Get Ready Businesses: Some Filing Due Dates Are Changing

Thanks to recent legislation, the due dates have been changed for some information returns and related statements and for some business tax returns. Here's what you need to know. Two Laws Are Responsible for the Changes 1. The Protecting Americans from Tax Hikes (PATH) Act.Enacted on December 18, 2015, the PATH Act extended or made permanent a number of "tax extenders" (provisions Continue Reading

IRS Issues New Regs on Allocating Debt to Partners and LLC Members

On October 5, 2016, the IRS released new temporary and final Section 752 regulations. Sec. 752 of the Internal Revenue Code and related regulations explain how to allocate partnership debt among partners for purposes of calculating the basis of their partnership interests. This calculation determines what's often referred to as the partners' "outside basis" in the partnership (their basis for Continue Reading

Expanded IRS Tax Relief for Hurricane Matthew Victims

Hurricane Matthew victims in much of North Carolina and parts of South Carolina, Georgia and Florida have until March 15, 2017, to file certain individual and business tax returns and make certain tax payments, the IRS announced. This includes an additional filing extension for those with valid extensions that ran out on October 17. The IRS is now offering this expanded relief to any area Continue Reading

IRS Publishes Travel Per Diem Rates for Fiscal Year 2017

Tired of preparing all the documentation needed to support business travel expenses? If your business reimburses employees for actual travel expenses, employees are required to collect receipts as they travel, noting the time, place and business purpose of each expenditure. Then, monthly expense reports must be reviewed and approved by management. Processing delays sometimes happen if Continue Reading

7 Tax-Savvy Ways to Give to Charity

Charitable giving is on the rise. And the momentum is expected to continue, given the natural disasters and human tragedies that have happened in recent months. Highlights of the Giving USA Report A recent report, Giving USA 2016: The Annual Report on Philanthropy for the Year 2015, shows charitable-giving trends based on contributions made by individuals, foundations, estates and Continue Reading

What to Do If You Haven’t Filed Last Year’s Tax Return or Can’t Pay the Bill

Unless you've extended the due date for filing last year's individual federal income tax return to October 17, the filing deadline passed you by in April. What if you didn't extend and you haven't yet filed your Form 1040? And what if you can't pay your tax bill? This article explains how to handle these situations. "I Didn't File but I Don't Owe" Let's say you're certain that you don't owe Continue Reading

New IRS Guidance for Designated Roth Accounts

Does your employer offer a 401(k), 403(b) or governmental 457 plan? If so, you may be able to set up a designated Roth account through your company's plan. Then your Roth account will be allowed to receive designated Roth contributions that are taken out of your salary through so-called "salary-reduction contributions." Here's more on how this strategy works, why it may be advantageous for certain Continue Reading

Midyear Planning for Vacation Home Rentals with Significant Personal Use

Summer is the time for family vacations in the sun, sand and fresh air. It's also a good time to plan for how your vacation home will be used for the second half of the year. Should you rent it out more to generate additional cash flow to help cover the expenses? What are the tax consequences of renting? Will you need to plan additional family getaways to maximize your tax benefits? Here are Continue Reading

Heavy Vehicle Purchases Offer Significant Business Tax Breaks…For Now

Favorable depreciation rules for business use of "heavy" SUVs, pickups and vans were locked in by the Protecting Americans from Tax Hikes (PATH) Act of 2015. By taking advantage of these rules, you may be able to write off the entire business-use portion of a heavy vehicle's cost in the first year. Here's how it works. Depreciation Deductions for Lighter Vehicles The PATH Act extended Continue Reading

Health Savings Account Limits for 2017

With Health Savings Accounts (HSAs), individuals and businesses buy less expensive health insurance policies with high deductibles. Contributions to the accounts are made on a pre-tax basis. The money can accumulate year after year tax free, and be withdrawn tax free to pay for a variety of medical expenses such as doctor visits, prescriptions, chiropractic care and premiums for long-term-care Continue Reading