March 24th, 2016 by Christian Wynns
The IRS issued the 2016 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Background: If you use a vehicle for business driving, you can generally deduct the actual expenses attributable to your business use. This includes expenses such as gas, oil, tires, […]
March 17th, 2016 by Christian Wynns
Tax Day is right around the corner. Have you filed your federal tax return yet? The filing deadline to submit 2015 individual federal income tax returns is Monday, April 18, 2016, rather than the traditional April 15 date. Washington, D.C., will celebrate Emancipation Day on Friday, April 15, which pushes the deadline to the following […]
March 5th, 2016 by Christian Wynns
The IRS has seen an approximate 400% surge in phishing and malware incidents so far this tax season. The emails are designed to trick taxpayers into responding to official communications that lead to websites designed to imitate official looking websites. The sites ask for social security numbers and other personal information. The sites also […]
March 1st, 2016 by Christian Wynns
If you’re reporting travel and entertainment (T&E) expenses on your tax return and you’re audited, there’s a good chance an agent will take a hard look at those items. Often the challenge won’t be whether the expense was appropriate for the business, but whether your records meet the letter of the law. And the IRS […]
February 22nd, 2016 by Christian Wynns
In January 2016, FASB issued update 2016-01 “Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities”. Purpose: To improve financial reporting by providing the end user more relevant information about an entity’s equity investments while also reducing the number of items recognized in other comprehensive income. Superseded provision: The […]
February 11th, 2016 by Kim Chen
The taxpayer was a sole owner of an LLC that he used primarily to hold his investments in mineral rights. During the year in question, the LLC claimed a business deduction for fees paid to an attorney to evaluate the collection potential of a large portfolio of distressed student loans that they had been offered. […]
January 21st, 2016 by Kim Chen
The latest set of instructions for Form W-2 and Form W-3 for 2016 forms filed in 2017 include various changes, such as the accelerated due date (1/31/17) for filing the forms with the SSA, procedure for requesting an extension to file Form W-2 (no longer automatic), increased penalty amounts for failing to file and furnish […]
January 19th, 2016 by Kim Chen
Revised due dates for partnership and C corporation returns. Domestic corporations (including S corporations) currently must file their returns by the 15th day of the third month after the end of their tax year. Thus, corporations using the calendar year must file their returns by Mar. 15 of the following year. The partnership return is […]
January 17th, 2016 by Kim Chen
Applicable large employers have until 3/31/16, to provide Form 1095-C (Employer-Provided Health Insurance Offer and Coverage) to each full-time employee. Form 1095-C is used to report information on health insurance coverage offered (or not offered) to employees. Additionally, the forms do not have to be filed with the IRS until 5/31/16, if filing on paper, […]
January 15th, 2016 by Kim Chen
Publication 15-B, Employer’s Tax Guide to Fringe Benefits, for use in 2016. IRS has recently released an updated version of Publication 15-B, Employer’s Tax Guide to Fringe Benefits, for use in 2016. It reflects a number of changes, including several from the newly enacted “Protecting Americans from Tax Hikes (PATH) Act of 2015.” RIA observation: […]
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