The research credit is back — this time for good — and it’s better than ever for some small companies. The Protecting Americans from Tax Hikes (PATH) Act of 2015, signed into law by the president on December 18, does…
The IRS issued the 2016 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Background: If you use a vehicle for business driving, you can generally deduct the…
In 2016, the federal gift and estate tax exemption increases to $5.45 million (up from $5.43 million for 2015). But that’s not all that’s changed. In recent months, there have been several significant developments on the estate tax front. Here…
The Equal Employment Opportunity Commission (EEOC) recently proposed some plan changes that could have significant value. Those changes would allow voluntary employer workplace wellness plans to mine health-related information, as well as some genetic data, from the spouses of participating…
Many businesses are uncertain how to account for costs to acquire, produce or improve property, plant and equipment. So, in 2013 the IRS issued regulations on capitalizing versus deducting the costs of tangible personal property. In 2014, the IRS added…
For retailers, manufacturers and many other businesses, a significant amount of working capital is tied up in inventory. But how accurate is the amount reported on the balance sheet? To best answer that question, a physical count of raw materials,…
Buying a gas-guzzling SUV, pickup or van may be frowned upon for environmental reasons. But these vehicles can be useful if your business needs to haul people, materials, inventory or equipment around. They also offer major tax advantages for businesses…
It’s a critical time of year for the not-for-profit sector. Historically, a significant amount of charitable donations occur in the last weeks, days and even hours of the year. In fact, many charities are using “Giving Tuesday” on December 1,…
The IRS recently announced that it will allow victims of tax identity theft to receive a redacted copy of a fraudulent return filed and accepted by the IRS using the victim’s name and social security number. It is important to…
It’s been about five months since the Department of Labor’s (DOL’s) Wage and Hour Division issued its proposed update on overtime rules. Specifically, the agency has suggested revisions to the definition of which employees are exempt from overtime pay requirements…