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Your Guide How to Survive an IRS Audit

An IRS audit is never welcome, but there are steps which small and medium-sized businesses can take if served with an audit notice to make the process a bit easier and less stressful. Knowing how to respond is half the…

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AICPA Begs the IRS for Better Capitalization Rules

AICPA Begs the IRS for Better Capitalization Rules Late this Summer, the American Institute of CPAs told the Internal Revenue Service that its proposed regulations for capitalization and deduction of tangible property expenditures were unnecessarily complex and burdensome, and especially…

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The IRS Still Likes COLA

The IRS Still Likes COLA The IRS has reported that due to an increase in the cost-of-living index, the elective deferral (contribution) limit for employees who participate in 401(k), 403(b) most 457 plans and the federal government’s Thrift Savings Plan…

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Teri’s Year End Tax Tips to Beat Taxmaggedon

Teri’s Year End Tax Tips to Beat Taxmageddon This year more than any other in memory, there are a tremendous number of unknowns about tax policy. Will the Bush tax cuts expire? Will some but not all be extended? Will…

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The IRS Delays Timelines for Some FATCA Requirements

The IRS Delays Timelines for Some FATCA Requirements bmpFATCA still seems a work in progress for the IRS. The Foreign Account Tax Compliance Act (FATCA), which comes into effect on January 1, 2013, is intended to reduce the levels of…

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Health Care Reform – Employer Mandate Delayed until 2015

Health Care Reform – Employer Mandate Delayed until 2015 The Obama Administration has postponed the Affordable Care Act (ACA) employer mandate penalties for one year, until 2015. The Department of the Treasury announced the delay on July 2, 2013, along…

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