Blog posts from: 2016
Understanding the dreaded Alternative Minimum Tax
Enacted in 1969 as an add-on tax designed to ensure high-income taxpayers pay at least a minimum amount of federal income tax, the Alternative Minimum Tax (AMT) was designed to ensure high-income individuals were not able to evade income tax...
The benefits of using cost segregation in estate planning
This article originally appeared in The Tax Adviser. A critical estate planning area for tax professionals involves managing the step-up in basis on inherited assets for estate and income tax purposes after someone dies. The general rule for real estate is...
GAA election: A valuable tool for tangible property depreciation
Most taxpayers aren’t familiar with a General Asset Accounts (GAA) election, but it can prove very beneficial for tangible property depreciation. A GAA is designed to accommodate an acquisition of a group of similar type asserts, with similar useful lives...
Back-to-school tax tips
It’s hard to believe, but the first day of school is nearly upon us. According to TaxAudit.com, taxpayers should keep the following tips in mind when it comes to education-related tax breaks and deductions this school year. Before and After...
Understanding the Small Business Health Options Program (SHOP) Marketplace
The Small Business Health Options Program (SHOP) Marketplace is designed for small employers who want to provide affordable, flexible and convenient health and dental coverage to their employees. To use the SHOP Marketplace, your business or non-profit organization must have...
Updates to Employer Shared Responsibility for 2016
We’d like to provide our business clients with an update to employers’ responsibility as it relates to medical insurance for their employees. The relief for applicable large employers (ALEs) with 50 to 99 full-time equivalents (FTEs) is no longer available for 2016. ...
IRS acknowledges per-taxpayer interpretation of mortgage interest deduction limits
The IRS has announced that it will follow the decision in Voss v. Commissioner, which specifies that two unmarried individuals purchasing a residence together can each deduct interest on a mortgage up to $1 million and home equity debt up...
Erroneous IRS notice for late payment of a 941 liability
Some of our clients have received an erroneous IRS notice assessing a penalty for the tax period ended June 30, 2016. The notification will indicate “Failure to make a proper federal tax deposit penalty” or “Your Federal Tax Deposit wasn’t...
How small businesses can keep data secure
A lack of resources and a false sense of security can make small businesses enticing targets for hackers. Organizations with limited IT budgets can keep their data secure by: Don’t think it can’t happen to you. Breaches at large companies...
5 financial tips for newly-employed young people
Summer. A time for barbeques, trips to the beach, ice cream and, for many teenagers and young adults, their first jobs. What better time, then, to educate the newly employed about sound financial practices, before they’re tempted to spend all...