A Dozen IRS Not so Fine Penalties

Over the past few years the IRS has made the use of penalties and fines a more prevalent tool to encourage compliance among taxpayers. This “stick” approach is in direct contrast to the “voluntary” philosophy built within our tax system. Here are a dozen of the more common penalties and… Read More

Twelve Common Missing Tax Return Items

  Want your tax return filed quickly and without error? Then double-check this handy list of items that are often overlooked. Review and signing your e-file approval. The sooner you review and approve your tax return, the sooner it can be filed. Having proof of health insurance. Most taxpayers should… Read More

IRS Revises Safe Harbor Repair Regulations

In November the IRS increased the amount your business can expense versus capitalize from $500 to $2,500. This change impacts businesses that do not publish applicable financial statements. The new rule takes effect starting in 2016, but there is audit protection for using this new limit in prior years. What… Read More

Free Shipping is Not so Free

One of the most successful selling techniques used today is to offer “free” shipping for mail and internet orders. But shipping is never free. So why is it such a popular offer to buyers of goods and services? The average order size play. The classic way sellers pay for the… Read More

There is Still Time for Retirement Funding

There is still time to make a contribution to a Traditional IRA or Roth IRA for the 2015 tax year. The annual contribution limit is $5,500 or $6,500 if you are age 50 or over. Prior to making the contribution, if you (or your spouse) are an active participant in… Read More

A Couple IRS Wrinkles That May Impact You

The IRS made two recent announcements that may impact you this tax-filing season. Being aware of these announcements may keep you from unknowingly delaying filing your tax return. One topic is regarding proof you have qualified health insurance and the other topic is an error in notices sent to victims… Read More

Time to Start Preparing

While most see January as the start of something new, you should also see it as a time to start the collection of your prior year information. Here are some things to consider: Receive and Review Informational Tax Forms. Create a list of all your anticipated W-2s, 1099-MISC, 1099-DIV, 1099-B,… Read More

IRS Now Required to Use Collection Agencies

In a 1,300 page Transportation Bill signed into law in December, 2015, there are eight pages that require the IRS to assign unpaid tax bills to outside collection agencies. This means that third party companies will now be calling taxpayers as representatives of the IRS to collect unpaid taxes. What… Read More

2016 Mileage Rates Now Established

The IRS recently announced mileage rates to be used for travel in 2016. The Business mileage rate decreases by 3.5 cents while Medical and Moving mileage rates are lowered by 4.0 cents. Charitable mileage rates are unchanged. 2016 New Mileage Rates Standard Mileage Rates Mileage Rate/Mile Business Travel 54.0¢ Medical/Moving… Read More

PATH Act Passes: What you need to know

  Once again, with the signature of the Protecting Americans from Tax Hikes Act of 2015 (PATH Act), many popular tax items have either been made a permanent part of the tax code or have been extended to 2016 and beyond. Here are the more commonly used tax savings items… Read More