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All the news you need to make informed, educated, accurate decisions about
your personal or business related tax, payroll and retirement investment planning.

 

New IRS penalties for 1099,s and other information returns
On June 29, President Obama signed into law the Trade Preferences Extension Act of 2015 (Pub.L. 114-27). The law significantly increases, for the second time in five years, penalties imposed under Code Secs. 6721 and 6722 for failures relating to information returns and payee statements. These increases take Read More
New Safe Harbor rules for Restaurant and Retail Store Remodeling
Rev. Proc. 2015-56 provides a safe harbor for restaurants and retail establishments which are going thru a remodel. The taxpayer must treat 75% of its qualified costs paid during the year as amounts deductible under Coded Section 162(a) and the remaining 25% as Capitalized 263(a) a capital expenditure. This will allow taxpayers to Read More

Some ideas that can save you a lot of taxes or tax troubles

The IRS is changing the Safe Harbor limit on asset purchases from $500 to $2,500. What does this mean? As of now most assets purchased under $500 could be expensed provided the taxpayer had a receipt. If it was over $500 it had to be classified asa capital asset. Starting in 2016 most Read More

 

 

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