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  • 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
  • Business Gifts

    December 3, 2015
    As the holidays approach, you may be considering making business gifts to your important customers, vendors and other business associates. Gifts to customers, vendors and other business associates to promote goodwill for your business are deductible, but there are limits.... Read more
  • Affordable Care Act Reporting for 2015

    November 17, 2015
    New 2015 ACA reporting is required for many companies, who need to provide annual statements to the IRS and their employees and includes monthly insurance information. This information must be furnished to the employees by 2/1/2016 and the IRS by 2/28/2016 (paper filed) or 3/31/2016 (electronically filed).... Read more
  • Copies of Paper Medical Records No Longer Taxable

    November 12, 2015
    As a result of a decision by the Wisconsin Tax Appeals Commission in Cannon & Dunphy, S.C. vs. Wisconsin Department of Revenue (August 15, 2015), sales of paper copies of patient health care records (medical records) are no longer subject to Wisconsin sales or use tax if the medical records are sold to the patient or to a person authorized by the patient to receive the medical records. Although the department appealed this decision, the department's appeal was dismissed on procedural grounds. Sales of electronic copies of patient health care records (medical records) that are transmitted electronically continue to be nontaxable.... Read more
  • Three-Quarters of Americans Fear Having Their Identity Stolen

    November 4, 2015
    A new study by Bankrate.com discovered that 77% of Americans worry about their identity being stolen. The study also found that 46% of Americans have been or know someone who has been the victim of identity theft. This has increased over 10% since 2008.... Read more
  • Kiddie Tax

    October 29, 2015
    Does your child have any investments that were started for their future? A portion of a child’s unearned income (taxable interest, dividends, capital gains, annuities, etc.) may be taxed at their parents’ highest tax rate if it exceeds a certain threshold during the year, commonly known as the kiddie tax.... Read more
  • Warnings Continue Concerning IRS Scams

    October 22, 2015
    The Internal Revenue Service continues to warn the public about the increasing number of scams targeting taxpayers. Taxpayers should remain on high alert and protect themselves against the ever-evolving array of deceitful tactics scammers use to trick people.... Read more
  • Beware of skimming devices!

    October 2, 2015
    A number of skimming devices have been found in the Madison area over the past several weeks. Thieves place a skimming device over debit card readers such as Automated Teller Machines (“ATM’s”) and gas pumps. The skimming device, combined with a hidden camera, allow thieves to access your debit card account information and personal identification number.... Read more
  • Charitable Contribution Deductions

    August 20, 2015
    Donations to charity often result in tax benefits for the donor; however there are specific recordkeeping rules that need to be followed to claim the deductions on your tax return. While making donations throughout the year, please consider the following requirements.... Read more
  • Vacation Home Rental Rules to Maximize Tax Benefits

    August 11, 2015
    If you own a vacation home and rent it out, you need to pay close attention to the vacation home rental rules to maximize your tax benefits and avoid loss of important tax deductions. The tax rules related to rental of a vacation home depend on how it is classified. Vacation homes fall into one of three categories.... Read more


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