Big depreciation breaks for small businesses
The American Taxpayer Relief Act (ATRA) has extended, through 2013, the enhanced Code Sec. 179 small business expensing. The Code Sec. 179 dollar limit for tax years 2012 and 2013 is $500,000 with a $2 million investment limit. The rule...
News from the IRS (don’t worry, we’re on it)
News from the IRS regarding several sets of forms and returns for 2012 filing...don't worry, it's alot to absorb and your professionals at ShindelRock are staying on top of it! We'll continue to keep you abreast of IRS communications...
Related Party Transactions counted as ordinary income
In general, gains from Related Party (Section 1239) Transactions of depreciable or amortizable property is ordinary income, and does not fall under the 1231 rules where net 1231 gains are treated as capital income. A recent IRS case illustrates the...
Seven smart tips to making a great first (customer) impression
Research shows that customers decide whether or not they want to work with you within two seconds of meeting you face to face. That puts the burden on you to make certain that those first two seconds really count. The...
News from the IRS: Form 5472, Final Regulations
Internal Revenue Bulletin: 2011-30, issued July 25, 2011, sets forth the final regulations for the filing of Form 5472. Information Returns of a 25% Foreign-Owned U.S. Corporation or a Foreign Corporation Engaged in a U. S. Trade or Business. This...
IRS Plans Jan. 30 Tax Season Opening For 1040 Filers
Following the January tax law changes made by Congress under the American Taxpayer Relief Act (ATRA), the Internal Revenue Service announced that it plans to open the 2013 filing season and begin processing individual income tax returns on Jan. 30....
SR Client Question – What is the difference between a SEP IRA and a SIMPLE IRA?
SEP IRAs (simplified employee pension individual retirement arrangement) and SIMPLE IRAs (savings incentive match plan for employees individual retirement arrangement) are retirement plan options geared toward small businesses. Both types of plans are easy to administer and require no annual...
Client Question: Do I need to keep business expense credit card receipts?
With the increase in audits (both federal and state) over the past year, knowing what documentation is needed in the case of an audit is essential. Many businesses think that a credit card statement is sufficient in proving a business...
Avoiding the Fiscal Cliff (for now…)
In a bill passed by both the House and Senate on January 1st 2013, and expected to be signed by the president on January 2nd, the Fiscal Cliff has been averted. The “American Taxpayer Relief Act” prevents many of the...
Happy New Year!
Just in time for the New Year, the IRS has released the standard mileage rates for use in 2013 (Notice 2012-72). Taxpayers can use the optional standard mileage rates to calculate the deductible costs of operating an automobile. Business use...