Insights

Purchasing a new home can be an exciting time, especially if it is your first. It can be a whirlwind—planning your budget, securing a loan and potentially improving the property. One thing that may get overlooked is how a new loan can affect your tax return. Properly deducting interest as well as other allowable expenditures…

With the end of 2015 in sight, businesses have already started to gear up for next year, and with that, comes year-end tax planning. We will discuss what business tax strategies are available and what changes to keep in mind for 2016 and beyond. But first, let’s take a look at two new laws that…

The first day of Fall is our signal to begin year-end tax planning. While the 2015 tax season may seem a ways away, you will be in better shape for the April deadline if you start the planning process now. Over the past year, we saw significant news come from the Supreme Court—from the decision…

Have you noticed how the Accounts Payable world is starting to move from the hard copy paper and filing cabinet model to an electronic process? It’s not just convenience; it’s a much lower cost to your company, both monetarily and environmentally. By incorporating an image-based solution to electronically capture your documents, it will pay big…

A recent U.S. Tax Court decision drives home the important point that current deductions aren’t allowed for most expenses incurred while a new business is still in the start-up phase. Other decisions have dealt with the same issue in recent years. So, the proper federal income tax treatment of start-up expenses remains an ongoing source…

Reminder: September 15th and October 15th are the deadlines to file Forms 3115 to proactively comply with the Tangible Asset and Repair Regulations (TARS), which went into effect for taxable years beginning on or after January 1, 2014. Although Forms 3115 are not required with every return, the omission of these forms indicates acceptance of…

We have all met people who we would consider a “Debbie Downer” or a “Doubting Thomas.” These types of people are known for their skepticism and doubt about most or all things. Sometimes these skeptics can be considered hard to work with since forward progress is always met with doubt, but is being skeptical really…

When you think about what the biggest bottlenecks are in your organization, there’s a good chance the lack of access to information is one of them. In your accounting department, for example, how much time do people waste walking to file cabinets, searching for documents, or waiting for a file they set on someone’s desk…

According to the Association of Certified Fraud Examiners’ 2014 Fraud Study, Report to the Nations on Occupational Fraud and Abuse, of the 1,483 cases reviewed, 29% percent of the victim organizations had less than 100 employees, and 52% of those who committed fraud had been employed longer than 5 years at the organization.¹ In order…

The deadline is fast approaching for certain taxpayers to report accounts they hold in foreign banks and other financial institutions. You also may be required to report foreign accounts over which you have signature authority, such as an account that you maintain on behalf of a relative or employer. By June 30, 2015, citizens and…