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2016 ushers in a few changes to the tax laws that govern benefits, as the IRS recently laid out in its annual “Tax Guide to Fringe Benefits.” The document features important clarifications, not just identifying which benefits are and aren’t…

Tax Day is right around the corner. Have you filed your federal tax return yet? The filing deadline to submit 2015 individual federal income tax returns is Monday, April 18, 2016, rather than the traditional April 15 date. Washington, D.C.,…

Most Americans hate receiving unsolicited telemarketing calls. Inevitably, they seem to happen at the worst possible times — when you’re sitting down to dinner, tuning in to your favorite television show or drifting off to sleep. Fortunately, the Federal Trade…

Many presume that a sizeable charitable donation to a favorite cause-oriented organization or university should be in the form of cash. Meanwhile, opting to make that contribution instead as appreciated stock could offer tax benefits that would otherwise be missed,…

The Financial Accounting Standards Board (FASB) released an update on the April 2015 proposed Accounting Standards Update (ASU) No. 2015-230, Not-for-Profit Entities (Topic 958) and Health Care Entities (Topic 954): Presentation of Financial Statements of Not-for-Profit Entities that received significant…

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…