With Congress deadlocked over major tax changes, the biggest news for 2015 is what Congress didn’t do. While eleventh-hour legislation retroactively extended some expiring tax provisions for 2014, those extensions … [Read More…]
Some businesses misclassify an estimated 10% to 60% of their workers as independent contractors, and nearly 30% of firms misclassify contractors. It may be tempting to classify an employee as … [Read More…]
Every tax season, we walk away thinking what we did right and what we can improve on. The 2014 tax season brought us some major tax law changes that created … [Read More…]
Oil and gas-related activities must be reported for both federal and state income tax. The most common types of oil and gas interests are royalty interest and working interest. The … [Read More…]
One of the common questions a client may ask you is whether they should incorporate their business. Or perhaps, your client saw an article online about the advantages of LLCs, … [Read More…]
The “Nanny Tax” provisions do not affect the majority of taxpayers. However, when it does apply, the taxpayer often isn’t even aware of it.
If you hire someone to work in … [Read More…]
Accountants everywhere should be reading the writing on the wall of their computer screen: Bookkeeping is dead!!! Automation is in!!! Clients want strategic advisors and not compliance experts.
Bookkeeping is … [Read More…]
As we approach the filing deadline, here are 4 tips to help you handle those last minute headaches:
Q: What do I do if my taxpayer hasn’t received all the source … [Read More…]
Due to numerous requests by small businesses and tax professionals, the IRS has responded with a simplified procedure in Revenue Procedure 2015-20 for making an accounting method change. Beginning in … [Read More…]
The Treasury Department reports that fraud continues to be prevalent in the earned income tax credit (EITC) program. The IRS estimates that 22-26% of EITC payments were issued improperly in … [Read More…]