Small Business September 8, 2015
The Difference Between Business Forecasting and Budgeting
Forecasting is one function that business owners and investors can appreciate. Conversely, a budget is not always used by businesses and is not as important.
September 1, 2015
IRS Watchdog Issues Review of Agency’s Tax Credit Claims
The IRS’s processing of tax returns that reported or claimed Premium Tax Credits (PTC) during the 2015 filing season was challenged by delays in receiving data from some Health Insurance Marketplaces (Exchanges), according to ...
September 1, 2015
IRS Workers Busted for ID Theft, Filing Bogus Returns
Who can you trust with sensitive personal information like your Social Security number (SSN) and tax return data? Evidently, not even the people who used to work at the IRS. In a new case, a former IRS employee was sentenced on August 26 to two years ...
August 26, 2015
Back-to-School is a Good Reason for Accounting Firms to Check-In with Clients
Understanding the deductibility of school costs for children can be challenging. That’s one reason why back-to-school season is a good time to check in with your clients who have kids. It’s an opportunity to combine your mid-year tax planning with a remin
August 24, 2015
A Cannabis Niche for Accountants? Working With Businesses that Grow and Sell Marijuana
No matter how you personally feel on the subject, the reality is that legal Cannabis is becoming a booming business, ripe with opportunities for an accounting practice to work and consult with businesses in the marketplace on a full range of tax ...
August 24, 2015
When Can Businesses Claim 100% Deduction for Employee Meals?
If more than half of the employees are furnished meals for the employer’s convenience, the meals for all employees are treated as being furnished for the employer’s convenience, even if the rest of the employees don’t meet this test. This rule could be cr
August 20, 2015
A Cannabis Niche for Accountants? Working With Businesses that Grow and Sell Marijuana
No matter how you personally feel on the subject, the reality is that legal Cannabis is becoming a booming business, ripe with opportunities for an accounting practice to work and consult with businesses in the marketplace on a full range of tax ...
August 19, 2015
Tax Alert: New Deadline for FBAR Filing
Due to a little-noticed provision in the new highway appropriations bill signed into law on July 31 – the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 – the deadline for filing an FBAR (Report of Financial Bank and Financial Accounts) has been moved up from June 30 to April 15. But...…
August 19, 2015
Back to College? Don’t Forget the Tax Credits and Deductions
The credits apply to eligible students enrolled in an eligible college, university or vocational school, including both nonprofit and for-profit institutions. The credits are subject to income limits that could reduce the amount claimed on their tax ...
August 13, 2015
IRS Warns of Latest Income Tax Scams and ID Theft Schemes
More than 4,000 victims who have collectively reported over $20 million in financial losses as a result of tax scams since October 2013.
August 13, 2015
Most CPAs Surveyed Had Tax Clients Affected by ID Theft
Resolving issue for clients with IRS often proved difficult, according to AICPA.
August 11, 2015
Florida Woman Accused of Stealing Coworker Identities to Go Shopping
Most victims had something in common: they were employees at Bethesda Hospital in Boynton Beach. Police said some of the victims said they knew Thaddies because she also worked at the hospital.