Insights
IRS Debuts Final Repair Regs
To expense or capitalize? That is the question companies face when they acquire, produce or improve tangible property. The IRS recently released its final framework for distinguishing between deductible costs and capital expenditures. The final rules—more commonly known as the Repair Regs—cover more than just repairs. They apply to virtually every operating business that owns…
Read MoreIRS Changes How Tips & Service Charges are Handled
As you may recall from a previous article, the new IRS rule on classifying tips and service charges was set to go into effect in June of last year, but the compliance deadline was extended to January 1, 2014. With the deadline quickly approaching, the IRS released its final rules on how to handle tips…
Read More2013 Year-End Tax Planning for Businesses
I hope that you had the opportunity to read Elizabeth’s blog article, where she discussed tax planning strategies for individuals. In this blog, we will cover items pertaining to businesses. I am pleased that, compared to recent years, 2013 has much less uncertainty. We are able to implement many proven year-end policies and strategies to…
Read More2013 Year-End Tax Planning for Individuals
As we near the end of 2013, now is an excellent time of year to review the opportunities for reducing your tax burden. In this article, we will look at strategies to assist individuals with their year-end planning. We will not be able to cover all of the items you should consider, so please contact…
Read MorePoints to Remember When Planning Your Estate
It is on your list of things to do, but something always comes up. Estate planning is something you know that you should do but never seem to find the time. With the assistance of your tax professional, estate planning does not need to be a daunting task. Additionally, it is not something you want…
Read MoreProposed Changes to U.S. GAAP Could Reduce Burden on Private Companies
The Private Company Council (PCC) was established last year by the Financial Accounting Foundation (FAF) to work with the Financial Accounting Standards Board (FASB) to evaluate and provide guidance where alternative accounting and reporting would be appropriate for private companies under U.S. Generally Accepted Accounting Principles (GAAP). The FASB has established the Private Company Decision-Making…
Read MoreThe Role of a Forensic Accountant in Today’s Business Climate
With the ever-changing business climate, we are seeing an evolving role for the forensic accountant. Going beyond investigative accounting, our role is expanding into a broader, multidisciplinary profession that surpasses a basic understanding of financial records and Generally Accepted Accounting Principles (GAAP). According to Oxford Dictionaries Online, forensic accounting is: “the use of accounting skills to…
Read MoreCalifornia Franchise Tax Board Strikes Again
One of the few benefits that entrepreneurs and investors were able to take advantage of in California was the partial state income tax exclusion on the sale of stock for a Qualified Small Business (QSB). Due to a recent court decision ruling its unconstitutionality, the Franchise Tax Board (FTB) is retroactively disallowing this exclusion. This…
Read MoreReduced Restrictions on In-Plan Roth Rollovers
Among the changes and extensions in the recently enacted American Taxpayer Relief Act of 2012 (“Act”), one component that did not receive much buzz was the “in-plan Roth rollover” provision. This provision removes many of the restrictions on making a qualified rollover from a qualified plan to a designated Roth account with an in-plan Roth…
Read MoreNew Option for Home Office Deductions
In an effort to make things easier for owners of home-based businesses and for some home-based workers, the IRS has announced a new, simpler option for home office write-offs. Effective for tax years beginning on or after January 1, 2013, the new option will allow taxpayers to annually deduct $5 per square foot of home…
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