Maximizing Qualified Tuition Program Contributions
Qualified Tuition Programs, commonly referred to as Section 529 plans (named after the section of the IRS Code that created them), are plans established to help families save and pay for college in a...
View ArticleDon’t Overlook the Credit for Small Employer Health Insurance Premiums
Article Highlights Small employers get a tax credit for providing a health insurance plan. Credit can be as much as 35% of the premiums paid. A small employer is one with no more than 25 full-time...
View ArticleIRS Reminder: April 1 is Key Date for Taxpayers with IRAs and Qualified Plans
In a news release, IRS has reminded taxpayers who turned 70 1/2 during 2013 that, in most cases, they must start receiving required minimum distributions (RMDs) from Individual Retirement Accounts...
View ArticleAre You Concerned About Filing for an Extension?
Are you filing for an extension? Has time run out to meet the April 15th initial deadline? It’s OK. Really, it is. For some reason, taxpayers get very worried if they, or their preparer, need to file...
View ArticleIRS Offers Tips for Year-end Charitable Contributions
In a news release, IRS has reminded individuals and businesses making year-end charitable contributions of several important tax law provisions and general substantiation requirements that they should...
View ArticleStandard mileage rates for 2015 announced
The IRS announced that standard mileage rates for use of a vehicle will increase slightly. With gas prices dropping considerably in the last few months, this is great news for business owners. For...
View ArticleYear-End Bonuses
Any additional compensation to your employees over and above their standard salary or hourly rates is considered to be taxable compensation. The bonus is considered wages and must be reported as...
View ArticleClosing the Books for Year-End
The year-end closing is a critical part of your annual accounting process. If you are handling your own bookkeeping, here are some things that you can do to help ensure your books are accurate. Perform...
View ArticlePersonal Use of Auto
When providing an employee (including shareholder/employees in corporations) the use of a company-provided vehicle, a value representing the personal portion of usage of the vehicle must be included in...
View ArticleHealth Insurance Premium Reimbursements to Employees
There have been some significant changes to what can be done by employers in reimbursing insurance premiums for their employees. In prior years, employers were allowed to either pay for, or reimburse,...
View ArticleReporting Payments Made to Vendors
One of the areas we see the most confusion concerning reporting compliance among businesses is that of reporting payments made to vendors for services performed for the company. In summary, you are...
View ArticleIndependent Contractors – How to Classify Workers
NOTE: This issue has been receiving increased IRS scrutiny in recent years and we expect the trend to accelerate. One of the steps we recommend to clients who use independent contractors and who...
View ArticleTurboTax in the News Again for Potential Fraud Concerns
Once again, TurboTax has found itself in potential trouble with the Minnesota Department of Revenue for potential fraudulent activity. On February 6, 2015, it posted this notice on their website: Some...
View ArticleScam Alert! “IP PIN” Emails
SCAM alert! Just got this one from a client. This is an email with a Word document attached, supposedly providing them a new Identity Protection PIN. While the IRS does provide some taxpayers an...
View ArticleIRS Eases New Reporting Requirements for Small Businesses
I am a happy guy right now. And all of you small business owners should be as well. For much of the last three days, I have been pouring over new regulations the IRS finalized in 2014 and late 2015 …...
View ArticleIRS IP PIN notice contains wrong tax year for filing
Last week, the IRS announced there was an error in the Identity Protection PIN letters that stated the IP PINs were for 2014 and not 2015. Below is the content of the IRS statement, which can be...
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