IRS New Partnership Audit Rules
As you prepare and gather the 2017 tax data, I strongly encourage you to take this opportunity to review and modify your partnership agreements to be in compliance with the IRS new partnership audit rules. The new rules enacted by The Bipartisan Budget Act of 2015 (BBA) introduced new tax terms and concepts, and are […]
Charitable IRA Rollover Eases Tax Pain of RMDs
One downside of contributing to a traditional IRA is that, once you reach age 70½, you must begin taking required minimum distributions (RMDs) — and pay taxes on those distributions — whether you need the money or not. But if you’re charitably inclined, you can use a qualified charitable distribution (QCD) to avoid taxes on […]
Client Memo – Common Types of Fraud Schemes
There are two types of fraud, occupational fraud, and financial statement fraud. Of the two, occupational fraud is the most costly to small businesses. The common types of occupational fraud schemes include the following: 1. Asset misappropriation – Skimming. This is the most common form of cash misappropriation. Skimming is stealing incoming cash before it […]
IRS Dirty Dozen
Last Friday, the Internal Revenue Service announced the conclusion of its annual “Dirty Dozen” list of common tax scams. The annual list highlights various schemes that taxpayers may encounter throughout the year, many of which peak during tax-filing season. We urge you to stay alert and use caution when viewing and responding to income tax […]
Client Memo – Big Concern for Small Business
According to various studies conducted by the Association of Certified Fraud Examiners (ACFE, www.cfenet.com), the per-employee losses from fraud in the smallest businesses are 100 times the amount of their largest counterparts. This is mainly due to the fact that small businesses have limited resources to perform adequate employee prescreening and implement sufficient internal controls […]
Did You Repair Your Business Property or Improve It?
Repairs to tangible property, such as buildings, machinery, equipment or vehicles, can providebusinesses a valuable current tax deduction — as long as the so-called repairs weren’tactually “improvements.” The costs of incidental repairs and maintenance can be immediately expensed and deductedon the current year’s income tax return. But costs incurred to improve tangible property mustbe capitalized […]
Cost Segregation Study
Businesses that acquire, construct, or substantially improve a building — or did so in previous years — should consider a cost segregation study. These studies combine accounting and engineering techniques to identify building costs that are properly allocable to the tangible personal property rather than real property. This may allow you to accelerate depreciation deductions, […]
Client Memo – IRS Warns of Phone Scams
We would like to bring to your attention a recent warning issued by the IRS about a phone scam that targets people across the nation. Callers claiming to be from the IRS would tell intended victims that they owe taxes and must pay using a pre-paid debit card or wire transfer. The scammers threaten those […]
