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  • 1099 Reporting Penalties

    November 30, 2016
    Certain payments made by your trade or business need to be reported to the IRS using Form 1099. If you don’t issue required Form 1099s, you may be subject to penalties. There are different penalty amounts depending on when you file the late forms and the size of your business.... Read more
  • Casualty Loss – When to deduct?

    October 4, 2016
    With all the stormy weather and rain this year, have you had any property damage that was not covered by insurance? If so, you may be able to deduct a portion of your casualty loss on your 2016 tax return. ... Read more
  • Proposed Elimination of Valuation Discounts

    October 4, 2016
    On August 2, 2016, the Internal Revenue Service issued proposed regulations under Internal Revenue Code Section 2704 that would limit the ability to take valuation discounts when interests in family controlled entities such as partnerships, LLCs and corporations are transferred either by gift or at death.... Read more
  • New Tax Return Due Dates Starting in 2017

    September 13, 2016
    Tax return filing dates are changing for 2016 tax returns due in 2017.... Read more
  • Tax-Advantaged Accounts to Fund Health Care Expenses

    August 17, 2016
    The use of health savings accounts, health reimbursement accounts, and flexible spending accounts are all tax-advantaged ways to fund health care expenses. It is important to understand the differences between each type of account.... Read more
  • Early Interaction Initiative

    July 19, 2016
    The IRS has begun an early interaction initiative to help identify employers who may be falling behind on their payroll or employment tax deposits. The purpose of this initiative is to make the employer aware of their potential deficiency and to help them get caught up with their reporting and payment responsibilities. ... Read more
  • Navigating Passive Income & Loss Rules - Part I

    June 7, 2016
    The passive activity rules are important to tax planning since they affect your ability to deduct losses and because high income taxpayers are subject to a special additional tax on net passive income. This is the first of a series of tax alerts on navigating the passive activity rules. Subsequent tax alerts will discuss some of the exceptions, planning opportunities and pitfalls to avoid. ... Read more
  • FASB (finally) Issues New Lease Accounting Rules

    February 29, 2016
    The wait is finally over. On February 25, 2016, after working on the topic for many years, the Financial Accounting Standards Board (FASB) has issued Accounting Standards Update (ASU) 2016-02 intended to improve financial reporting about leasing transactions. The ASU affects all organizations that lease assets such as real estate and equipment.... Read more
  • Household Employees

    February 3, 2016
    Have you hired someone to assist you with household work such as babysitting/hiring a nanny, house cleaning, yard maintenance, medical assistance, or chauffeuring? If this person is considered your employee, you may have additional tax reporting and employment taxes that need to be paid.... Read more
  • Tax Return Identity Theft Continues and Grows

    January 19, 2016
    Tax identity theft was the largest form of identity fraud reported to the Federal Trade Commission in 2014 and it continues to grow.... Read more
  • Foreign Asset and Bank Account Reporting

    January 14, 2016
    As in prior years, the U.S. government continues to require foreign financial institutions to report foreign accounts of US persons and continues to require annual reporting of foreign financial assets and foreign bank accounts by US persons. There continues to be rigorous enforcement of significant penalties if the reporting is not done.... Read more
  • ACA Reporting Due Dates Extended

    January 6, 2016
    The IRS has just extended the ACA Reporting Due Dates, since they have determined additional time is needed to adapt and implement systems and procedures to gather, analyze and report this information.... Read more
  • New Tax Law for 2015 & Standard Mileage Rates

    December 23, 2015
    Finally, we have a new tax law which was signed into law on December 18, 2015. Many tax provisions that expired on December 31, 2014 were made permanent or extended for 2 or 5 years. Now there is some certainty for tax planning and hopefully, some economic stimulus.... Read more


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