Uncategorized

Hurricane Florence Losses

via Hurricane Florence Losses Advertisements

Hurricane Florence Losses

Under current tax law, personal casualty losses from Hurricane Florence can only be claimed as an itemized deduction.  There is legislation pending in Congress that may change this treatment to allow a deduction for those taxpayers who do not itemize.  As of today, February 28, 2019, we are recommending that taxpayers with Hurricane Florence losses […]

New Tax withholding Rates

The IRS released information today on the new payroll withholding tables. These changes are due to tax rate decreases by Tax Cuts and Jobs Acts signed by President Trump on December 22, 2017.  Look for additional net pay on your 2018 paychecks. Updated 2018 Withholding Tables Now Available; Taxpayers Could See Paycheck Changes by February […]

NEW OVERTIME RULES

The Department of Labor issued final regulations on May 18th on new overtime rules.  These rules will become effective 12-1-2016. Under these rules, more employees will be subject to overtime pay than under current law. From the news release today from the DOL: Key Provisions of the Final Rule The Final Rule focuses primarily on […]

2015 Tax Issues – Continued

Additional year-end information for small businesses. Tangible Property Expensing: On November 24, the IRS raised the safe harbor threshold for expensing eligible capital acquisitions from $500 to $2,500. This increase applies to businesses that do not have audited financial statements. The threshold applies to any item that is substantiated by an invoice and is effective […]

IRS Regulations are a Moving target for 2015 Tax Season

in September 2013, the Department of the Treasury finalized rules for the capitalization of tangible property, with the purpose of clarifying the line between expenditures that should be deducted as repairs, and those that must be capitalized and depreciated.  These new rules apply to every business taxpayer (sole proprietor-Schedule C, rental property- Schedule E, farmer-Schedule […]

Business Personal Property Tax Listings-Don’t pay taxes on assets you don’t have!

Business personal property tax listings are due at the end of January.  County tax offices use these listings to determine taxable value and to assess property taxes.  Even though your business may have fully depreciated an asset, the county tax office still assigns a value to assets which may be up to 20% of the […]