June 8, 2017
Is Massachusetts New “Cookie” Tax Directive Half-Baked?
The state of Massachusetts wants to impose new tax obligations on cookies. No, not the kind that you bake in the oven. These cookies are stored on your personal computer.
May 22, 2017
Ten Income Tax Benefits for Farmers
Farming has often been viewed as the backbone of the American economy. While technology and other recent developments may have changed this thinking, farmers still enjoy a preferred status, at least as federal income taxes are concerned. For instance, ...
May 22, 2017
When Does “Placed in Service” Start for Depreciation Purposes?
Generally, a business is entitled to claim depreciation deductions for property, including real estate, beginning in the year the property is “placed in service.” Similar rules apply to Section 179 deductions and “bonus depreciation” deductions, as ...
May 22, 2017
6 Keys to Asset Depreciation
The term “depreciation” may have negative connotations, but it usually elicits positive vibes from tax practitioners. Thanks to the depreciation deduction rules, your clients who are business owners can recoup most -- if not all -- of the cost of ...
May 17, 2017
Tax Court Rules Against Rental Owners of Former Larry Bird House
If you rent out a residence such as a summer vacation home when you’re not using it, you may be entitled to deduct expenses against the rental income. In fact, you can even claim an annual loss if you don’t exceed certain limits. But the number of ...
May 12, 2017
7 Obamacare Tax Provisions on Chopping Block
After a series of setbacks, the Republican-led House finally passed proposed legislation that would replace the Affordable Care Act (ACA), the health care law known as Obamacare. It’s a first step but there’s still a long journey to enactment.
May 5, 2017
Tax Court Denies Stockbroker’s Questionable Meal and Cell Phone Expenses
Your clients might need to be reminded about the stringent rules about travel and expense deductions. Check in with small business clients to ensure that they are sticking to the letter of the law.
March 27, 2017
Amazon to Collect Sales Taxes Nationwide Starting April 1st
The final nail in the coffin was a long time coming. Initially, Amazon contested governmental regulations requiring it to collect states sales taxes, arguing that it should not be have to meet this responsibility in states where it didn’t have a ...
January 27, 2017
Tax Court Cracks Down on Business Meal Expenses
The IRS is notoriously stingy when it comes to deducting business meal expenses. Usually, if you can’t meet the substantiation rules under the strict letter of the tax law, it will disallow the deduction. Of course, you can take your chances in Tax ...
December 15, 2016
Judge Overturns New Overtime Pay Law – What Comes Next?
Under the final overtime rule, certain salary thresholds would have increased, resulting in millions of more Americans becoming eligible for overtime pay. For now, the status quo applies. The DOL is expected to appeal the decision, but President-elect ...
August 16, 2016
Education Fringe Benefits Get an A+
If some of your employees are looking to go back to school, or to enroll in college courses for the first time, you might decide to lend a helping hand. An employer can set up a program that effectively pays for all or most of the costs on a ...
August 16, 2016
Dependent Care Assistance Plans: A Fringe Benefit With Tax Benefits
To help ease the burden of hard-working parents, employers may institute a dependent care assistance plan for employees. Under such a plan, payments made to third parties like babysitters and day care centers are excluded from income if the costs ...
Contributors
Amy Vetter
CPA, CITP, CGMA
Becky Livingston
Accounting & AI Marketing Consultant
Brian Tankersley
CPA, CITP, CGMA
Garrett Wagner
CPA, CITP, CEO and Founder of C3 Evolution Group
Jim Boomer
CPA, CITP, CEO
Ken Berry, JD
CPA Practice Advisor Tax Correspondent
Kristy Short, Ed.D.
Accounting Content Specialist
Mary Girsch-Bock
Contributing Writer
Randy Johnston
MCS, MCP
Roman Kepczyk
CPA, CITP, CGMA
