agenda

Cash-flow 101 – Signs of Problems and Tips for Improvement

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