Blog posts from: 2016

SR in the News: dBusiness

There are Strategies Beyond Deductions for Tax Savings It’s that time of year again — tax time! Besides working with a tax specialist to see how far you can maximize your deductions, there are other strategies that can save you...

Scam Alert: IRS alerts payroll and HR professionals to phishing scheme involving W-2s

The following is a press release from the IRS.  The Internal Revenue Service has issued an alert to payroll and human resources professionals to beware of an emerging phishing email scheme that purports to be from company executives and requests...

FLSA laws and common employers

Below is background and support relating to questions surrounding wage and hour issues for common employers under FLSA laws. 1)      Concurrent Employment This is any situation whereby an employee of one client also does work, in the same pay periods, for a...

New goodwill amortization option for private company GAAP-basis financial statements

  • February 27, 2016
  • Marianne Lilly, CPA, CGMA, CFE

If your company has GAAP-basis financial statement with goodwill, there is a new goodwill amortization option which is effective for annual periods beginning after December 15, 2014, and interim periods beginning after December 15, 2015. Private company GAAP allows the company the option of amortizing...

1098-T needed for education credit or tuition deduction

  • February 25, 2016
  • Mark Hughes CPA CFE

In order to claim an education credit or tuition deduction, a taxpayer must receive a 1098-T. Generally, students receive a Form 1098-T tuition statement, from their school by January 31. For tax years beginning after Dec. 31, 2015, and expenses paid after...

2016 Tax Deadline: April 18

  • February 23, 2016
  • Mark Hughes CPA CFE

The IRS recently announced that April 18, 2016 will be the tax deadline for 2015 income tax returns for individual taxpayers in most states. Because Emancipation Day (a legal holiday in the District of Columbia) falls on Saturday, April 16,...

Capitalization Rate: Relationship of rental income to property value

A simple methodology to determine the value of investment real estate is necessary in many financial situations.  The value, generally, of business real estate can be determined using three different methods. The simplest method is recent sales of comparable property...

Understanding Forms 1095-B and 1095-C

Forms 1095-B and 1095-C are a new requirement for some small employers and all large employers.  These information forms are used to report to individuals the months of medical insurance coverage and affordability.  An employer is considered to be large...

How to report IRS impersonation scams

The IRS is reminding taxpayers to beware of phone calls from individuals claiming to represent the Internal Revenue Service (IRS) in an effort to defraud them.  If you believe you've been a target of a tax-related phone scams, be sure to report...

What the IRS isn’t telling you about identity theft

By now, we all know that income tax identity theft is a major problem.  According to the General Accountability Office (GAO), the IRS paid out 5.8 billion dollars in bogus refunds to identity thieves for the tax year 2013 and,...