Sweeping new IRS "repair regulations" impact most businesses
The IRS has released much-anticipated temporary and proposed regulations on the capitalization of costs incurred for tangible property. They impact how virtually any business writes off costs that rep...

Congress begins work on payroll tax extension as White House unveils new proposals
The fate of the employee-side payroll tax cut along with a host of tax extenders and other expired provisions could be decided in coming weeks. A conference committee of House and Senate members is ne...

IRS launches third version of voluntary offshore disclosure program
The IRS reopened its offshore voluntary disclosure program in early 2012 in response to what the government described as strong interest among taxpayers. The reopened program, the third of its type in...

FAQ: What tax breaks come with raising a child?
Taxpayers with children should be aware of the numerous tax breaks for which they may qualify. Among them are: the dependency exemption, child tax credit, child care credit, and adoption credit. As th...

How Do I... Receive my tax refund that the IRS used to offset my spouse's debt?
The Treasury Department is authorized to offset a taxpayer’s tax refund to satisfy certain debts. A spouse who believes that his or her portion of the refund should not be used to offset the deb...

February 2012 tax compliance calendar
As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important tax reporting and filing data for individuals...

President Obama releases details about tax incentives for individuals
Just over 100 days into his administration, President Barack Obama is releasing more details about his tax policies. The Treasury Department's recently published "Green Book" (which is called green fo...

FAQ: Can the first-time homebuyer credit be claimed in advance of a purchase?
No. Many individuals may be considering buying a new home in 2009 as home prices continue to drop in many areas across the country. They may also be wondering if they can claim the $8,000 first-time h...

How Do I? Determine if someone has been 'involuntarily terminated' for purposes of the new COBRA subsidy?
Individuals who have been "involuntarily terminated" from employment may be eligible for a temporary subsidy to help pay for COBRA continuation coverage. The temporary assistance is part of the Americ...

Using fringe benefits as an income substitute during the economic downturn
Many businesses are foregoing salary increases this year because of the economic downturn. How does a business find and retain employees, as well as keep up morale, in the face of this reality? The co...

Tax lessons from the 2009 filing season
You've just filed your 2008 tax return and the last thing you likely want to think about is the next filing season. However, it never hurts to have a leg up, and with the end of filing season and the ...

FAQ: How does the new sales tax deduction for vehicle purchases work?
Non-itemizers and itemizers alike who purchase a new vehicle in 2009 may be eligible for a new (but temporary) above-the-line deduction for the state and local sales taxes or excise taxes paid on the ...

IRS guidance fine tunes tax breaks in 2009 Recovery Act
The IRS is moving quickly to issue guidance on the many tax incentives for individuals and businesses in the American Recovery and Reinvestment Act of 2009 (2009 Recovery Act). Since Congress passed t...

American Recovery and Reinvestment Tax Act of 2009 extends/creates business tax breaks
The American Recovery and Reinvestment Tax Act of 2009 (ARRTA) provides more than $75 billion worth of tax benefits for business for 2009 and 2010, in addition to numerous individual tax breaks. This ...

Individual tax incentives abound in American Recovery and Reinvestment Tax Act of 2009
The American Recovery and Reinvestment Tax Act of 2009 (ARRTA) is loaded with various tax incentives for individuals for 2009 and 2010. Among the individual tax breaks in the new law are incentives fo...

How Do I? ... Keep a log for automobile expenses
If you use your car for business purposes, you may have learned that keeping track and properly logging the variety of expenses you incur for tax purposes is not always easy. Practically speaking, how...

FAQ: Will renting my vacation home mean big tax write-offs?
If you own a vacation home, you may be considering whether renting the property for some of the time could come with big tax breaks. More and more vacation homeowners are renting their property. But w...

FAQ: How is a major repair on a business vehicle deducted?
A major repair to a business vehicle is usually deductible in the year of the repair as a "maintenance and repair" cost if your business uses the actual expense method of deducting vehicle expenses. I...

How Do I? Calculate required minimum distributions for my traditional IRA
Although you may want your traditional individual retirement accounts (IRAs) to keep accumulating tax-free well into your old age, the IRS sets certain deadlines. The price for getting an upfront dedu...

No bright line between businesses and hobbies
Businesses benefit from many tax breaks. If you are in business with the objective of making a profit, you can generally claim all your business deductions. If your deductions exceed your income for t...

FAQ: Must I retain original business expense receipts if I computer scan them?
No, taxpayers may destroy the original hardcopy of books and records and the original computerized records detailing the expenses of a business if they use an electronic storage system....

FAQ: When is the best time of year to contribute to an IRA?
A: If you have the money, contributing to your IRA immediately on January 1st or as soon thereafter as possible is the best strategy. The #1 advantage of an IRA is that interest or other investment in...

How do I? Deduct a contribution of clothing or a household item under the new rules?
Every year, Americans donate billions of dollars to charity. Many donations are in cash. Others take the form of clothing and household items. With all this money involved, it's inevitable that some a...

The Saver's Credit: An underused retirement savings benefit
American workers don't have the best track record when it comes to saving money for retirement. In fact, they're ranked near the bottom when compared to workers in other industrialized countries. The ...

Client FAQ - Gifts to employees
Q: The holidays are approaching and I would like to consider giving gifts of appreciation to my employees. What kinds of gifts can I give my employees that they would not have to decl...

Keep an 'arms length' when transacting with family members
Although the old adage warns against doing business with friends or relatives, many of us do, especially where personal or real property is involved. While the IRS generally takes a very discernin...

Your vacation home: Personal residence or rental property?
The benefits of owning a vacation home can go beyond rest and relaxation. Understanding the special rules related to the tax treatment of vacation homes can not only help you with your tax planning...

Should your company operate as an LLC?
Limited liability companies (LLCs) remain one of the most popular choice of business forms in the U.S. today. This form of business entity is a hybrid that features the best characteristics of othe...

Choosing the type of legal entity for your new business
The decision to start your own business comes with many other important decisions. One of the first tasks you will encounter is choosing the le...

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