This year, the IRS will audit hundreds of thousands of tax returns. One in 100 businesses will be audited. The easiest way to survive a tax audit is to be prepared in advance. Audit Timeline The purpose of a tax audit is to verify items[...]
Tax Benefit Question: Do medical marijuana facilities qualify for the manufacturer’s sales and use tax exemptions? This important tax benefit can realize a one-time or even annualized savings of more than six figures for manufacturing companies. Highlights A gray area of an important Missouri tax[...]
Charitable Deductions This Year, Advisory for Future Years Perhaps you are interested in giving a substantial donation to charity this year. However, you would like to advise the charity in future years as to the possible use of the donated funds… while still preserving your[...]
If your company is successful and requires frequent business travel, you’ve probably sat in many airports dreaming of buying a corporate airplane. Before making the leap, you should be aware of the tax and other implications. When Does It Make Sense to Consider Purchasing a[...]
Employers can qualify for a tax credit known as the work opportunity credit that is worth as much as $2,400 for each eligible employee ($4,800, $5,600 and $9,600 for certain veterans and $9,000 for “long-term family assistance recipients”). The credit is generally limited to eligible[...]
Many customers ask us if they can deduct clue dues. It’s a logical question, especially since you may entertain customers at your club. Many feel it’s relevant to business. These dues may or may not be deductible, depending on the type of club and its[...]
If you’ve recently started a business, or are in the process of starting one now, you should be aware that the way you treat some of your initial expenses for tax purposes can make a big difference in your tax bill. Generally, expenses incurred before[...]
David Smith on KMOV Channel 4 discussing tax refund delays with Larry Connors: (KMOV.com) — A software glitch forced more than 600,000 people to wait longer to receive their tax refunds. The IRS and H&R Block acknowledge the problem is great, but what happens to[...]
As construction comes to a close, but before the moving trucks arrive, we’re opening the doors to Active House USA for one last time. One part of the project utilizes solar, renewable energy that qualifies for a 30% Federal tax credit. A prototype for high[...]
IRS alert. Notification IR-2013-6: WASHINGTON — Certain owners of individual retirement arrangements (IRAs) have a limited time to make tax-free transfers to eligible charities and have them count for tax-year 2012, the Internal Revenue Service said today. IRA owners age 70½ or older have until[...]