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Year-end tax legislation renews extenders, cuts IRS funding

sgrgas

Year-end tax legislation renews extenders, cuts IRS funding

Eleventh-hour votes in Congress in December renewed a package of tax extenders for 2014, created new savings accounts for individuals with disabilities, cut the IRS’ budget, and more. At the same time, the votes helped to set the stage for the 114th Congress that convenes this month. Republicans have majorities in the House and Senate […]

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apresti

Top 10 tax developments of 2014 with impact on 2015

2014 was a notable year for tax developments on a number of fronts. Selecting the “top ten” tax developments for 2014 necessarily requires judgment calls based upon uniqueness, taxpayers affected, and forward-looking impact on 2015 and beyond. The following “top ten” list of 2014 tax developments is such a prioritization. Nevertheless, other 2014 developments may […]

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sgrgas

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 […]

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apresti

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 […]

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wnaegele

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 […]

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wnaegele

“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 […]

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apresti

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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wnaegele

Four Steps to Successful Succession

Protect your future by planning for the expected and unexpected You know it’s going to happen eventually. Whether it is the results of a sale, a well-planned turnover of power or an unexpected life event, the day will come when you are no longer running your business on a day-to-day basis. Before that day comes, […]

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wnaegele

Employers prepare for employer mandate and Code Sec. 6056 reporting

As January 1, 2015 draws closer, many employers are gearing up for the “employer mandate” under the Affordable Care Act. For 2015, there is special transition relief for mid-size employers. Small employers (employers with fewer than 50 full-time employees, including full-time equivalent employees) are always exempt from the employer mandate and related employer reporting. Employer […]

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sgrgas

New challenges for 2014 year-end tax planning

Before the fast-approaching new year, it’s important to take some time and reflect on year-end tax planning. The weeks pass quickly and the arrival of January 1, 2015 will close the doors to some tax planning strategies and opportunities. Fortunately, there is still time for a careful review of your year-end tax planning strategy. Traditional […]

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